# EDGAR Filing Document

**Accession Number:** 0000701817
**File Stem:** 0001398344-25-020469
**Filing Date:** 2025-11
**Character Count:** 736777
**Document Hash:** 7456d60a45a61c7c9780e39f85b351a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-020469.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001398344-25-020469

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03447
- **FILM NUMBER:** 251458507

**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 SHORT DURATION MUNICIPAL FUND (Series ID: S000006430)

| Class ID   | Class Name                                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000017624 | STET SHORT DURATION MUNICIPAL FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SUMAX           |
| C000147411 | STET SHORT DURATION MUNICIPAL FUND - CLASS Y                                         | SHYMX           |

### STET PENNSYLVANIA MUNICIPAL BOND FUND (Series ID: S000006431)

| Class ID   | Class Name                                                                              | Ticker Symbol   |
|:---|:---|:---|
| C000017626 | STET PENNSYLVANIA MUNICIPAL BOND FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SEPAX           |
| C000147412 | STET PENNSYLVANIA MUNICIPAL BOND FUND - CLASS Y                                         | SPAYX           |

### STET MASSACHUSETTS MUNICIPAL BOND FUND (Series ID: S000006432)

| Class ID   | Class Name                                                                               | Ticker Symbol   |
|:---|:---|:---|
| C000017627 | STET MASSACHUSETTS MUNICIPAL BOND FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SMAAX           |
| C000147413 | STET MASSACHUSETTS MUNICIPAL BOND FUND - CLASS Y                                         | SMSYX           |

### STET NEW YORK MUNICIPAL BOND FUND (Series ID: S000006434)

| Class ID   | Class Name                                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000017629 | STET NEW YORK MUNICIPAL BOND FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SENYX           |
| C000147414 | STET NEW YORK MUNICIPAL BOND FUND - CLASS Y                                         | SNYYX           |

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

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

### STET CALIFORNIA MUNICIPAL BOND FUND (Series ID: S000006436)

| Class ID   | Class Name                                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000017631 | STET CALIFORNIA MUNICIPAL BOND FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SBDAX           |
| C000147416 | STET CALIFORNIA MUNICIPAL BOND FUND - CLASS Y                                         | SCYYX           |

### STET INTERMEDIATE TERM MUNICIPAL FUND (Series ID: S000006439)

| Class ID   | Class Name                                                                              | Ticker Symbol   |
|:---|:---|:---|
| C000017636 | STET INTERMEDIATE TERM MUNICIPAL FUND - CLASS F, effective 1-31-2017 (formerly Class A) | SEIMX           |
| C000147417 | STET INTERMEDIATE-TERM MUNICIPAL FUND - CLASS Y                                         | SINYX           |

### 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           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act file number 811-03447**

**SEI Tax Exempt Trust**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

**Registrant's telephone number, including area code: 610-676-1000**

**Date of fiscal year end: August 31, 2025**

**Date of reporting period: August 31, 2025**

**Item 1.** **Reports to Stockholders.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR § 270.30e-1), is attached hereto.

**# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## Intermediate-Term Municipal Fund

## SEI Tax Exempt Trust/Class F Shares - SEIMX

## Fund Overview
This annual shareholder report contains important information about Class F Shares of the Intermediate-Term Municipal Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Intermediate-Term Municipal Fund, Class F Shares | $64 | 0.64%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.63%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](ia582b92ca5533c921cc98ba9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Intermediate-Term Municipal Fund, Class F Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg 3-15 Year Municipal Blend Index (2-17) (USD) |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $105917 | $106878 | $105974 |
| Aug/17 | $106537 | $107822 | $107133 |
| Aug/18 | $106428 | $108349 | $107177 |
| Aug/19 | $114918 | $117796 | $115922 |
| Aug/20 | $117745 | $121607 | $119854 |
| Aug/21 | $122427 | $125737 | $123147 |
| Aug/22 | $112258 | $114883 | $114416 |
| Aug/23 | $113506 | $116841 | $116337 |
| Aug/24 | $120395 | $123955 | $122453 |
| Aug/25 | $121093 | $124051 | $124691 |

---

## How did the Fund perform in the last year?
Class F Shares of the Fund underperformed its benchmark, the Bloomberg 3-15 Year Municipal Blend Index (2-17) (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields.) The higher yields was driven in part by strong issuance, which reached record levels in 2024, and has been even higher thus far in 2025, as many municipalities have exhausted COVID 19-era stimulus funds.

The Fund's underperformance versus its benchmark for the reporting period was due primarily to an overweight allocation to longer-dated bonds. Security selection within the housing and utility sectors contributed positively to Fund performance, while security selection in tobacco was a detractor. At the sub-adviser level, Wellington Management Company modestly outperformed the benchmark, benefiting from security selection in the health care and housing sectors, while an overweight allocation to long end of the yield curve had a negative impact. Insight North America LLC underperformed due to an underweight allocation to general obligation (GO) bonds and an overweight to revenue bonds. Delaware Investments Fund Advisers' underperformance was attributable to allocations to BBB rated and high-yield bonds. Overweight exposure to the long end of the yield curve also weighed on Fund performance.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| Intermediate-Term Municipal Fund, Class F Shares | 0.58% | 0.56% | 1.93% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg 3-15 Year Municipal Blend Index (2-17) (USD) | 1.83% | 0.79% | 2.23% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $1540175 | 850 | $3100 | 25% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i3dc4c0512d824373c69a0f09.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Board Bank Revenue | 0.1% |
| Public Facilities | 0.1% |
| Pollution Control | 0.2% |
| Utilities | 2.1% |
| Nursing Homes | 3.1% |
| Tobacco | 3.4% |
| Industrial Development | 3.4% |
| Power | 4.6% |
| Housing | 4.7% |
| Transportation | 5.6% |
| Water | 6.1% |
| Airports | 8.7% |
| Education | 10.9% |
| Health Care | 11.2% |
| General Obligations | 11.9% |
| General Revenue | 22.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets |
| Pennsylvania State | 5.000% | 08/15/33 | 0.9% |
| Wisconsin State, Public Finance Authority, Duke Energy Progress Project | 3.700% | 10/01/46 | 0.7% |
| New Jersey State, Tobacco Settlement Financing, Ser A | 5.000% | 06/01/35 | 0.7% |
| Massachusetts State, Development Finance Agency, Beth Israel Lahey Health | 5.250% | 07/01/44 | 0.6% |
| Atlanta, Water & Wastewater Revenue Authority, Sub-Ser, BAM | 5.000% | 11/01/32 | 0.6% |
| Pennsylvania State, Economic Development Financing Authority, PENNDOT Major Bridges Project, AMT | 5.000% | 06/30/34 | 0.6% |
| Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-1 | 4.550% | 07/01/40 | 0.5% |
| Phoenix, Industrial Development Authority, Mayo Clinic Project, Ser B | 1.700% | 11/15/52 | 0.5% |
| Virginia State, Tobacco Settlement Financing, Sub-Ser C | 0.000% | 06/01/47 | 0.5% |
| Philadelphia, School District, Ser F, ST AID WITHHLDG | 5.000% | 09/01/30 | 0.5% |

---

## Material Fund Changes
There were no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## Intermediate-Term Municipal Fund

## SEI Tax Exempt Trust/Class F Shares - SEIMX

## Annual Shareholder Report: August 31, 2025

## SEIMX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## Intermediate-Term Municipal Fund

## SEI Tax Exempt Trust/Class Y Shares - SINYX

## Fund Overview
This annual shareholder report contains important information about Class Y Shares of the Intermediate-Term Municipal Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Intermediate-Term Municipal Fund, Class Y Shares | $39 | 0.39%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.38%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](id65be646e50f5cd7df8d110e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Intermediate-Term Municipal Fund, Class Y Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg 3-15 Year Municipal Blend Index (2-17) (USD) |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $106178 | $106878 | $105974 |
| Aug/17 | $107156 | $107822 | $107133 |
| Aug/18 | $107234 | $108349 | $107177 |
| Aug/19 | $116173 | $117796 | $115922 |
| Aug/20 | $119328 | $121607 | $119854 |
| Aug/21 | $124381 | $125737 | $123147 |
| Aug/22 | $114347 | $114883 | $114416 |
| Aug/23 | $115908 | $116841 | $116337 |
| Aug/24 | $123247 | $123955 | $122453 |
| Aug/25 | $124273 | $124051 | $124691 |

---

## How did the Fund perform in the last year?
Class Y Shares of the Fund underperformed its benchmark, the Bloomberg 3-15 Year Municipal Blend Index (2-17) (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields.) The higher yields was driven in part by strong issuance, which reached record levels in 2024, and has been even higher thus far in 2025, as many municipalities have exhausted COVID 19-era stimulus funds.

The Fund's underperformance versus its benchmark for the reporting period was due primarily to an overweight allocation to longer-dated bonds. Security selection within the housing and utility sectors contributed positively to Fund performance, while security selection in tobacco was a detractor. At the sub-adviser level, Wellington Management Company modestly outperformed the benchmark, benefiting from security selection in the health care and housing sectors, while an overweight allocation to long end of the yield curve had a negative impact. Insight North America LLC underperformed due to an underweight allocation to general obligation (GO) bonds and an overweight to revenue bonds. Delaware Investments Fund Advisers' underperformance was attributable to allocations to BBB rated and high-yield bonds. Overweight exposure to the long end of the yield curve also weighed on Fund performance

.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| Intermediate-Term Municipal Fund, Class Y Shares | 0.83% | 0.82% | 2.20% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg 3-15 Year Municipal Blend Index (2-17) (USD) | 1.83% | 0.79% | 2.23% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $1540175 | 850 | $3100 | 25% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i32e0aac2276dbaad7ca4e00e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Board Bank Revenue | 0.1% |
| Public Facilities | 0.1% |
| Pollution Control | 0.2% |
| Utilities | 2.1% |
| Nursing Homes | 3.1% |
| Tobacco | 3.4% |
| Industrial Development | 3.4% |
| Power | 4.6% |
| Housing | 4.7% |
| Transportation | 5.6% |
| Water | 6.1% |
| Airports | 8.7% |
| Education | 10.9% |
| Health Care | 11.2% |
| General Obligations | 11.9% |
| General Revenue | 22.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets |
| Pennsylvania State | 5.000% | 08/15/33 | 0.9% |
| Wisconsin State, Public Finance Authority, Duke Energy Progress Project | 3.700% | 10/01/46 | 0.7% |
| New Jersey State, Tobacco Settlement Financing, Ser A | 5.000% | 06/01/35 | 0.7% |
| Massachusetts State, Development Finance Agency, Beth Israel Lahey Health | 5.250% | 07/01/44 | 0.6% |
| Atlanta, Water & Wastewater Revenue Authority, Sub-Ser, BAM | 5.000% | 11/01/32 | 0.6% |
| Pennsylvania State, Economic Development Financing Authority, PENNDOT Major Bridges Project, AMT | 5.000% | 06/30/34 | 0.6% |
| Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-1 | 4.550% | 07/01/40 | 0.5% |
| Phoenix, Industrial Development Authority, Mayo Clinic Project, Ser B | 1.700% | 11/15/52 | 0.5% |
| Virginia State, Tobacco Settlement Financing, Sub-Ser C | 0.000% | 06/01/47 | 0.5% |
| Philadelphia, School District, Ser F, ST AID WITHHLDG | 5.000% | 09/01/30 | 0.5% |

---

## Material Fund Changes
There were no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## Intermediate-Term Municipal Fund

## SEI Tax Exempt Trust/Class Y Shares - SINYX

## Annual Shareholder Report: August 31, 2025

## SINYX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## Short Duration Municipal Fund

## SEI Tax Exempt Trust/Class F Shares - SUMAX

## Fund Overview
This annual shareholder report contains important information about Class F Shares of the Short Duration Municipal Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Short Duration Municipal Fund, Class F Shares | $65 | 0.64%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.63%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](ibe52407a52bcd07577aefaeb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Short Duration Municipal Fund, Class F Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg 1 Year Municipal Bond Index (1-2) (USD) |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $100475 | $106878 | $100768 |
| Aug/17 | $100948 | $107822 | $101816 |
| Aug/18 | $101476 | $108349 | $102471 |
| Aug/19 | $103658 | $117796 | $105190 |
| Aug/20 | $105409 | $121607 | $107243 |
| Aug/21 | $106216 | $125737 | $107911 |
| Aug/22 | $103744 | $114883 | $106192 |
| Aug/23 | $105684 | $116841 | $108137 |
| Aug/24 | $110167 | $123955 | $112689 |
| Aug/25 | $113608 | $124051 | $116362 |

---

## How did the Fund perform in the last year?
Class F Shares of the Fund modestly underperformed its benchmark, the Bloomberg 1 Year Municipal Bond Index (1-2) (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields.) The higher yields was driven in part by strong issuance, which reached record levels in 2024, and has been even higher thus far in 2025, as many municipalities have exhausted COVID 19-era stimulus funds.

The Class F Shares of the Fund modestly underperformed relative to its benchmark for the reporting period. Security selection in revenue sectors such as health care and utilities contributed positively to performance, while an underweight allocation to general obligation (GO) bonds detracted as the sector outperformed the overall municipal market. At the sub-adviser level, both Neuberger Berman Investment Advisers LLC and Allspring Global Investments (Allspring) outperformed the benchmark for the reporting period. Neuberger Berman benefited from an overweight to cash collateralized housing bonds—which property developers use to secure favorable tax credits for affordable housing projects— while Allspring's performance was bolstered by security selection in health care and education bonds.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| Short Duration Municipal Fund, Class F Shares | 3.12% | 1.51% | 1.28% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg 1 Year Municipal Bond Index (1-2) (USD) | 3.26% | 1.65% | 1.53% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $770978 | 517 | $1616 | 31% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i2098527716f295bdec53045a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Public Facilities | 0.1% |
| Board Bank Revenue | 0.3% |
| Nursing Homes | 0.6% |
| Pollution Control | 1.8% |
| Water | 2.0% |
| Airports | 2.3% |
| Utilities | 2.8% |
| Power | 3.1% |
| Transportation | 4.2% |
| Industrial Development | 5.4% |
| Education | 9.4% |
| General Obligations | 12.9% |
| Health Care | 12.9% |
| Housing | 19.9% |
| General Revenue | 23.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets |
| Kentucky State, Public Energy Authority, Ser A | 5.250% | 06/01/55 | 2.3% |
| Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, Ser H | 2.400% | 01/15/48 | 1.9% |
| Iowa State, Finance Authority, UnityPoint Health Project | 2.150% | 07/01/41 | 1.8% |
| Tulsa, Ser A | 0.050% | 01/01/26 | 1.2% |
| Dallas City, Housing Finance Corporation, Multifamily Housing Revenue, Waterford at Goldmark | 3.300% | 01/01/43 | 1.1% |
| Gainesville, Utilities System Revenue Authority, Ser B | 2.450% | 10/01/42 | 1.0% |
| Tennergy | 5.000% | 10/01/54 | 1.0% |
| Black Belt, Energy Gas District, Ser S | 4.000% | 12/01/25 | 1.0% |
| Alachua County, Housing Finance Authority | 3.300% | 12/01/29 | 0.9% |
| Salt Verde Financial Corp, Gas Revenue | 5.250% | 12/01/27 | 0.9% |

---

## Material Fund Changes
In October 2024, Western Asset Management was terminated as a sub-advisor in the Fund.

This is a summary of certain changes and planned changes to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31 at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports or upon request at 1-800-DIAL-SEI.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## Short Duration Municipal Fund

## SEI Tax Exempt Trust/Class F Shares - SUMAX

## Annual Shareholder Report: August 31, 2025

## SUMAX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## Short Duration Municipal Fund

## SEI Tax Exempt Trust/Class Y Shares - SHYMX

## Fund Overview
This annual shareholder report contains important information about Class Y Shares of the Short Duration Municipal Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Short Duration Municipal Fund, Class Y Shares | $40 | 0.39%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.38%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](ie042af6629ee5a893672eab2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Short Duration Municipal Fund, Class Y Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg 1 Year Municipal Bond Index (1-2) (USD) |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $100735 | $106878 | $100768 |
| Aug/17 | $101465 | $107822 | $101816 |
| Aug/18 | $102250 | $108349 | $102471 |
| Aug/19 | $104711 | $117796 | $105190 |
| Aug/20 | $106651 | $121607 | $107243 |
| Aug/21 | $107732 | $125737 | $107911 |
| Aug/22 | $105470 | $114883 | $106192 |
| Aug/23 | $107711 | $116841 | $108137 |
| Aug/24 | $112562 | $123955 | $112689 |
| Aug/25 | $116368 | $124051 | $116362 |

---

## How did the Fund perform in the last year?
Class Y Shares of the Fund modestly outperformed its benchmark, the Bloomberg 1 Year Municipal Bond Index (1-2) (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields.) The higher yields was driven in part by strong issuance, which reached record levels in 2024, and has been even higher thus far in 2025, as many municipalities have exhausted COVID 19-era stimulus funds.

The Class Y Shares of the Fund modestly outperformed relative to its benchmark for the reporting period. Security selection in revenue sectors such as health care and utilities contributed positively to performance, while an underweight allocation to general obligation (GO) bonds detracted as the sector outperformed the overall municipal market. At the sub-adviser level, both Neuberger Berman Investment Advisers LLC and Allspring Global Investments (Allspring) outperformed the benchmark for the reporting period. Neuberger Berman benefited from an overweight to cash collateralized housing bonds—which property developers use to secure favorable tax credits for affordable housing projects— while Allspring's performance was bolstered by security selection in health care and education bonds.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| Short Duration Municipal Fund, Class Y Shares | 3.38% | 1.76% | 1.53% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg 1 Year Municipal Bond Index (1-2) (USD) | 3.26% | 1.65% | 1.53% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $770978 | 517 | $1616 | 31% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i5b7e8bb623db0026666c0cd6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Public Facilities | 0.1% |
| Board Bank Revenue | 0.3% |
| Nursing Homes | 0.6% |
| Pollution Control | 1.8% |
| Water | 2.0% |
| Airports | 2.3% |
| Utilities | 2.8% |
| Power | 3.1% |
| Transportation | 4.2% |
| Industrial Development | 5.4% |
| Education | 9.4% |
| General Obligations | 12.9% |
| Health Care | 12.9% |
| Housing | 19.9% |
| General Revenue | 23.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets |
| Kentucky State, Public Energy Authority, Ser A | 5.250% | 06/01/55 | 2.3% |
| Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, Ser H | 2.400% | 01/15/48 | 1.9% |
| Iowa State, Finance Authority, UnityPoint Health Project | 2.150% | 07/01/41 | 1.8% |
| Tulsa, Ser A | 0.050% | 01/01/26 | 1.2% |
| Dallas City, Housing Finance Corporation, Multifamily Housing Revenue, Waterford at Goldmark | 3.300% | 01/01/43 | 1.1% |
| Gainesville, Utilities System Revenue Authority, Ser B | 2.450% | 10/01/42 | 1.0% |
| Tennergy | 5.000% | 10/01/54 | 1.0% |
| Black Belt, Energy Gas District, Ser S | 4.000% | 12/01/25 | 1.0% |
| Alachua County, Housing Finance Authority | 3.300% | 12/01/29 | 0.9% |
| Salt Verde Financial Corp, Gas Revenue | 5.250% | 12/01/27 | 0.9% |

---

## Material Fund Changes
In October 2024, Western Asset Management was terminated as a sub-advisor in the Fund.

This is a summary of certain changes and planned changes to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 31 at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports or upon request at 1-800-DIAL-SEI.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## Short Duration Municipal Fund

## SEI Tax Exempt Trust/Class Y Shares - SHYMX

## Annual Shareholder Report: August 31, 2025

## SHYMX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## California Municipal Bond Fund

## SEI Tax Exempt Trust/Class F Shares - SBDAX

## Fund Overview
This annual shareholder report contains important information about Class F Shares of the California Municipal Bond Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| California Municipal Bond Fund, Class F Shares | $61 | 0.61%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.60%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](i500fefb7d3af1ee9b32eb0c3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | California Municipal Bond Fund, Class F Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg California Intermediate Municipal Index (USD) |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $105069 | $106878 | $105406 |
| Aug/17 | $105634 | $107822 | $106448 |
| Aug/18 | $104295 | $108349 | $106207 |
| Aug/19 | $111766 | $117796 | $114273 |
| Aug/20 | $114440 | $121607 | $118507 |
| Aug/21 | $115940 | $125737 | $120247 |
| Aug/22 | $107006 | $114883 | $112172 |
| Aug/23 | $107789 | $116841 | $113663 |
| Aug/24 | $112503 | $123955 | $119041 |
| Aug/25 | $114249 | $124051 | $122555 |

---

## How did the Fund perform in the last year?
Class F shares of the Fund underperformed its benchmark, the Bloomberg California Intermediate Municipal Index (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields.) The higher yields was driven in part by strong issuance, which reached record levels in 2024, and has been even higher thus far in 2025, as many municipalities have exhausted COVID 19-era stimulus funds.

Insight North America LLC is the sub-adviser for the Fund. Security selection was the largest driver of the Fund's relative performance over the reporting period. Positions in the health care and transportation sectors detracted from performance, while overweight allocations to transportation and housing bonds had a positive impact.

As one of the largest economies in the world, California's general obligation (GO) bonds, are currently rated AA/AA2/AA- by Fitch Ratings, Moody's Corp., and S&P Global Ratings, respectively, reflecting a strong credit profile. The state's reserves of nearly $20 billion provide protection from a credit standpoint, in addition to numerous spending cuts to which the state government has committed. While wildfires in January 2025 were devastating, the state of California has significant resources to help navigate the recovery.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| California Municipal Bond Fund, Class F Shares | 1.55% | -0.03% | 1.34% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg California Intermediate Municipal Index (USD) | 2.95% | 0.67% | 2.05% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $232618 | 141 | $592 | 28% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i3ac76d50f9cf1a871bc59dba.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash Equivalent | 0.7% |
| Utilities | 0.8% |
| Tobacco | 0.8% |
| Industrial Development | 1.1% |
| Pollution Control | 1.5% |
| Transportation | 1.9% |
| Water | 2.6% |
| Nursing Homes | 3.1% |
| Housing | 3.8% |
| Power | 7.5% |
| Airports | 7.8% |
| Healthcare | 11.7% |
| Education | 14.3% |
| General Obligations | 17.4% |
| General Revenue | 24.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| Los Angeles, Department of Water & Power, Water System Revenue, Ser E | 5.000% | 07/01/35 | 3.0% |
| Los Angeles, Unified School District, Ser A | 5.000% | 07/01/31 | 2.4% |
| California State | 5.000% | 10/01/35 | 2.4% |
| California State, Various Purpose | 5.000% | 10/01/29 | 2.4% |
| California State | 5.000% | 11/01/31 | 2.2% |
| California State, Community Choice Financing Authority, Clean Energy Project, Ser B-1 | 4.000% | 02/01/52 | 2.2% |
| California State, Community Choice Financing Authority, Clean Energy Project | 5.000% | 02/01/55 | 2.1% |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Ser B, AMT | 5.000% | 07/01/32 | 2.0% |
| California State, Health Facilities Financing Authority, Kaiser Permanente Project, Ser 2006-C | 5.000% | 06/01/41 | 1.9% |
| California State, Statewide Communities Development Authority, Kaiser Permanente Project, Ser 2004-M | 5.000% | 04/01/38 | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## California Municipal Bond Fund

## SEI Tax Exempt Trust/Class F Shares - SBDAX

## Annual Shareholder Report: August 31, 2025

## SBDAX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## California Municipal Bond Fund

## SEI Tax Exempt Trust/Class Y Shares - SCYYX

## Fund Overview
This annual shareholder report contains important information about Class Y Shares of the California Municipal Bond Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| California Municipal Bond Fund, Class Y Shares | $46 | 0.46%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.45%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](if8b7c47fbf39c64169a1c07b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | California Municipal Bond Fund, Class Y Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg California Intermediate Municipal Index (USD) |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $105154 | $106878 | $105406 |
| Aug/17 | $105877 | $107822 | $106448 |
| Aug/18 | $104692 | $108349 | $106207 |
| Aug/19 | $112360 | $117796 | $114273 |
| Aug/20 | $115118 | $121607 | $118507 |
| Aug/21 | $116796 | $125737 | $120247 |
| Aug/22 | $107946 | $114883 | $112172 |
| Aug/23 | $109023 | $116841 | $113663 |
| Aug/24 | $113847 | $123955 | $119041 |
| Aug/25 | $115828 | $124051 | $122555 |

---

## How did the Fund perform in the last year?
Class Y shares of the Fund underperformed its benchmark, the Bloomberg California Intermediate Municipal Index (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields.) The higher yields was driven in part by strong issuance, which reached record levels in 2024, and has been even higher thus far in 2025, as many municipalities have exhausted COVID 19-era stimulus funds.

Insight North America LLC is the sub-adviser for the Fund. Security selection was the largest driver of the Fund's relative performance over the reporting period. Positions in the health care and transportation sectors detracted from performance, while overweight allocations to transportation and housing bonds had a positive impact.

As one of the largest economies in the world, California's general obligation (GO) bonds, are currently rated AA/AA2/AA- by Fitch Ratings, Moody's Corp., and S&P Global Ratings, respectively, reflecting a strong credit profile. The state's reserves of nearly $20 billion provide protection from a credit standpoint, in addition to numerous spending cuts to which the state government has committed. While wildfires in January 2025 were devastating, the state of California has significant resources to help navigate the recovery.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| California Municipal Bond Fund, Class Y Shares | 1.74% | 0.12% | 1.48% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg California Intermediate Municipal Index (USD) | 2.95% | 0.67% | 2.05% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance. Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

\* As of August 31, 2025, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $232618 | 141 | $592 | 28% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ifd74b2269e8b5fb141a30379.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash Equivalent | 0.7% |
| Utilities | 0.8% |
| Tobacco | 0.8% |
| Industrial Development | 1.1% |
| Pollution Control | 1.5% |
| Transportation | 1.9% |
| Water | 2.6% |
| Nursing Homes | 3.1% |
| Housing | 3.8% |
| Power | 7.5% |
| Airports | 7.8% |
| Healthcare | 11.7% |
| Education | 14.3% |
| General Obligations | 17.4% |
| General Revenue | 24.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| Los Angeles, Department of Water & Power, Water System Revenue, Ser E | 5.000% | 07/01/35 | 3.0% |
| Los Angeles, Unified School District, Ser A | 5.000% | 07/01/31 | 2.4% |
| California State | 5.000% | 10/01/35 | 2.4% |
| California State, Various Purpose | 5.000% | 10/01/29 | 2.4% |
| California State | 5.000% | 11/01/31 | 2.2% |
| California State, Community Choice Financing Authority, Clean Energy Project, Ser B-1 | 4.000% | 02/01/52 | 2.2% |
| California State, Community Choice Financing Authority, Clean Energy Project | 5.000% | 02/01/55 | 2.1% |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Ser B, AMT | 5.000% | 07/01/32 | 2.0% |
| California State, Health Facilities Financing Authority, Kaiser Permanente Project, Ser 2006-C | 5.000% | 06/01/41 | 1.9% |
| California State, Statewide Communities Development Authority, Kaiser Permanente Project, Ser 2004-M | 5.000% | 04/01/38 | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## California Municipal Bond Fund

## SEI Tax Exempt Trust/Class Y Shares - SCYYX

## Annual Shareholder Report: August 31, 2025

## SCYYX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## Massachusetts Municipal Bond Fund

## SEI Tax Exempt Trust/Class F Shares - SMAAX

## Fund Overview
This annual shareholder report contains important information about Class F Shares of the Massachusetts Municipal Bond Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Massachusetts Municipal Bond Fund, Class F Shares | $65 | 0.65%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.63%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](i4cf9a741980bf20abee9f366.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Massachusetts Municipal Bond Fund, Class F Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg Massachusetts Intermediate Municipal Index (USD) |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $105433 | $106878 | $105763 |
| Aug/17 | $105671 | $107822 | $107023 |
| Aug/18 | $103549 | $108349 | $105717 |
| Aug/19 | $111862 | $117796 | $114617 |
| Aug/20 | $114986 | $121607 | $119403 |
| Aug/21 | $116059 | $125737 | $121213 |
| Aug/22 | $107031 | $114883 | $112874 |
| Aug/23 | $108016 | $116841 | $114357 |
| Aug/24 | $112532 | $123955 | $119318 |
| Aug/25 | $114013 | $124051 | $122086 |

---

## How did the Fund perform in the last year?
Class F Shares of the Fund underperformed its benchmark, the Bloomberg Massachusetts Intermediate Municipal Bond Index (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields.) The higher yields were driven in part by strong issuance, which reached record levels in 2024, and has been even higher thus far in 2025, as many municipalities have exhausted COVID 19-era stimulus funds.

Insight North America LLC is the sub-adviser for the Fund. The manager's underperformance relative to the Fund's benchmark for the reporting period was attributable to a long duration posture and yield-curve positioning as yields in the intermediate to long segments moved higher. Security selection in the revenue sectors was the primary detractor from performance. Security selection in the utility and health care sectors also hampered Fund performance. An overweight to utilities also weighed on performance, while security selection in the education sector was a contributor.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| Massachusetts Municipal Bond Fund, Class F Shares | 1.32% | -0.17% | 1.32% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg Massachusetts Intermediate Municipal Index (USD) | 2.32% | 0.45% | 2.02% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $60239 | 71 | $160 | 20% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ib8f8e4b6bc9c236ddbb0073c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash Equivalent | 0.6% |
| Nursing Homes | 1.8% |
| Housing | 2.0% |
| Power | 3.6% |
| General Revenue | 7.2% |
| Airports | 7.6% |
| Water | 9.4% |
| Transportation | 10.3% |
| General Obligations | 14.8% |
| Health Care | 18.7% |
| Education | 23.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| Massachusetts State, Development Finance Agency, Children's Hospital, Ser T | 5.000% | 03/01/34 | 5.6% |
| Massachusetts State, Ser C | 5.000% | 10/01/33 | 4.7% |
| Massachusetts Bay, Transportation Authority, Ser A | 5.000% | 07/01/36 | 2.9% |
| Boston, Ser A | 4.000% | 11/01/31 | 2.7% |
| Massachusetts State, Development Finance Agency, Partners Healthcare System | 5.000% | 07/01/30 | 2.6% |
| Massachusetts State, Clean Water Trust | 5.000% | 08/01/30 | 2.5% |
| Massachusetts State, Port Authority, Ser A, AMT | 5.000% | 07/01/28 | 2.2% |
| Massachusetts State, Development Finance Agency, Harvard University, Ser B | 4.000% | 02/15/36 | 2.2% |
| Woods Hole, Marthas Vineyard & Nantucket, Steamship Authority, Ser A | 5.000% | 03/01/29 | 2.1% |
| Massachusetts State, Development Finance Agency, Babson College | 5.000% | 10/01/33 | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## Massachusetts Municipal Bond Fund

## SEI Tax Exempt Trust/Class F Shares - SMAAX

## Annual Shareholder Report: August 31, 2025

## SMAAX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## Massachusetts Municipal Bond Fund

## SEI Tax Exempt Trust/Class Y Shares - SMSYX

## Fund Overview
This annual shareholder report contains important information about Class Y Shares of the Massachusetts Municipal Bond Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Massachusetts Municipal Bond Fund, Class Y Shares | $50 | 0.50%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.48%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](i3641db555a49195408917142.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Massachusetts Municipal Bond Fund, Class Y Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg Massachusetts Intermediate Municipal Index (USD) |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $105521 | $106878 | $105763 |
| Aug/17 | $105829 | $107822 | $107023 |
| Aug/18 | $103856 | $108349 | $105717 |
| Aug/19 | $112475 | $117796 | $114617 |
| Aug/20 | $115690 | $121607 | $119403 |
| Aug/21 | $117054 | $125737 | $121213 |
| Aug/22 | $107994 | $114883 | $112874 |
| Aug/23 | $109262 | $116841 | $114357 |
| Aug/24 | $113891 | $123955 | $119318 |
| Aug/25 | $115674 | $124051 | $122086 |

---

## How did the Fund perform in the last year?
Class Y Shares of the Fund underperformed its benchmark, the Bloomberg Massachusetts Intermediate Municipal Bond Index (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields.) The higher yields were driven in part by strong issuance, which reached record levels in 2024, and has been even higher thus far in 2025, as many municipalities have exhausted COVID 19-era stimulus funds.

Insight North America LLC is the sub-adviser for the Fund. The manager's underperformance relative to the Fund's benchmark for the reporting period was attributable to a long duration posture and yield-curve positioning as yields in the intermediate to long segments moved higher. Security selection in the revenue sectors was the primary detractor from performance. Security selection in the utility and health care sectors also hampered Fund performance. An overweight to utilities also weighed on performance, while security selection in the education sector was a contributor

.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| Massachusetts Municipal Bond Fund, Class Y Shares | 1.57% | 0.00% | 1.47% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg Massachusetts Intermediate Municipal Index (USD) | 2.32% | 0.45% | 2.02% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance. Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

\* As of August 31, 2025, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $60239 | 71 | $160 | 20% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i926ab78a269f9523a4bb4577.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash Equivalent | 0.6% |
| Nursing Homes | 1.8% |
| Housing | 2.0% |
| Power | 3.6% |
| General Revenue | 7.2% |
| Airports | 7.6% |
| Water | 9.4% |
| Transportation | 10.3% |
| General Obligations | 14.8% |
| Health Care | 18.7% |
| Education | 23.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| Massachusetts State, Development Finance Agency, Children's Hospital, Ser T | 5.000% | 03/01/34 | 5.6% |
| Massachusetts State, Ser C | 5.000% | 10/01/33 | 4.7% |
| Massachusetts Bay, Transportation Authority, Ser A | 5.000% | 07/01/36 | 2.9% |
| Boston, Ser A | 4.000% | 11/01/31 | 2.7% |
| Massachusetts State, Development Finance Agency, Partners Healthcare System | 5.000% | 07/01/30 | 2.6% |
| Massachusetts State, Clean Water Trust | 5.000% | 08/01/30 | 2.5% |
| Massachusetts State, Port Authority, Ser A, AMT | 5.000% | 07/01/28 | 2.2% |
| Massachusetts State, Development Finance Agency, Harvard University, Ser B | 4.000% | 02/15/36 | 2.2% |
| Woods Hole, Marthas Vineyard & Nantucket, Steamship Authority, Ser A | 5.000% | 03/01/29 | 2.1% |
| Massachusetts State, Development Finance Agency, Babson College | 5.000% | 10/01/33 | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## Massachusetts Municipal Bond Fund

## SEI Tax Exempt Trust/Class Y Shares - SMSYX

## Annual Shareholder Report: August 31, 2025

## SMSYX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## New Jersey Municipal Bond Fund

## SEI Tax Exempt Trust/Class F Shares - SENJX

## Fund Overview
This annual shareholder report contains important information about Class F Shares of the New Jersey Municipal Bond Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| New Jersey Municipal Bond Fund, Class F Shares | $63 | 0.62%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.60%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](iac8c9527aa0df71c08107a99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | New Jersey Municipal Bond Fund, Class F Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg 3-10 Year Municipal Blend Index (2-12) (USD) |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $105478 | $106878 | $104908 |
| Aug/17 | $106203 | $107822 | $106233 |
| Aug/18 | $105654 | $108349 | $105861 |
| Aug/19 | $113026 | $117796 | $113525 |
| Aug/20 | $115541 | $121607 | $117370 |
| Aug/21 | $117202 | $125737 | $119899 |
| Aug/22 | $109258 | $114883 | $112608 |
| Aug/23 | $110714 | $116841 | $114181 |
| Aug/24 | $115280 | $123955 | $119669 |
| Aug/25 | $117477 | $124051 | $123002 |

---

## How did the Fund perform in the last year?
Class F Shares of the Fund underperformed its benchmark, the Bloomberg 3-10 Year Municipal Blend Index (2-12) (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields.) The higher yields was driven in part by strong issuance, which reached record levels in 2024, and has been even higher thus far in 2025, as many municipalities have exhausted COVID 19-era stimulus funds.

Insight North America LLC is the sub-adviser for the Fund. The manager's underperformance versus the benchmark during the reporting period was due largely to a long duration posture and yield-curve positioning as yields in the intermediate and long segments moved higher. Sector allocation had a positive impact on Fund performance, most notably an overweight allocation to transportation bonds and an underweight to the utility sector. This was partly offset by security selection in education and transportation bonds. New Jersey municipal bonds lagged the overall municipal market, which detracted from the Fund's relative performance for the period.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| New Jersey Municipal Bond Fund, Class F Shares | 1.91% | 0.33% | 1.62% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg 3-10 Year Municipal Blend Index (2-12) (USD) | 2.79% | 0.94% | 2.09% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $91988 | 85 | $219 | 25% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ib6b593934fc2a048174b0c1c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash Equivalent | 0.2% |
| Water | 1.2% |
| Housing | 1.7% |
| Industrial Development | 3.3% |
| Tobacco | 3.9% |
| General Obligations | 6.3% |
| Airports | 7.8% |
| Transportation | 15.2% |
| Health Care | 16.8% |
| Education | 20.3% |
| General Revenue | 22.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| Tobacco Settlement Financing, Ser A | 5.000% | 06/01/34 | 3.3% |
| New Jersey State, Transportation Trust Fund Authority, Ser S | 5.000% | 06/15/32 | 3.0% |
| New Jersey State, Transportation Trust Fund Authority, Ser A | 4.000% | 06/15/35 | 2.8% |
| New Jersey State, Higher Education Student Assistance Authority, Ser A, AMT | 5.000% | 12/01/33 | 2.8% |
| New York & New Jersey, Port Authority, AMT | 5.000% | 11/01/32 | 2.8% |
| New York & New Jersey, Port Authority, Ser 223, AMT | 5.000% | 07/15/33 | 2.5% |
| New Jersey State, Educational Facilities Authority, Montclair State University, Ser B | 5.000% | 07/01/28 | 2.5% |
| New Jersey State, Educational Facilities Authority, Ser A1 | 5.000% | 03/01/37 | 2.4% |
| New Jersey State, Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group | 5.000% | 07/01/36 | 2.4% |
| New Jersey State, COVID-19 Emergency Bonds | 4.000% | 06/01/31 | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## New Jersey Municipal Bond Fund

## SEI Tax Exempt Trust/Class F Shares - SENJX

## Annual Shareholder Report: August 31, 2025

## SENJX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## New Jersey Municipal Bond Fund

## SEI Tax Exempt Trust/Class Y Shares - SNJYX

## Fund Overview
This annual shareholder report contains important information about Class Y Shares of the New Jersey Municipal Bond Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| New Jersey Municipal Bond Fund, Class Y Shares | $47 | 0.47%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.45%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](i4f2c8d32b602d4b49f84f4e6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | New Jersey Municipal Bond Fund, Class Y Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg 3-10 Year Municipal Blend Index (2-12) (USD) |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $105559 | $106878 | $104908 |
| Aug/17 | $106439 | $107822 | $106233 |
| Aug/18 | $106048 | $108349 | $105861 |
| Aug/19 | $113617 | $117796 | $113525 |
| Aug/20 | $116319 | $121607 | $117370 |
| Aug/21 | $118168 | $125737 | $119899 |
| Aug/22 | $110325 | $114883 | $112608 |
| Aug/23 | $111849 | $116841 | $114181 |
| Aug/24 | $116755 | $123955 | $119669 |
| Aug/25 | $119157 | $124051 | $123002 |

---

## How did the Fund perform in the last year?
Class Y Shares of the Fund underperformed its benchmark, the Bloomberg 3-10 Year Municipal Blend Index (2-12) (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields.) The higher yields was driven in part by strong issuance, which reached record levels in 2024, and has been even higher thus far in 2025, as many municipalities have exhausted COVID 19-era stimulus funds.

Insight North America LLC is the sub-adviser for the Fund. The manager's underperformance versus the benchmark during the reporting period was due largely to a long duration posture and yield-curve positioning as yields in the intermediate and long segments moved higher. Sector allocation had a positive impact on Fund performance, most notably an overweight allocation to transportation bonds and an underweight to the utility sector. This was partly offset by security selection in education and transportation bonds. New Jersey municipal bonds lagged the overall municipal market, which detracted from the Fund's relative performance for the period.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| New Jersey Municipal Bond Fund, Class Y Shares | 2.06% | 0.48% | 1.77% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg 3-10 Year Municipal Blend Index (2-12) (USD) | 2.79% | 0.94% | 2.09% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance. Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

\* As of August 31, 2025, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $91988 | 85 | $219 | 25% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ic56596e3669b73f1a1043be6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash Equivalent | 0.2% |
| Water | 1.2% |
| Housing | 1.7% |
| Industrial Development | 3.3% |
| Tobacco | 3.9% |
| General Obligations | 6.3% |
| Airports | 7.8% |
| Transportation | 15.2% |
| Health Care | 16.8% |
| Education | 20.3% |
| General Revenue | 22.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| Tobacco Settlement Financing, Ser A | 5.000% | 06/01/34 | 3.3% |
| New Jersey State, Transportation Trust Fund Authority, Ser S | 5.000% | 06/15/32 | 3.0% |
| New Jersey State, Transportation Trust Fund Authority, Ser A | 4.000% | 06/15/35 | 2.8% |
| New Jersey State, Higher Education Student Assistance Authority, Ser A, AMT | 5.000% | 12/01/33 | 2.8% |
| New York & New Jersey, Port Authority, AMT | 5.000% | 11/01/32 | 2.8% |
| New York & New Jersey, Port Authority, Ser 223, AMT | 5.000% | 07/15/33 | 2.5% |
| New Jersey State, Educational Facilities Authority, Montclair State University, Ser B | 5.000% | 07/01/28 | 2.5% |
| New Jersey State, Educational Facilities Authority, Ser A1 | 5.000% | 03/01/37 | 2.4% |
| New Jersey State, Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group | 5.000% | 07/01/36 | 2.4% |
| New Jersey State, COVID-19 Emergency Bonds | 4.000% | 06/01/31 | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## New Jersey Municipal Bond Fund

## SEI Tax Exempt Trust/Class Y Shares - SNJYX

## Annual Shareholder Report: August 31, 2025

## SNJYX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## New York Municipal Bond Fund

## SEI Tax Exempt Trust/Class F Shares - SENYX

## Fund Overview
This annual shareholder report contains important information about Class F Shares of the New York Municipal Bond Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| New York Municipal Bond Fund, Class F Shares | $61 | 0.61%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.60%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](i9974680ff1793e539e598522.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | New York Municipal Bond Fund, Class F Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg New York Intermediate Municipal Index (USD) |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $105087 | $106878 | $105306 |
| Aug/17 | $105727 | $107822 | $106771 |
| Aug/18 | $103996 | $108349 | $105695 |
| Aug/19 | $111699 | $117796 | $114175 |
| Aug/20 | $113135 | $121607 | $116481 |
| Aug/21 | $115692 | $125737 | $120099 |
| Aug/22 | $107821 | $114883 | $112574 |
| Aug/23 | $109233 | $116841 | $114489 |
| Aug/24 | $114166 | $123955 | $119802 |
| Aug/25 | $115981 | $124051 | $122845 |

---

## How did the Fund perform in the last year?
Class F Shares of the Fund underperformed its benchmark, the Bloomberg New York Intermediate Municipal Index (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields).

Insight North America LLC is the sub-adviser for the Fund. The manager underperformed the Fund's benchmark for the reporting period due primarily to a long duration posture and yield-curve positioning as yields in the intermediate and long segments moved higher. Security selection in revenue sectors was a positive contributor to performance, particularly within transportation, housing, and health care. Overweight allocations to education and transportation bonds also bolstered Fund performance for the period.

While New York State faces challenges, including an above-average debt burden, large other post-employment benefits (OPEB) liability (a commitment to provide future non-pension benefits, such as health care and life insurance, to retired employees) and population growth issues, the state is buffered by sizeable principal reserves and benefits from a diverse economy and well-funded pension system. The state's debt is rated AA+/AA+/AA1 from S&P Global Ratings, Fitch Ratings, and Moody's Corp., respectively, reflecting a strong credit profile.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| New York Municipal Bond Fund, Class F Shares | 1.59% | 0.50% | 1.49% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg New York Intermediate Municipal Index (USD) | 2.54% | 1.07% | 2.08% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $110203 | 75 | $258 | 40% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ie23ca1783221760cfd86e43a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Nursing Homes | 0.3% |
| Cash Equivalent | 1.3% |
| Power | 1.4% |
| Tobacco | 2.1% |
| Water | 2.9% |
| Utilities | 3.3% |
| Housing | 3.7% |
| General Obligations | 4.1% |
| Industrial Development | 5.1% |
| Health Care | 10.9% |
| Transportation | 12.4% |
| Airports | 14.4% |
| Education | 18.4% |
| General Revenue | 18.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, Sub-Ser A | 5.000% | 02/01/28 | 4.2% |
| New York & New Jersey, Port Authority, AMT | 5.000% | 11/01/30 | 4.0% |
| Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels | 5.000% | 12/01/37 | 3.0% |
| New York State, Dormitory Authority, School Districts Financing Program, Ser A | 5.000% | 10/01/29 | 2.4% |
| New York City, Transitional Finance Authority, Building Aid, Sub-Ser S-3 | 5.000% | 07/15/32 | 2.3% |
| New York City, Transitional Finance Authority, Future Tax Secured, Sub-Ser | 5.000% | 05/01/37 | 2.3% |
| Suffolk, Tobacco Asset Securitization | 4.000% | 06/01/35 | 2.1% |
| New York State, Dormitory Authority, Presbyterian Hospital Obligated Group | 5.000% | 08/01/35 | 2.0% |
| New York City, Energy Finance Development | 5.000% | 07/01/56 | 2.0% |
| Hudson Yards Infrastructure | 5.000% | 02/15/34 | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## New York Municipal Bond Fund

## SEI Tax Exempt Trust/Class F Shares - SENYX

## Annual Shareholder Report: August 31, 2025

## SENYX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## New York Municipal Bond Fund

## SEI Tax Exempt Trust/Class Y Shares - SNYYX

## Fund Overview
This annual shareholder report contains important information about Class Y Shares of the New York Municipal Bond Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| New York Municipal Bond Fund, Class Y Shares | $46 | 0.46%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.45%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](i15d878b887f6b8fb3ab75f30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | New York Municipal Bond Fund, Class Y Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg New York Intermediate Municipal Index (USD) |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $105064 | $106878 | $105306 |
| Aug/17 | $105967 | $107822 | $106771 |
| Aug/18 | $104289 | $108349 | $105695 |
| Aug/19 | $112197 | $117796 | $114175 |
| Aug/20 | $113813 | $121607 | $116481 |
| Aug/21 | $116567 | $125737 | $120099 |
| Aug/22 | $108782 | $114883 | $112574 |
| Aug/23 | $110366 | $116841 | $114489 |
| Aug/24 | $115643 | $123955 | $119802 |
| Aug/25 | $117655 | $124051 | $122845 |

---

## How did the Fund perform in the last year?
Class Y Shares of the Fund underperformed its benchmark, the Bloomberg New York Intermediate Municipal Index (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields).

Insight North America LLC is the sub-adviser for the Fund. The manager underperformed the Fund's benchmark for the reporting period due primarily to a long duration posture and yield-curve positioning as yields in the intermediate and long segments moved higher. Security selection in revenue sectors was a positive contributor to performance, particularly within transportation, housing, and health care. Overweight allocations to education and transportation bonds also bolstered Fund performance for the period.

While New York State faces challenges, including an above-average debt burden, large other post-employment benefits (OPEB) liability (a commitment to provide future non-pension benefits, such as health care and life insurance, to retired employees) and population growth issues, the state is buffered by sizeable principal reserves and benefits from a diverse economy and well-funded pension system. The state's debt is rated AA+/AA+/AA1 from S&P Global Ratings, Fitch Ratings, and Moody's Corp., respectively, reflecting a strong credit profile.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| New York Municipal Bond Fund, Class Y Shares | 1.74% | 0.67% | 1.64% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg New York Intermediate Municipal Index (USD) | 2.54% | 1.07% | 2.08% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance. Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

\* As of August 31, 2025, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $110203 | 75 | $258 | 40% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i7b2d2da64dc599beb0a5abc7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Nursing Homes | 0.3% |
| Cash Equivalent | 1.3% |
| Power | 1.4% |
| Tobacco | 2.1% |
| Water | 2.9% |
| Utilities | 3.3% |
| Housing | 3.7% |
| General Obligations | 4.1% |
| Industrial Development | 5.1% |
| Health Care | 10.9% |
| Transportation | 12.4% |
| Airports | 14.4% |
| Education | 18.4% |
| General Revenue | 18.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, Sub-Ser A | 5.000% | 02/01/28 | 4.2% |
| New York & New Jersey, Port Authority, AMT | 5.000% | 11/01/30 | 4.0% |
| Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels | 5.000% | 12/01/37 | 3.0% |
| New York State, Dormitory Authority, School Districts Financing Program, Ser A | 5.000% | 10/01/29 | 2.4% |
| New York City, Transitional Finance Authority, Building Aid, Sub-Ser S-3 | 5.000% | 07/15/32 | 2.3% |
| New York City, Transitional Finance Authority, Future Tax Secured, Sub-Ser | 5.000% | 05/01/37 | 2.3% |
| Suffolk, Tobacco Asset Securitization | 4.000% | 06/01/35 | 2.1% |
| New York State, Dormitory Authority, Presbyterian Hospital Obligated Group | 5.000% | 08/01/35 | 2.0% |
| New York City, Energy Finance Development | 5.000% | 07/01/56 | 2.0% |
| Hudson Yards Infrastructure | 5.000% | 02/15/34 | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## New York Municipal Bond Fund

## SEI Tax Exempt Trust/Class Y Shares - SNYYX

## Annual Shareholder Report: August 31, 2025

## SNYYX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## Pennsylvania Municipal Bond Fund

## SEI Tax Exempt Trust/Class F Shares - SEPAX

## Fund Overview
This annual shareholder report contains important information about Class F Shares of the Pennsylvania Municipal Bond Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Pennsylvania Municipal Bond Fund, Class F Shares | $65 | 0.64%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.63%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](i60cb84f373fa218379f46819.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Pennsylvania Municipal Bond Fund, Class F Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg Pennsylvania Intermediate Municipal Index (USD) |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $104747 | $106878 | $105339 |
| Aug/17 | $105721 | $107822 | $107450 |
| Aug/18 | $104227 | $108349 | $107001 |
| Aug/19 | $112991 | $117796 | $117425 |
| Aug/20 | $116587 | $121607 | $121949 |
| Aug/21 | $118368 | $125737 | $125684 |
| Aug/22 | $109300 | $114883 | $116736 |
| Aug/23 | $110044 | $116841 | $118223 |
| Aug/24 | $114841 | $123955 | $123538 |
| Aug/25 | $117394 | $124051 | $127301 |

---

## How did the Fund perform in the last year?
Class F of the Fund underperformed its benchmark, the Bloomberg Pennsylvania Intermediate Municipal Index (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields.) The higher yields was driven in part by strong issuance, which reached record levels in 2024, and has been even higher thus far in 2025, as many municipalities have exhausted COVID 19-era stimulus funds.

Insight North America LLC is the sub-adviser for the Fund. The manager underperformed the Fund's benchmark for the reporting period. Yield-curve positioning detracted from performance due to positions in longer-dated bonds as the curve steepened and longer-term yields rose. Security selection in revenue sectors had an overall negative impact on performance, most notably in the education, transportation, and utility sectors. This was partially offset by the positive contribution of security selection in the health care and housing sectors. Additionally, overweight allocations to the health care and education sectors hampered Fund performance for the period.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| Pennsylvania Municipal Bond Fund, Class F Shares | 2.22% | 0.14% | 1.62% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg Pennsylvania Intermediate Municipal Index (USD) | 3.05% | 0.86% | 2.44% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $138384 | 118 | $378 | 18% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ia0fdd40bcfeeedc2112376ce.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Industrial Development | 0.7% |
| Cash Equivalent | 0.8% |
| Public Facilities | 1.6% |
| Housing | 2.1% |
| Tobacco | 2.3% |
| Airports | 3.1% |
| Utilities | 3.6% |
| Nursing Homes | 4.9% |
| General Revenue | 8.8% |
| Water | 10.3% |
| General Obligations | 10.5% |
| Transportation | 12.6% |
| Health Care | 18.6% |
| Education | 19.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| Philadelphia, Industrial Development Authority, The Children's Hospital of Philadelphia Project | 4.000% | 07/01/35 | 3.8% |
| Pennsylvania State, BAM | 4.000% | 03/01/35 | 2.5% |
| Pennsylvania State, Higher Education Assistance Agency, Ser A, AMT | 5.000% | 06/01/32 | 2.3% |
| Philadelphia, School District, Ser A, ST AID WITHHLDG | 5.000% | 09/01/27 | 2.2% |
| Pennsylvania State | 5.000% | 09/01/32 | 2.1% |
| Philadelphia, Water & Wastewater Revenue Authority, Ser C, AGC | 5.000% | 09/01/35 | 2.0% |
| Adams County, General Authority, The Brethren Home Community | 5.000% | 06/01/34 | 1.9% |
| Commonwealth Financing Authority, Tobacco Master Settlement | 5.000% | 06/01/28 | 1.9% |
| Philadelphia, Housing Authority, PHADC Acquisition Program | 5.250% | 03/01/38 | 1.9% |
| Allegheny County, Hospital Development Authority, Allegheny Health Network | 5.000% | 04/01/28 | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## Pennsylvania Municipal Bond Fund

## SEI Tax Exempt Trust/Class F Shares - SEPAX

## Annual Shareholder Report: August 31, 2025

## SEPAX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## Pennsylvania Municipal Bond Fund

## SEI Tax Exempt Trust/Class Y Shares - SPAYX

## Fund Overview
This annual shareholder report contains important information about Class Y Shares of the Pennsylvania Municipal Bond Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Pennsylvania Municipal Bond Fund, Class Y Shares | $50 | 0.49%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.48%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](ic5e08e0d83aa581ac687ef65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Pennsylvania Municipal Bond Fund, Class Y Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg Pennsylvania Intermediate Municipal Index (USD) |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $104865 | $106878 | $105339 |
| Aug/17 | $105998 | $107822 | $107450 |
| Aug/18 | $104558 | $108349 | $107001 |
| Aug/19 | $113626 | $117796 | $117425 |
| Aug/20 | $117417 | $121607 | $121949 |
| Aug/21 | $119380 | $125737 | $125684 |
| Aug/22 | $110401 | $114883 | $116736 |
| Aug/23 | $111204 | $116841 | $118223 |
| Aug/24 | $116318 | $123955 | $123538 |
| Aug/25 | $119084 | $124051 | $127301 |

---

## How did the Fund perform in the last year?
Class Y of the Fund underperformed its benchmark, the Bloomberg Pennsylvania Intermediate Municipal Index (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields.) The higher yields was driven in part by strong issuance, which reached record levels in 2024, and has been even higher thus far in 2025, as many municipalities have exhausted COVID 19-era stimulus funds.

Insight North America LLC is the sub-adviser for the Fund. The manager underperformed the Fund's benchmark for the reporting period. Yield-curve positioning detracted from performance due to positions in longer-dated bonds as the curve steepened and longer-term yields rose. Security selection in revenue sectors had an overall negative impact on performance, most notably in the education, transportation, and utility sectors. This was partially offset by the positive contribution of security selection in the health care and housing sectors. Additionally, overweight allocations to the health care and education sectors hampered Fund performance for the period.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| Pennsylvania Municipal Bond Fund, Class Y Shares | 2.38% | 0.28% | 1.76% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg Pennsylvania Intermediate Municipal Index (USD) | 3.05% | 0.86% | 2.44% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance. Class Y Shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund's Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares.

\* As of August 31, 2025, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $138384 | 118 | $378 | 18% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i963b6eedf84bc9aeceb0ce5a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Industrial Development | 0.7% |
| Cash Equivalent | 0.8% |
| Public Facilities | 1.6% |
| Housing | 2.1% |
| Tobacco | 2.3% |
| Airports | 3.1% |
| Utilities | 3.6% |
| Nursing Homes | 4.9% |
| General Revenue | 8.8% |
| Water | 10.3% |
| General Obligations | 10.5% |
| Transportation | 12.6% |
| Health Care | 18.6% |
| Education | 19.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| Philadelphia, Industrial Development Authority, The Children's Hospital of Philadelphia Project | 4.000% | 07/01/35 | 3.8% |
| Pennsylvania State, BAM | 4.000% | 03/01/35 | 2.5% |
| Pennsylvania State, Higher Education Assistance Agency, Ser A, AMT | 5.000% | 06/01/32 | 2.3% |
| Philadelphia, School District, Ser A, ST AID WITHHLDG | 5.000% | 09/01/27 | 2.2% |
| Pennsylvania State | 5.000% | 09/01/32 | 2.1% |
| Philadelphia, Water & Wastewater Revenue Authority, Ser C, AGC | 5.000% | 09/01/35 | 2.0% |
| Adams County, General Authority, The Brethren Home Community | 5.000% | 06/01/34 | 1.9% |
| Commonwealth Financing Authority, Tobacco Master Settlement | 5.000% | 06/01/28 | 1.9% |
| Philadelphia, Housing Authority, PHADC Acquisition Program | 5.250% | 03/01/38 | 1.9% |
| Allegheny County, Hospital Development Authority, Allegheny Health Network | 5.000% | 04/01/28 | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## Pennsylvania Municipal Bond Fund

## SEI Tax Exempt Trust/Class Y Shares - SPAYX

## Annual Shareholder Report: August 31, 2025

## SPAYX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## Tax-Advantaged Income Fund

## SEI Tax Exempt Trust/Class F Shares - SEATX

## Fund Overview
This annual shareholder report contains important information about Class F Shares of the Tax-Advantaged Income Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Tax-Advantaged Income Fund, Class F Shares | $86 | 0.87%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.86%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](if902f8cfa5f8a2440bb0d7e1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Tax-Advantaged Income Fund, Class F Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg 60% Tax-Exempt High Yield/40% Municipal Investment Grade Custom Capped Custom Capped Custom Weighted Index Unhedged US |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $111116 | $106878 | $110744 |
| Aug/17 | $113754 | $107822 | $112642 |
| Aug/18 | $116936 | $108349 | $117022 |
| Aug/19 | $126179 | $117796 | $127990 |
| Aug/20 | $129958 | $121607 | $130505 |
| Aug/21 | $141564 | $125737 | $141711 |
| Aug/22 | $127393 | $114883 | $128265 |
| Aug/23 | $127309 | $116841 | $129561 |
| Aug/24 | $141016 | $123955 | $142294 |
| Aug/25 | $139081 | $124051 | $141062 |

---

## How did the Fund perform in the last year?
Class F Shares of the Fund underperformed its benchmark, Bloomberg 60% Tax-Exempt High Yield/40% Municipal Investment Grade Custom Capped Custom Capped Custom Weighted Index Unhedged US and the Bloomberg U.S. Municipal Bond Index (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields.) The higher yields was driven in part by strong issuance, which reached record levels in 2024, and has been even higher thus far in 2025, as many municipalities have exhausted COVID 19-era stimulus funds.

The Fund's underperformance relative to its blended benchmark for the reporting period was attributable primarily to security selection within the project finance sector and an overweight allocation to the long end of the yield curve. An allocation to preferred securities, which are not represented in the Fund's benchmark, contributed positively to performance. Spectrum Asset Management, the Fund's preferred securities sub-adviser, was the largest contributor to Fund performance for the period. Allspring Global Investments performed in line with the Fund's benchmark for the period; security selection in revenue sectors was a positive contributor. Pacific Investment Management Company LLC underperformed the Fund's benchmark due to security selection within the project finance sector and an overweight allocation to longer-dated securities.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| Tax-Advantaged Income Fund, Class F Shares | -1.37% | 1.37% | 3.35% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg 60% Tax-Exempt High Yield/40% Municipal Investment Grade Custom Capped Custom Capped Custom Weighted Index Unhedged US | -0.87% | 1.57% | 3.50% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $829947 | 439 | $3296 | 20% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i677f196120dbb53a9f4cb38d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash Equivalent | 0.1% |
| Board Bank Revenue | 0.4% |
| Pollution Control | 1.2% |
| Mortgage-Backed Securities | 1.5% |
| Transportation | 1.6% |
| Airports | 2.0% |
| U.S. Treasury Obligations | 2.2% |
| Power | 3.0% |
| General Obligations | 3.0% |
| Preferred Stock | 3.5% |
| Health Care | 3.6% |
| Water | 4.1% |
| Nursing Homes | 5.2% |
| Education | 6.4% |
| Tobacco | 6.5% |
| Industrial Development | 8.2% |
| Housing | 8.8% |
| General Revenue | 17.0% |
| Corporate Obligations | 21.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| Puerto Rico, Sub-Ser Senior | 0.000% | 11/01/51 | 1.5% |
| Texas State, Water Development Board, Ser A | 4.875% | 10/15/48 | 1.3% |
| Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A1 | 0.000% | 07/01/51 | 1.2% |
| Affordable Housing Opportunities Trust, Northwest One, Ser AH-07, Cl A | 3.167% | 10/01/38 | 1.1% |
| Puerto Rico, GDB Debt Recovery Authority | 7.500% | 08/20/40 | 1.0% |
| Australia & New Zealand Banking Group, USISDA05 + 5.168% | 6.750% | 12/15/73 | 0.8% |
| M-S-R, Energy Authority, Ser C | 6.500% | 11/01/39 | 0.8% |
| Rhode Island State, Tobacco Settlement Financing Authority, Ser B | 5.000% | 06/01/50 | 0.8% |
| West Virginia State, Tobacco Settlement, Finance Authority, Ser B | 0.000% | 06/01/47 | 0.8% |
| Toll Road Investors Partnership II, AGUK | 0.000% | 02/15/43 | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## Tax-Advantaged Income Fund

## SEI Tax Exempt Trust/Class F Shares - SEATX

## Annual Shareholder Report: August 31, 2025

## SEATX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

# Annual Shareholder Report: August 31, 2025
![Image](i95e44b4a6c712e45c7e14299.jpg)

## Tax-Advantaged Income Fund

## SEI Tax Exempt Trust/Class Y Shares - STAYX

## Fund Overview
This annual shareholder report contains important information about Class Y Shares of the Tax-Advantaged Income Fund (the "Fund") for the period from September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at (610) 676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Tax-Advantaged Income Fund, Class Y Shares | $62 | 0.62%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.61%. |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $100,000 Investment
![Growth Chart](i0ebfb0a290a8940c9c26d529.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Tax-Advantaged Income Fund, Class Y Shares | Bloomberg US Municipal Bond Index (USD) | Bloomberg 60% Tax-Exempt High Yield/40% Municipal Investment Grade Custom Capped Custom Capped Custom Weighted Index Unhedged US |
| Aug/15 | $100000 | $100000 | $100000 |
| Aug/16 | $111401 | $106878 | $110744 |
| Aug/17 | $114326 | $107822 | $112642 |
| Aug/18 | $117814 | $108349 | $117022 |
| Aug/19 | $127444 | $117796 | $127990 |
| Aug/20 | $131585 | $121607 | $130505 |
| Aug/21 | $143694 | $125737 | $141711 |
| Aug/22 | $129614 | $114883 | $128265 |
| Aug/23 | $129843 | $116841 | $129561 |
| Aug/24 | $144187 | $123955 | $142294 |
| Aug/25 | $142551 | $124051 | $141062 |

---

## How did the Fund perform in the last year?
Class Y Shares of the Fund underperformed its benchmark, Bloomberg 60% Tax-Exempt High Yield/40% Municipal Investment Grade Custom Capped Custom Capped Custom Weighted Index Unhedged US and the Bloomberg U.S. Municipal Bond Index (USD), for the 12-month period ending August 31, 2025.

The reporting period began with the target range on the federal funds rate at 5.25%-5.50%. The Federal Reserve (Fed) then cut its benchmark interest rate by 50 basis points (0.50%) at its September 2024 meeting. The Fed subsequently reduced the rate by 25 basis points at both its November and December meetings, bringing the target range to 4.25%-4.50%, and thereafter maintained the rate for the first eight months of 2025. Evolving import tariff policy from the Trump administration contributed to significant volatility in risk assets in early April 2025, with subsequent trade deals settling the market's nerves and spreads across spread sectors tightening close to or through pre-April levels. Against this backdrop, performance in the municipal bond market was mixed during the reporting period. Short-term municipal yields followed the Fed and Treasury yields lower. Conversely, long-dated municipal bonds recorded negative returns as municipal yields moved higher. (Bond prices move inversely to yields.) The higher yields was driven in part by strong issuance, which reached record levels in 2024, and has been even higher thus far in 2025, as many municipalities have exhausted COVID 19-era stimulus funds.

The Fund's underperformance relative to its blended benchmark for the reporting period was attributable primarily to security selection within the project finance sector and an overweight allocation to the long end of the yield curve. An allocation to preferred securities, which are not represented in the Fund's benchmark, contributed positively to performance. Spectrum Asset Management, the Fund's preferred securities sub-adviser, was the largest contributor to Fund performance for the period. Allspring Global Investments performed in line with the Fund's benchmark for the period; security selection in revenue sectors was a positive contributor. Pacific Investment Management Company LLC underperformed the Fund's benchmark due to security selection within the project finance sector and an overweight allocation to longer-dated securities.

## Average Annual Total Returns as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| Tax-Advantaged Income Fund, Class Y Shares | -1.13% | 1.61% | 3.61% |
| Bloomberg US Municipal Bond Index (USD) | 0.08% | 0.40% | 2.18% |
| Bloomberg 60% Tax-Exempt High Yield/40% Municipal Investment Grade Custom Capped Custom Capped Custom Weighted Index Unhedged US | -0.87% | 1.57% | 3.50% |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $829947 | 439 | $3296 | 20% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i1b06ab93dbc6037bdc765a23.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash Equivalent | 0.1% |
| Board Bank Revenue | 0.4% |
| Pollution Control | 1.2% |
| Mortgage-Backed Securities | 1.5% |
| Transportation | 1.6% |
| Airports | 2.0% |
| U.S. Treasury Obligations | 2.2% |
| Power | 3.0% |
| General Obligations | 3.0% |
| Preferred Stock | 3.5% |
| Health Care | 3.6% |
| Water | 4.1% |
| Nursing Homes | 5.2% |
| Education | 6.4% |
| Tobacco | 6.5% |
| Industrial Development | 8.2% |
| Housing | 8.8% |
| General Revenue | 17.0% |
| Corporate Obligations | 21.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| Puerto Rico, Sub-Ser Senior | 0.000% | 11/01/51 | 1.5% |
| Texas State, Water Development Board, Ser A | 4.875% | 10/15/48 | 1.3% |
| Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A1 | 0.000% | 07/01/51 | 1.2% |
| Affordable Housing Opportunities Trust, Northwest One, Ser AH-07, Cl A | 3.167% | 10/01/38 | 1.1% |
| Puerto Rico, GDB Debt Recovery Authority | 7.500% | 08/20/40 | 1.0% |
| Australia & New Zealand Banking Group, USISDA05 + 5.168% | 6.750% | 12/15/73 | 0.8% |
| M-S-R, Energy Authority, Ser C | 6.500% | 11/01/39 | 0.8% |
| Rhode Island State, Tobacco Settlement Financing Authority, Ser B | 5.000% | 06/01/50 | 0.8% |
| West Virginia State, Tobacco Settlement, Finance Authority, Ser B | 0.000% | 06/01/47 | 0.8% |
| Toll Road Investors Partnership II, AGUK | 0.000% | 02/15/43 | 0.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material fund changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id14cf6384422919fa30897df.jpg)

* (610) 676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## Tax-Advantaged Income Fund

## SEI Tax Exempt Trust/Class Y Shares - STAYX

## Annual Shareholder Report: August 31, 2025

## STAYX-AR-2025
![Image](i95e44b4a6c712e45c7e14299.jpg)**

(b) Not applicable.

**Item 2.** **Code of Ethics.**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

**Item 3.** **Audit Committee Financial Expert.**

(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's Board of Trustees has determined that the Registrant has two audit committee financial experts serving on the audit committee.

(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The audit committee financial experts are Susan C. Cote and Christine Reynolds. Mses. Cote and Reynolds are independent as defined in Form N-CSR Item 3 (a)(2).

**Item 4.** **Principal Accountant Fees and Services.**

Fees billed by KPMG LLP ("KPMG") related to the Registrant.

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Fiscal Year 2025** | **Fiscal Year 2025** | **Fiscal Year 2025** | **Fiscal Year 2024** | **Fiscal Year 2024** | **Fiscal Year 2024** |
| | | All fees and services to the Registrant that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Registrant that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $184305 | $0 | $0 | $187035 | $0 | $0 |
| (b) | Audit-Related Fees | $0 | $0 | $0 | $0 | $0 | $0 |
| (c) | Tax Fees | $0 | $0 | $0 | $0 | $0 | $0 |
| (d) | All Other Fees<sup>(2)</sup> | $0 | $339683 | $0 | $0 | $359174 | $0 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit fees
 include amounts related to the audit of the Registrant's annual financial statements and services normally provided by the accountant
 in connection with statutory and regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;(2) See Item 4(g)
 for a description of the services comprising the fees disclosed in this category.

(e)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Service Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC's rules on auditor independence and whether the provision of such services would compromise the auditor's independence.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant's Chief Financial Officer ("CFO") and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor's annual engagement letter for the applicable year or otherwise.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.

The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees (or the manner of their determination) to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.

---

| | |
|:---|:---|
| (e)(2) | Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows: |

---

---

| | | |
|:---|:---|:---|
| | **Fiscal Year**<br>**2025** | **Fiscal Year** <br> **2024** |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not applicable.

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by KPMG for the fiscal years 2025 and 2024 were $339,683 and $359,174, respectively. Non-audit fees consist of SSAE No. 16 review of fund accounting and administration operations and an attestation report in accordance with Rule 17 Ad-13.

(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the past fiscal year, Registrant's principal accountant provided certain non-audit services to Registrant's investment adviser or to entities controlling, controlled by, or under common control with Registrant's investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of Registrant's Board of Trustees reviewed and considered these non-audit services provided by Registrant's principal accountant to Registrant's affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i) Not Applicable.

(j) Not Applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable.

**Item 6.** **Schedule of Investments.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Schedules of Investments are included as part of the Financial Statements and Financial Highlights filed under Item 7 of this form.

(b) No applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Financial statements and financial highlights filed herein.

![](fp0095886_01.jpg)

August 31, 2025

**ANNUAL FINANCIALS AND OTHER INFORMATION**

SEI Tax Exempt Trust

› Intermediate-Term Municipal Fund

› Short Duration Municipal Fund

› California Municipal Bond Fund

› Massachusetts Municipal Bond Fund

› New Jersey Municipal Bond Fund

› New York Municipal Bond Fund

› Pennsylvania Municipal Bond Fund

› Tax-Advantaged Income Fund

**seic.com**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Glossary | 72 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 73 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 75 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 77 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 80 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 84 |
| &nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm | 97 |
| Notice to Shareholders (Unaudited) | 98 |
| Other Information (Form N-CSR Items 8-11) (Unaudited) | 99 |

---

**SCHEDULE OF INVESTMENTS** 

August 31, 2025

**Intermediate-Term Municipal Fund**

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS — 98.7%** |  |  |
| **Alabama — 3.9%** |  |  |
| &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 | $1020 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2051 (A) | 5570 | 5642 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2055 (A) | 2500 | 2645 |
| &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 | 5008 |
| &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 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2055 (A) | 2600 | 2769 |
| &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 | 1056 |
| &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 | 2124 |
| &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 | 2653 |
| &nbsp;&nbsp;&nbsp;Jefferson County, Refunding Warrants, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2029 | 3400 | 3512 |
| &nbsp;&nbsp;&nbsp;Jefferson County, Sewer Revenue Refunding Warrants, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2040 | 2000 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2041 | 1000 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2043 | 1500 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 | 2500 | 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2038 | 5345 | 5600 |
| &nbsp;&nbsp;&nbsp;Lower Alabama, Gas District, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 4800 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 640 | 682 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Cooperative District, Ser A-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/2053 (A) | 500 | 544 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Cooperative District, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2055 (A) | 1550 | 1624 |
| &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 | 2756 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Cooperative District, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2055 (A) | 1500 | 1598 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Project No. 3, Ser A-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2053 (A) | 4920 | 5272 |
| &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 | 2122 |
|  |  | 59398 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **Alaska — 0.2%** |  |  |
| &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 | $785 |
| &nbsp;&nbsp;&nbsp;CIVICVentures, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | 1550 | 1667 |
| &nbsp;&nbsp;&nbsp;Northern Alaska, Tobacco Securitization, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2036 | 615 | 595 |
|  |  | 3047 |
| **Arizona — 2.7%** |  |  |
| &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 | 5952 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, American Charter Schools Foundation Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2037 (B) | 1560 | 1592 |
| &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 | 4397 |
| &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 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2041 | 925 | 932 |
| &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 | 109 |
| &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 | 606 |
| &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 | 2763 | 2685 |
| &nbsp;&nbsp;&nbsp;Chandler, Industrial Development Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049 (A) | 6800 | 6868 |
| &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 | 2310 |
| &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 | 1445 |
| &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 | 245 |

---

SEI Tax Exempt Trust 1

**SCHEDULE OF INVESTMENTS** 

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Phoenix, Industrial Development Authority, Downtown Phoenix Student Housing, ASU Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | $350 | $363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 115 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 355 | 362 |
| &nbsp;&nbsp;&nbsp;Phoenix, Industrial Development Authority, Mayo Clinic Project, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.700%, 11/15/2052 (A) | 8200 | 8200 |
| &nbsp;&nbsp;&nbsp;Salt Verde, Financial Corp, Gas Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 2500 | 2698 |
| &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 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2028 | 365 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2029 | 385 | 388 |
| &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 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2027 (B) | 695 | 646 |
|  |  | 41882 |
| **Arkansas — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Arkansas State, University of Central Arkansas, Auxiliary Project, Ser C, RB, AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 04/01/2026 | 345 | 351 |
| &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 | 351 |
|  |  | 702 |
| **California — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bay Area, Toll Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, 04/01/2056 (A) | 1115 | 1092 |
| &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 | 2136 |
| &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 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2055 (A) | 5640 | 6072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2055 (A) | 5000 | 5255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2055 (A) | 2000 | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2056 (A) | 2760 | 3000 |
| &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 | 7552 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $6729 |
| &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 | 5358 |
| &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 | 369 |
| &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 | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 1500 | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 3395 | 3484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2042 | 1500 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2046 | 2000 | 1497 |
| &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 | 2794 | 2635 |
| &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 | 2297 |
| &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 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2042 | 760 | 763 |
| &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 | 1024 |
| &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 | 1191 |
| &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 | 380 |
| &nbsp;&nbsp;&nbsp;California State, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 5015 | 5023 |
| &nbsp;&nbsp;&nbsp;Cathedral City, Redevelopment Agency, Successor Agency, TA, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2033 | 750 | 785 |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Ser A1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 (D) | 1450 | 1480 |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Ser A1, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 (E) | 4960 | 5335 |

---

2 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Sub-Ser B-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2066 (F) | $6375 | $592 |
| &nbsp;&nbsp;&nbsp;Inland Empire, Tobacco Securitization, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2057 (B)(F) | 68900 | 3987 |
| &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 | 574 |
| &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 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2046 | 500 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2039 | 750 | 795 |
| &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 | 4581 |
| &nbsp;&nbsp;&nbsp;Riverside County, Transportation Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2038 | 1000 | 968 |
| &nbsp;&nbsp;&nbsp;San Bernardino, Community College District, Ser F, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2046 (F) | 430 | 145 |
| &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 | 2736 |
| &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 | 434 |
| &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 | 2558 |
| &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 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 1815 | 1854 |
|  |  | 97695 |
| **Colorado — 2.3%** |  |  |
| &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 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 | 420 | 461 |
| &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 | 1347 |
| &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 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $975 |
| &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 | 463 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, AdventHealth, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/19/2026 (A)(E) | 235 | 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 | 1223 |
| &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 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2044 | 2550 | 2205 |
| &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 | 185 |
| &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;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 | 1296 |
| &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 | 1024 |
| &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 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2033 | 1030 | 1159 |
| &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 | 2093 |
| &nbsp;&nbsp;&nbsp;Denver, Convention Center Hotel Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 | 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 | 855 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 1200 | 1214 |
| &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 | 1023 |
| &nbsp;&nbsp;&nbsp;Regional Transportation District, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 | 1400 | 1582 |

---

SEI Tax Exempt Trust 3

**SCHEDULE OF INVESTMENTS** 

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Regional Transportation District, Eagle P3 Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029 | $600 | $633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2031 | 1200 | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2032 | 1020 | 1083 |
| &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 | 5738 |
| &nbsp;&nbsp;&nbsp;University of Colorado, Enterprise Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2051 (A) | 270 | 270 |
| &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 | 2074 |
|  |  | 36125 |
| **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 | 1246 |
| &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 | 1343 |
| &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 | 131 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2036 | 1105 | 1116 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 | 2460 | 2510 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Ser E, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2029 | 4000 | 4293 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Ser F, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2038 | 4460 | 4836 |
| &nbsp;&nbsp;&nbsp;Connecticut State, Ser G, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2041 | 1500 | 1588 |
| &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 | 1313 |
| &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 | 5069 |
|  |  | 23445 |
| **District of Columbia — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;District of Columbia, Georgetown University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2060 (A) | 3000 | 3259 |
| &nbsp;&nbsp;&nbsp;District of Columbia, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041 | 4000 | 4153 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;District of Columbia, Tobacco Settlement Financing, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2046 (F) | $3125 | $682 |
| &nbsp;&nbsp;&nbsp;Metropolitan Washington, Airports Authority, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2035 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;Metropolitan Washington, Transit Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2039 | 3000 | 2935 |
| &nbsp;&nbsp;&nbsp;Metropolitan Washington, Transit Authority, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2040 | 3250 | 3420 |
|  |  | 15449 |
| **Florida — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alachua County, Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037 (A) | 4000 | 4055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/01/2030 | 245 | 246 |
| &nbsp;&nbsp;&nbsp;Broward County, Airport System Revenue, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 | 1300 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 2000 | 2030 |
| &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 | 378 |
| &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 | 1618 |
| &nbsp;&nbsp;&nbsp;Escambia County, Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2045 | 640 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2050 | 1900 | 1518 |
| &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 | 2873 |
| &nbsp;&nbsp;&nbsp;Florida State, Development Finance, Brightline Florida Passenger Rail Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.000%, 07/15/2032 (A)(B) | 3465 | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 07/01/2057 (A)(B) | 1695 | 1441 |
| &nbsp;&nbsp;&nbsp;Florida State, Development Finance, Brightline Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2053 | 2075 | 1711 |
| &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 | 3443 |
| &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 |

---

4 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $2980 |
| &nbsp;&nbsp;&nbsp;Greater Orlando, Aviation Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 1000 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 100 | 107 |
| &nbsp;&nbsp;&nbsp;Hillsborough County, Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2029 | 3525 | 3868 |
| &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 | 5220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 3000 | 3188 |
| &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 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2045 | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;Lee County, Airport Revenue, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2049 | 2750 | 2770 |
| &nbsp;&nbsp;&nbsp;Lee County, Industrial Development Authority, Shell Point, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2029 | 120 | 121 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Aviation Revenue, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 | 5000 | 5445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 920 | 976 |
| &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 | 3552 |
| &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 | 450 |
| &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 | 1803 |
| &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 | 2632 |
| &nbsp;&nbsp;&nbsp;Orange County, Convention Center, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 | 755 | 756 |
| &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 | 3335 |
| &nbsp;&nbsp;&nbsp;Osceola County, Transportation Revenue, Ser A-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2025 (F) | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2026 (F) | 275 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2027 (F) | 360 | 334 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $5918 |
| &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 | 3450 |
| &nbsp;&nbsp;&nbsp;South Miami, Health Facilities Authority, Baptist Health South Florida, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2031 | 3000 | 3108 |
| &nbsp;&nbsp;&nbsp;St. Johns County, Industrial Development Authority, Vicars Landing Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2046 | 305 | 226 |
| &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 | 1660 |
| &nbsp;&nbsp;&nbsp;Tampa, Cigarette Tax Allocation, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2036 (F) | 305 | 188 |
| &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 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.800%, 05/01/2026 | 120 | 119 |
| &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 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/01/2032 | 190 | 197 |
| &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 | 591 |
|  |  | 87828 |
| **Georgia — 2.6%** |  |  |
| &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 | 1594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 1000 | 1054 |
| &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 | 8906 |
| &nbsp;&nbsp;&nbsp;Bartow County, Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 12/01/2032 (A) | 930 | 952 |
| &nbsp;&nbsp;&nbsp;Cobb-Marietta Coliseum & Exhibit Hall Authority, Cobb Galleria Centre Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2040 | 670 | 713 |
| &nbsp;&nbsp;&nbsp;Fulton County, Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2033 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;Gainesville & Hall County, Hospital Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2051 | 1200 | 800 |

---

SEI Tax Exempt Trust 5

**SCHEDULE OF INVESTMENTS** 

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2054 | 1000 | 800 |
| &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 | 214 |
| &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 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2055 (A) | 665 | 710 |
| &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 | 2044 |
| &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 | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2054 (A) | 675 | 724 |
| &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 | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2054 (A) | 1000 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2050 (A) | 6640 | 6678 |
| &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 | 96 |
| &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 | 1311 |
| &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 | 1558 |
| &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 | 3231 |
| &nbsp;&nbsp;&nbsp;Monroe County, Development Authority, Georgie Power Company Project, Plant Scherer, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/01/2048 (A) | 260 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 07/01/2049 (A) | 730 | 711 |
|  |  | 39671 |
| **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 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 | 2205 | 2404 |
| &nbsp;&nbsp;&nbsp;Guam, Ser G, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 | 200 | 212 |
|  |  | 4811 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **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 | $3112 |
| &nbsp;&nbsp;&nbsp;Honolulu, City & County, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041 | 250 | 265 |
|  |  | 3377 |
| **Idaho — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Idaho State, Housing & Finance Association, Single Family Mortgage, Ser C, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 01/01/2053 | 2280 | 2489 |
| **Illinois — 8.7%** |  |  |
| &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 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/01/2036 | 645 | 682 |
| &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 | 448 |
| &nbsp;&nbsp;&nbsp;Chicago, Board of Education, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 1435 | 1468 |
| &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 | 546 |
| &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 | 2010 |
| &nbsp;&nbsp;&nbsp;Chicago, O'Hare International Airport, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 1040 | 1087 |
| &nbsp;&nbsp;&nbsp;Chicago, O'Hare International Airport, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2038 | 1890 | 2012 |
| &nbsp;&nbsp;&nbsp;Chicago, O'Hare International Airport, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035 | 1515 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 | 1130 | 1207 |
| &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 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 | 1500 | 1505 |
| &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 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035 | 3500 | 3513 |

---

6 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Chicago, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2035 | $3020 | $3112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2045 | 2750 | 2667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2044 | 2000 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2036 | 5550 | 5139 |
| &nbsp;&nbsp;&nbsp;Chicago, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 (D) | 1130 | 1139 |
| &nbsp;&nbsp;&nbsp;Chicago, Transit Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2046 | 1500 | 1467 |
| &nbsp;&nbsp;&nbsp;Chicago, Wastewater Transmission Revenue, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2041 | 305 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2042 | 1750 | 1801 |
| &nbsp;&nbsp;&nbsp;Chicago, Waterworks Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 1820 | 1869 |
| &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 | 5107 |
| &nbsp;&nbsp;&nbsp;Chicago, Waterworks Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2039 | 2750 | 2883 |
| &nbsp;&nbsp;&nbsp;Chicago, Waterworks Revenue, Ser B, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037 | 470 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2038 | 1150 | 1202 |
| &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 | 820 |
| &nbsp;&nbsp;&nbsp;Cook County, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2033 | 450 | 485 |
| &nbsp;&nbsp;&nbsp;Cook County, Tax Revenue Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035 | 4000 | 4103 |
| &nbsp;&nbsp;&nbsp;Cook County, Tax Revenue Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2031 | 60 | 66 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Chicago International Charter School Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037 | 1500 | 1502 |
| &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 | 1980 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2041 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2027 (E) | 2140 | 2187 |
| &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 | 1596 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2029 | 400 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2031 | 365 | 370 |
| &nbsp;&nbsp;&nbsp;Illinois State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2030 | 3750 | 4051 |
| &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 | 275 | 275 |
| &nbsp;&nbsp;&nbsp;Illinois State, Housing Development Authority, Ser D, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2053 | 1235 | 1335 |
| &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 | 2610 | 2747 |
| &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 | 350 | 376 |
| &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 | 805 | 893 |
| &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 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 10/01/2038 | 1100 | 1123 |
| &nbsp;&nbsp;&nbsp;Illinois State, Municipal Electric Agency, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2035 | 1000 | 1000 |
| &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 | 2737 |
| &nbsp;&nbsp;&nbsp;Illinois State, Regional Transportation Authority, RB, NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/01/2030 | 1500 | 1665 |
| &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 | 695 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 | 2500 | 2650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2031 | 2000 | 2204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2035 | 4020 | 3939 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2042 | 2850 | 2866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2037 | 215 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2048 | 4265 | 3465 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser D, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 | 1585 | 1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 | 1000 | 1052 |

---

SEI Tax Exempt Trust 7

**SCHEDULE OF INVESTMENTS** 

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Illinois State, Sports Facilities Authority, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2029 | $1500 | $1608 |
| &nbsp;&nbsp;&nbsp;Illinois State, Toll Highway Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2045 | 3660 | 3797 |
| &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 | 1090 |
| &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2031 | 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2032 | 255 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2033 | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2034 | 400 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2042 | 1895 | 1687 |
| &nbsp;&nbsp;&nbsp;Railsplitter, Tobacco Settlement Authority, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 (E) | 2500 | 2548 |
| &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 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 | 650 | 723 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 | 2500 | 2733 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 360 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 | 380 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 | 4465 | 4947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 4500 | 4749 |
| &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 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 | 635 | 663 |
|  |  | 134389 |
| **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 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2032 | 800 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2032 | 500 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2033 | 500 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2033 | 555 | 623 |
| &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 | 203 |
| &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 | 2775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2036 | 1485 | 1500 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $2872 |
| &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 | 175 | 174 |
| &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 | 1470 |
| &nbsp;&nbsp;&nbsp;Richmond, Hospital Authority, Reid Hospital Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035 | 3400 | 3400 |
| &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 | 2798 |
| &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 | 1034 |
|  |  | 19412 |
| **Iowa — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Iowa Fertilizer Company Project, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 (E) | 2515 | 2853 |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Ser A, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2053 | 870 | 916 |
| &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 | 1207 |
| &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 | 492 |
| &nbsp;&nbsp;&nbsp;PEFA, Gas Project Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2049 (A) | 1000 | 1017 |
|  |  | 6485 |
| **Kentucky — 0.5%** |  |  |
| &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 | 532 |
| &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 | 2423 |
| &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 | 2931 |

---

8 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $1200 |
|  |  | 7086 |
| **Louisiana — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Louisiana State, Gasoline & Fuels Tax Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.573%, 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 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2032 | 165 | 185 |
| &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 | 393 |
| &nbsp;&nbsp;&nbsp;New Orleans, Aviation Board, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 | 2250 | 2428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 1695 | 1800 |
| &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 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 1550 | 1592 |
| &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 | 993 |
| &nbsp;&nbsp;&nbsp;St. John the Baptist Parish, Marathon Oil Project, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 06/01/2037 (A) | 590 | 587 |
|  |  | 10122 |
| **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 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2037 | 265 | 264 |
|  |  | 461 |
| **Maryland — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Maryland State, Community Development Administration, RB, FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2039 | 1935 | 1847 |
| &nbsp;&nbsp;&nbsp;Maryland State, Community Development Administration, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2050 | 255 | 256 |
| &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 | 1088 |
| &nbsp;&nbsp;&nbsp;Maryland State, Department of Transportation, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2032 | 1500 | 1522 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Maryland State, Economic Development, Core Nayural Resources Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2048 (A)(B) | $1500 | $1510 |
| &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 | 2033 |
| &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 | 5166 |
| &nbsp;&nbsp;&nbsp;Maryland State, Stadium Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2036 | 2670 | 2944 |
| &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 | 3496 |
| &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 | 2008 |
| &nbsp;&nbsp;&nbsp;Prince George's County, Ser A, GO 5.000%, 08/01/2042 | 2000 | 2101 |
|  |  | 23971 |
| **Massachusetts — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Beth Israel Lahey Health, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2044 | 9000 | 9264 |
| &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 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | 145 | 149 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Lasell Village, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 435 | 463 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Partners Health Care System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.230%, 07/01/2049 (A)(B) | 550 | 550 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Suffolk University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 150 | 150 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Tufts University Housing Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/01/2044 | 530 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2035 | 285 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2036 | 455 | 496 |
| &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 | 3006 |

---

SEI Tax Exempt Trust 9

**SCHEDULE OF INVESTMENTS**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Educational Financing Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | $1125 | $1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 1500 | 1605 |
| &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 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 1750 | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 1925 | 2034 |
| &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 | 1425 |
| &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 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser D, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2034 | 6500 | 6628 |
|  |  | 34926 |
| **Michigan — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Detroit, Downtown Development Authority, Catalyst Development Project, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2040 | 2000 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2048 | 735 | 742 |
| &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 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2037 | 215 | 229 |
| &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 | 1281 |
| &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 | 1881 |
| &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 | 467 |
| &nbsp;&nbsp;&nbsp;Great Lakes, Water Authority, Water Supply System, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 3500 | 3943 |
| &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 | 3987 |
| &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 | 2066 |
| &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 | 234 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/28/2041 | $450 | $468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/28/2042 | 2200 | 2272 |
| &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 | 540 |
| &nbsp;&nbsp;&nbsp;Michigan State, Housing Development Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/01/2054 | 1890 | 2036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/01/2050 | 105 | 106 |
| &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 | 649 |
| &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 | 3625 |
| &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 | 341 |
| &nbsp;&nbsp;&nbsp;Wayne County, Airport Authority, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 | 1800 | 1805 |
|  |  | 31050 |
| **Minnesota — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple Valley, Senior Living Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2029 | 1320 | 1321 |
| &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 | 275 |
| &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 | 2344 |
| &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 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 | 300 | 309 |
| &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 | 878 |
| &nbsp;&nbsp;&nbsp;Minneapolis & St. Paul, Metropolitan Airports Commission, Sub-Ser, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2049 | 2700 | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 3355 | 3573 |
| &nbsp;&nbsp;&nbsp;Minneapolis, Fairview Health Services, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035 | 2845 | 2907 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Agricultural & Economic Development Board, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 | 1530 | 1651 |
| &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 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2041 | 1000 | 788 |

---

10 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | 3031 |
|  |  | 22008 |
| **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 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 265 | 293 |
| &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 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2030 | 850 | 898 |
| &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 | 1002 |
|  |  | 2675 |
| **Missouri — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Missouri State, Health & Educational Facilities Authority, SSM Health Care Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 | 720 | 796 |
| &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 | 479 |
| &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 | 2072 |
|  |  | 3347 |
| **Montana — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Montana State, Facility Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2065 (A) | 400 | 430 |
| **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 | 5140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2042 | 730 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2054 (A) | 1020 | 1080 |
| &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 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 09/01/2038 | 550 | 565 |
| &nbsp;&nbsp;&nbsp;Omaha, Airport Authority, AMT, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2032 | 1335 | 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2033 | 2050 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2034 | 1000 | 1084 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Omaha, Public Power District, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2041 | $1700 | $1756 |
| &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 | 700 |
|  |  | 15861 |
| **Nevada — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Clark County, School District, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2039 | 2115 | 2217 |
| &nbsp;&nbsp;&nbsp;Las Vegas, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2038 | 2000 | 2168 |
| &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 |
| &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 | 419 |
|  |  | 5412 |
| **New Hampshire — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;New Hampshire State, National Finance Authority, Springpoints Senior Living Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2029 | 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2030 | 285 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2031 | 290 | 290 |
|  |  | 879 |
| **New Jersey — 4.1%** |  |  |
| &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 | 1066 |
| &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 | 3272 |
| &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 | 1033 |
| &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 | 2000 |
| &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 | 890 |
| &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 | 2260 |

---

SEI Tax Exempt Trust 11

**SCHEDULE OF INVESTMENTS**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **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%, 07/01/2036 | $2250 | $2286 |
| &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 | 2755 |
| &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 | 1499 |
| &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 | 1521 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Institute of Technology, Ser A, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2041 | 2000 | 2131 |
| &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 | 10230 |
| &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 | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2029 | 3500 | 3563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2030 | 3280 | 3335 |
| &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 | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2038 | 1000 | 1054 |
| &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 | 3229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2032 | 2305 | 2586 |
| &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 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2038 | 1250 | 1321 |
| &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 | 3180 |
| &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 | 793 |
| &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 | 1325 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;South Jersey Port, Marine Terminal, Sub-Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2032 | $900 | $930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 | 425 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 | 570 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 570 | 579 |
| &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 | 1418 |
|  |  | 63242 |
| **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 | 4906 |
| &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 | 610 |
|  |  | 5516 |
| **New York — 8.8%** |  |  |
| &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 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 525 | 564 |
| &nbsp;&nbsp;&nbsp;Long Island, Power Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2037 | 1980 | 1983 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/2043 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2033 | 3000 | 3370 |
| &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 | 526 |
| &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 | 4215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2033 | 2005 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2032 | 1500 | 1513 |
| &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 | 2381 |
| &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 | 1387 |
| &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 |

---

12 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | $5000 | $5162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2036 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2039 | 605 | 616 |
| &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 | 2182 |
| &nbsp;&nbsp;&nbsp;New York City, Energy Finance Development, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2056 (A) | 5000 | 5252 |
| &nbsp;&nbsp;&nbsp;New York City, Health & Hospitals, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2039 | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;New York City, Housing Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2031 | 500 | 517 |
| &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 | 1037 |
| &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 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2034 | 740 | 693 |
| &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 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030 | 100 | 109 |
| &nbsp;&nbsp;&nbsp;New York City, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035 | 1000 | 1113 |
| &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 | 3939 |
| &nbsp;&nbsp;&nbsp;New York City, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2036 | 2750 | 2739 |
| &nbsp;&nbsp;&nbsp;New York City, Ser F-1, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2038 | 1500 | 1466 |
| &nbsp;&nbsp;&nbsp;New York City, Sub-Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2041 | 6240 | 6560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 | 280 | 309 |
| &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 | 1056 |
| &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 | 1745 |
| &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 | 1199 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2038 | $1040 | $1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2041 | 1000 | 1048 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Sub-Ser A-, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2042 | 410 | 429 |
| &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 | 2095 |
| &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 | 3142 |
| &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 | 1483 |
| &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 | 560 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Prefunded School Districts, RB, AGM 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 | 4747 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, RB 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 | 1056 |
| &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 | 2504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2033 | 2500 | 2504 |
| &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 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2041 | 1000 | 1045 |
| &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 | 1204 |
| &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 | 425 |
| &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 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 11/15/2028 | 1355 | 1242 |

---

SEI Tax Exempt Trust 13

**SCHEDULE OF INVESTMENTS**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New York State, Thruway Authority, Ser A-1-GROUP, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2036 | $2895 | $2886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/15/2049 | 5000 | 3535 |
| &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 | 4053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2040 | 2625 | 2606 |
| &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 | 4558 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/2040 | 730 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/2039 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/2041 | 850 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 06/30/2060 | 1250 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/2043 | 2500 | 2492 |
| &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 | 4170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037 | 3000 | 3089 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/2043 | 1850 | 1986 |
| &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 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/2039 | 250 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/30/2042 | 4000 | 3717 |
| &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 | 1853 |
| &nbsp;&nbsp;&nbsp;Suffolk Regional Off-Track Betting, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/01/2044 | 1750 | 1750 |
| &nbsp;&nbsp;&nbsp;Triborough, Bridge & Tunnel Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2054 | 2500 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/15/2036 (F) | 905 | 576 |
| &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 | 753 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Westchester, Tobacco Asset Securitization, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031 | $2000 | $2052 |
|  |  | 135335 |
| **North Carolina — 1.2%** |  |  |
| &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 | 2351 |
| &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 | 5533 |
| &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 | 484 |
| &nbsp;&nbsp;&nbsp;Nash Health Care Systems, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2032 | 2625 | 2869 |
| &nbsp;&nbsp;&nbsp;North Carolina State, Housing Finance Agency, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/01/2052 | 1225 | 1238 |
| &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 | 544 |
| &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 | 1350 |
| &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 | 288 |
| &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 | 712 |
| &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 | 607 |
| &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 | 1051 |
|  |  | 19042 |

---

14 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **North Dakota — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;North Dakota State, Housing Finance Agency, Home Mortgage Finance Program, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2043 | $760 | $736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 07/01/2033 | 380 | 378 |
| &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 | 1107 |
|  |  | 2221 |
| **Ohio — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 | 4325 | 4565 |
| &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 | 1494 |
| &nbsp;&nbsp;&nbsp;Cuyahoga County, Hospital Revenue, Metrohealth System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2037 | 3000 | 2992 |
| &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 | 1614 |
| &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 | 1008 |
| &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 | 2201 |
| &nbsp;&nbsp;&nbsp;Ohio State, Hospital Facility Authority, Cleveland Clinic Health Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 01/01/2052 (A) | 480 | 478 |
| &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 | 5889 |
| &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 | 4226 |
| &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 | 7289 |
| &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 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Warren County, Healthcare Facilities, Otterbein Homes Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | $1015 | $1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 | 775 | 807 |
|  |  | 35871 |
| **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 | 1036 |
| &nbsp;&nbsp;&nbsp;Grand River, Dam Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2041 | 405 | 425 |
| &nbsp;&nbsp;&nbsp;Oklahoma State, Turnpike Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2039 | 410 | 445 |
|  |  | 1906 |
| **Oregon — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Lincoln County, School District, GO, SCH BD GTY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2035 (G) | 240 | 254 |
| &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 | 2463 |
| &nbsp;&nbsp;&nbsp;Oregon State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2040 | 1970 | 2090 |
| &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 | 1315 |
|  |  | 8639 |
| **Pennsylvania — 9.0%** |  |  |
| &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 | 5259 |
| &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 | 1785 |
| &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 | 2009 |
| &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 | 1498 |
| &nbsp;&nbsp;&nbsp;Delaware River Port Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2040 | 1000 | 1074 |
| &nbsp;&nbsp;&nbsp;Doylestown, Hospital Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 (B) | 835 | 885 |

---

SEI Tax Exempt Trust 15

**SCHEDULE OF INVESTMENTS**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Lancaster County, Hospital Authority, Penn State Health, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2046 | $2000 | $1967 |
| &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 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 | 750 | 840 |
| &nbsp;&nbsp;&nbsp;Luzerne County, Industrial Development Authority, America Water Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 12/01/2039 (A) | 2500 | 2303 |
| &nbsp;&nbsp;&nbsp;Montgomery County, Higher Education & Health Authority, Thomas Jefferson University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 | 2815 | 2931 |
| &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 | 1736 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Commonwealth Financing Authority, Tobacco Master Settlement, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 | 2500 | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 | 2150 | 2256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 | 3500 | 3654 |
| &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 | 8772 |
| &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 | 543 |
| &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 | 2489 |
| &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 | 6422 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2033 | 12395 | 14067 |
| &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 | 1535 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2039 | 3000 | 3210 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 10/01/2041 | 1030 | 1047 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, Ser 142-A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2053 | $1035 | $1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 10/01/2043 | 4650 | 4598 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, Ser 150A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2037 | 1150 | 1211 |
| &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 | 3126 |
| &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 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Airport Revenue, AMT, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2040 | 500 | 457 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Airport Revenue, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Gas Works, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2036 | 2170 | 2386 |
| &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 | 739 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Housing Authority, PHADC Acquisition Program, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2038 | 1500 | 1598 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2040 | 5655 | 5956 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, University Square Apartments Project, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 (E) | 4445 | 4575 |
| &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 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2034 | 1410 | 1522 |
| &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 | 2500 | 2517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2038 | 3000 | 2927 |
| &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 | 3459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 7975 | 8122 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2032 | 2405 | 2660 |
| &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 | 4765 |

---

16 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $4941 |
| &nbsp;&nbsp;&nbsp;Southeastern Pennsylvania, Transportation Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/01/2039 | 2250 | 2400 |
|  |  | 137991 |
| **Puerto Rico — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Electric Power Authority, Ser CCC, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2027 (C)(H) | 2990 | 1977 |
| &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 | 661 |
| &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 | 2007 |
| &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 | 1944 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, GDB Debt Recovery Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 08/20/2040 | 1154 | 1113 |
| &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 | 2215 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2058 | 1000 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2046 (F) | 18823 | 5913 |
| &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 | 8212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2029 (F) | 1500 | 1316 |
| &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 | 5320 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Ser A1, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 07/01/2027 | 3400 | 3516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2046 | 3600 | 2971 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sub-Ser CW, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/01/2043 (A)(G) | 9644 | 6052 |
|  |  | 44132 |
| **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 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2039 | 1000 | 1059 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Rhode Island State, Health & Educational Building, Central Falls Public School Projects, RB, ST APPROP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2041 | $5420 | $5011 |
| &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 | 348 |
| &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 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2035 | 500 | 550 |
| &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 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2039 | 550 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2044 | 600 | 589 |
| &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 | 1786 |
| &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 | 568 |
|  |  | 12911 |
| **South Carolina — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Patriots Energy Group, Financing Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/01/2054 (A) | 600 | 649 |
| &nbsp;&nbsp;&nbsp;Piedmont, Municipal Power Agency, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2033 | 5125 | 5201 |
| &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 | 1515 | 1650 |
| &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 | 335 | 338 |
| &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 | 904 |
| &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 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037 | 655 | 701 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Port Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 1500 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2035 | 1160 | 1147 |

---

SEI Tax Exempt Trust 17

**SCHEDULE OF INVESTMENTS**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;South Carolina State, Public Service Authority, Santee Cooper, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2036 | $2750 | $2919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2038 | 175 | 168 |
| &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 | 2663 |
| &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 | 2674 |
| &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 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2034 | 2000 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2036 | 2250 | 2217 |
|  |  | 27064 |
| **South Dakota — 0.2%** |  |  |
| &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 | 1009 |
| &nbsp;&nbsp;&nbsp;South Dakota State, Health & Educational Facilities Authority, Sanford Obligated Group, Ser C-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2052 (A) | 740 | 798 |
| &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 | 273 |
| &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 | 475 |
|  |  | 2555 |
| **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 | 318 |
| &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 | 2208 |
| &nbsp;&nbsp;&nbsp;Nashville & Davidson County, Metropolitan Government, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2033 | 3000 | 3047 |
| &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 | 743 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $1328 |
| &nbsp;&nbsp;&nbsp;Tennergy, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2051 (A) | 2500 | 2539 |
| &nbsp;&nbsp;&nbsp;Tennessee State, Housing Development Agency, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2045 | 25 | 25 |
|  |  | 10208 |
| **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 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2040 | 695 | 725 |
| &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 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2041 | 1100 | 1152 |
| &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 | 904 |
| &nbsp;&nbsp;&nbsp;Austin-Bergstrom, Landhost Enterprises, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 | 465 | 474 |
| &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 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 02/01/2053 (A) | 915 | 918 |
| &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 | 2105 |
| &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 | 768 |
| &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 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2038 | 1360 | 1453 |
| &nbsp;&nbsp;&nbsp;Central Texas, Turnpike System, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 | 5000 | 5377 |
| &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 | 973 |
| &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 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2032 | 1000 | 1026 |
| &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 | 2550 |

---

18 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $1615 |
| &nbsp;&nbsp;&nbsp;Dallas City, Hotel Occupancy Tax Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2034 | 500 | 496 |
| &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 | 425 |
| &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 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2031 | 1250 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2032 | 2500 | 2534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2033 | 1175 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2034 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035 | 1000 | 1008 |
| &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 | 3280 |
| &nbsp;&nbsp;&nbsp;Dayton, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2040 | 2400 | 2286 |
| &nbsp;&nbsp;&nbsp;Denton, Utility System Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 7500 | 7674 |
| &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 | 1114 |
| &nbsp;&nbsp;&nbsp;El Paso County, Hospital District, GO, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2035 | 865 | 959 |
| &nbsp;&nbsp;&nbsp;El Paso, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2034 | 2050 | 2082 |
| &nbsp;&nbsp;&nbsp;Garland, Electric Utility System Revenue, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2031 | 250 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2032 | 520 | 582 |
| &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 | 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2042 | 2500 | 2573 |
| &nbsp;&nbsp;&nbsp;Georgetown, Utility System Revenue, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 | 1705 | 1810 |
| &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 | 2012 |
| &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 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2033 | 370 | 409 |
| &nbsp;&nbsp;&nbsp;Harris County, Industrial Development, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 11/01/2050 (A) | 390 | 392 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 300 | 320 |
| &nbsp;&nbsp;&nbsp;Houston, Airport System Revenue, Sub-Ser C, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 1500 | 1553 |
| &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 | 1693 |
| &nbsp;&nbsp;&nbsp;Lamar, Consolidated Independent School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2039 | 2000 | 2117 |
| &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 | 3310 |
| &nbsp;&nbsp;&nbsp;Melissa, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2037 | 945 | 1029 |
| &nbsp;&nbsp;&nbsp;Midland, Independent School District, RB, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2038 | 5000 | 5347 |
| &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 | 1712 |
| &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 | 640 |
| &nbsp;&nbsp;&nbsp;North Texas, Tollway Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 | 4000 | 4325 |
| &nbsp;&nbsp;&nbsp;Northwest, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2043 | 7000 | 6409 |
| &nbsp;&nbsp;&nbsp;Pasadena, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2039 | 1245 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2040 | 225 | 237 |
| &nbsp;&nbsp;&nbsp;Port Arthur, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2034 | 1000 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2035 | 730 | 817 |
| &nbsp;&nbsp;&nbsp;Princeton, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2039 | 650 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2040 | 775 | 815 |
| &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 | 1114 |
| &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 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2034 | 1700 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2039 | 195 | 207 |

---

SEI Tax Exempt Trust 19

**SCHEDULE OF INVESTMENTS**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $2059 |
| &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 | 1051 |
| &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 | 732 |
| &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 | 491 |
| &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 | 1517 |
| &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 | 2163 |
| &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 | 4193 |
| &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 | 2777 |
| &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 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2032 | 715 | 762 |
| &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 | 7655 |
| &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 | 6915 |
| &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 | 3863 |
| &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 | 2186 |
| &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 | 1135 |
| &nbsp;&nbsp;&nbsp;Uptown Development Authority, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2033 | 400 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 | 275 | 258 |
|  |  | 142695 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **Utah — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Downtown Revitalization Public Infrastructure District, Seg Redevelopment Project, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037 | $750 | $827 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 5370 | 5720 |
| &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 | 458 |
| &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 | 5070 |
|  |  | 12075 |
| **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 | 3051 |
| **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 | 958 |
| &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 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 375 | 399 |
| &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 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2047 | 1225 | 1213 |
| &nbsp;&nbsp;&nbsp;James City County, Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2027 | 100 | 100 |
| &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 | 1105 |
| &nbsp;&nbsp;&nbsp;Virginia Beach, Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 09/01/2029 | 465 | 470 |
| &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 | 2125 |
| &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 | 5424 |

---

20 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/2042 | 2000 | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2047 | 440 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2030 | 1140 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2031 | 365 | 372 |
| &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 | 3056 |
| &nbsp;&nbsp;&nbsp;Virginia State, Tobacco Settlement Financing, Sub-Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2047 (F) | 34300 | 8165 |
|  |  | 29555 |
| **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 | 5221 |
| &nbsp;&nbsp;&nbsp;King County, Housing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/01/2045 | 90 | 91 |
| &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 | 7936 |
| &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 | 1905 |
| &nbsp;&nbsp;&nbsp;Port of Seattle, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2040 | 2000 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2041 | 1405 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2042 | 5000 | 5197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2041 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;Washington State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2036 | 4500 | 4553 |
| &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 | 1770 |
| &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 | 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 | 1000 | 1038 |
| &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 | 2039 |
| &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 | 935 | 882 |
| &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 | 756 |

---

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Washington State, Ser 2017-A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2038 | $2725 | $2752 |
| &nbsp;&nbsp;&nbsp;Washington State, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035 | 1665 | 1807 |
| &nbsp;&nbsp;&nbsp;Washington State, Ser R-2025B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 250 | 285 |
|  |  | 42575 |
| **West Virginia — 0.1%** |  |  |
| &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 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2035 | 1005 | 1047 |
|  |  | 2093 |
| **Wisconsin — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Milwaukee, Ser B4, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036 | 2965 | 3195 |
| &nbsp;&nbsp;&nbsp;Sheboygan Area, School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/01/2041 | 2400 | 1961 |
| &nbsp;&nbsp;&nbsp;University of Wisconsin, Hospitals & Clinics, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2039 | 295 | 282 |
| &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 | 639 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Center District, Ser C, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2029 (F) | 370 | 326 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Advocate Aurora Health Credit Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2054 (A) | 2000 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.810%, 08/15/2054 (A) | 1125 | 1117 |
| &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 | 1890 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Hospital Sisters Credit Group, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2030 | 2500 | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2040 | 3000 | 3123 |
| &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 |

---

SEI Tax Exempt Trust 21

**SCHEDULE OF INVESTMENTS**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Face Amount | Market Value |
| Description | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030 | 1035 | 1070 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Three Pillars Senior Living Communities, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2041 | 705 | 594 |
| &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 | 218 |
| &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 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2032 | 950 | 1083 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, American Dream @ Meadowlands Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 12/01/2050 (B) | 500 | 400 |
| &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 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2028 | 225 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2029 | 225 | 230 |
| &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 | 10625 |
| &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 | 436 |
| &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 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2062 | 1845 | 1698 |
| &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 | 430 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, KU Campus Development Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2034 | 3000 | 3017 |
| &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 | 942 |
| &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 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2040 | 350 | 356 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Face Amount | Face Amount | Market Value |
| Description | (Thousands) | (Thousands) | ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |  |
| &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 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2027 |  | 125 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2028 |  | 250 | 253 |
|  |  |  | 47171 |
| **Wyoming — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Wyoming State, Community Development Authority, Ser 1, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2054 |  | 205 | 224 |
| Total Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,565,008) ($ Thousands) |  |  | 1520505 |
| Total Investments in Securities — 98.7% | Total Investments in Securities — 98.7% | Total Investments in Securities — 98.7% |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,565,008) ($ Thousands) |  |  | $1520505 |

---

22 SEI Tax Exempt Trust

Percentages are based on Net Assets of $1,540,175 ($ Thousands).

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

&nbsp;&nbsp;&nbsp;&nbsp;(B) Security, or a portion thereof, exempt from registration under
 Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified
 institutions. On August 31, 2025, the value of these securities amounted to $41,622 ($ Thousands), representing 2.7% of the Net Assets
 of the Fund.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(H) Security is valued using significant unobservable inputs and
 is classified as Level 3 in the fair value hierarchy.

The following is a summary of the level of inputs used as of August 31, 2025, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments in Securities** | **Level 1**<br>**($)** | **Level 2**<br>**($)** | **Level 3<sup>(1)</sup>**<br>**($)** | **Total**<br>**($)** |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 1515860 | 4645 | 1520505 |
| Total Investments in Securities |  | 1515860 | 4645 | 1520505 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) A reconciliation of Level 3 investments and disclosures of significant
 unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to
 Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 8/31/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain/<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Value<br> 8/31/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $468 | $236458 | $(236926) | $— | $— | $— | $332 | $— |

---

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

See "Glossary" for abbreviations.

The accompanying notes are an integral part of the financial statements.

SEI Tax Exempt Trust 23

**SCHEDULE OF INVESTMENTS** 

August 31, 2025

**Short Duration Municipal Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS — 100.6%** |  |  |
| **Alabama — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.980%, 10/01/2052 (A) | $3250 | $3205 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser A-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2049 (A) | 1940 | 1943 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser C-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2025 | 880 | 884 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 | 2000 | 2073 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2053 (A) | 610 | 637 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 | 7520 | 7537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2052 (A) | 2500 | 2526 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.341%, 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;&nbsp;&nbsp;3.810%, 12/01/2037 (A) | 3500 | 3584 |
| &nbsp;&nbsp;&nbsp;Lower Alabama, Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 | 730 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2050 (A) | 5000 | 5011 |
| &nbsp;&nbsp;&nbsp;Mobile, Industrial Development Board, Pollution Control Authority, Barry Plant Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 07/15/2034 (A) | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Cooperative District, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 250 | 260 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Gas Supply District, Project #1, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2026 | 1500 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 | 1250 | 1310 |
|  |  | 34753 |
| **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;&nbsp;&nbsp;5.000%, 10/01/2029 | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;Alaska State, International Airports System, Ser C, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 | 480 | 481 |
| &nbsp;&nbsp;&nbsp;Alaska State, Railroad, Cruise Port, AMT, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2030 | 300 | 330 |
|  |  | 1887 |
| **Arizona — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Arizona State, Health Facilities Authority, Banner Health, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.880%, 01/01/2046 (A) | 700 | 695 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Arizona State, Health Facilities Authority, Banner Health, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.880%, 11/04/2025 (A)(B) | $200 | $200 |
| &nbsp;&nbsp;&nbsp;Arizona State, Health Facilities Authority, Banner Health, Ser S, RB Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.880%, 11/04/2025 (A)(B) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;Arizona State, Health Facilities Authority, Ser C-RMK, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 01/01/2046 (A)(C) | 2165 | 2165 |
| &nbsp;&nbsp;&nbsp;Chandler, Industrial Development Authority, Intel Corporation Project, Ser S, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2052 (A) | 1300 | 1325 |
| &nbsp;&nbsp;&nbsp;Phoenix, Industrial Development Authority, Republic Services Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 12/01/2035 (A) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;Salt Verde Financial Corp, Gas Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2027 | 7000 | 7284 |
|  |  | 12769 |
| **Arkansas — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Springdale, Water & Sewer, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 250 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 200 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 350 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2031 | 350 | 386 |
| &nbsp;&nbsp;&nbsp;West Memphis, Sales & Use Tax, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 | 1630 | 1757 |
|  |  | 3004 |
| **California — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alameda, Unified School District, Ser A, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2026 (D) | 1000 | 979 |
| &nbsp;&nbsp;&nbsp;Bay Area, Toll Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.550%, 04/01/2059 (A)(C) | 5350 | 5350 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 750 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2052 (A) | 2710 | 2753 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, Ser F, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 | 1500 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | 1650 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 | 1850 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029 | 1750 | 1867 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 | 450 | 455 |

---

24 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Ser I, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2054 (A) | $5500 | $5608 |
| &nbsp;&nbsp;&nbsp;East County, Advanced Water Purification Joint Powers Authority, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 09/01/2026 | 1310 | 1316 |
| &nbsp;&nbsp;&nbsp;Los Angeles, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/25/2026 | 2000 | 2048 |
| &nbsp;&nbsp;&nbsp;Northern California, Energy Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026 | 450 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 | 700 | 725 |
| &nbsp;&nbsp;&nbsp;Pittsburg, Redevelopment Agency Successor Agency, TA, AMBAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2028 (D) | 500 | 461 |
| &nbsp;&nbsp;&nbsp;Rio, Elementary School District, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2028 (D) | 505 | 467 |
| &nbsp;&nbsp;&nbsp;San Mateo County, Community College District, Ser C, GO, NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2025 (D) | 1250 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2029 (D) | 500 | 455 |
| &nbsp;&nbsp;&nbsp;Southern California, Public Power Authority, Canyon Power Project, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 07/01/2040 (A) | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;Southern California, Public Power Authority, Clean Energy Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 350 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2055 (A) | 1500 | 1589 |
| &nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts, Ser 2025, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/01/2048 (A)(C)(E) | 500 | 500 |
|  |  | 33691 |
| **Colorado — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Adventhealth Obligated Group Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2027 | 485 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2058 (A) | 480 | 510 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Commonspirit Health, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 | 375 | 376 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Commonspirit Health, Ser B-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2049 (A) | 2000 | 2014 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Intermountain Healthcare, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2062 (A) | 615 | 654 |
| &nbsp;&nbsp;&nbsp;Colorado State, School of Mines, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 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;&nbsp;&nbsp;5.000%, 12/01/2026 | 375 | 385 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Denver City & County, Airport System Revenue Authority, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2028 | $260 | $278 |
| &nbsp;&nbsp;&nbsp;Denver City & County, Airport System Revenue Authority, Sub-Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 | 500 | 523 |
| &nbsp;&nbsp;&nbsp;Denver, Convention Center Hotel Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 2500 | 2545 |
| &nbsp;&nbsp;&nbsp;Jefferson County, School District R-1, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2030 | 2065 | 2172 |
| &nbsp;&nbsp;&nbsp;Mirabelle Metropolitan District No. 2, Ser A, GO, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 215 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 235 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 | 200 | 215 |
| &nbsp;&nbsp;&nbsp;Regional Transportation District, Denver Transit Partners Eagle P3 Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/2026 | 405 | 405 |
| &nbsp;&nbsp;&nbsp;Thornton, Development Authority, East 144th Avenue & I-25 Project, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 1260 | 1343 |
| &nbsp;&nbsp;&nbsp;Wildwing, Metropolitan District No. 5, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 140 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 155 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 | 165 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 | 120 | 130 |
|  |  | 13957 |
| **Connecticut — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Connecticut State, Housing Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 11/15/2052 (A) | 4270 | 4272 |
| &nbsp;&nbsp;&nbsp;Norwalk, Housing Authority, Wall Street Place, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 09/01/2058 (A) | 3330 | 3341 |
| &nbsp;&nbsp;&nbsp;West Haven, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2026 | 200 | 203 |
|  |  | 7816 |
| **Delaware — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Delaware State, Housing Authority, Single Family Mortgage, Ser A, RB, GNMA/ FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 01/01/2026 | 285 | 286 |
| **District of Columbia — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Bank Spears, Tender Option Bond Trust Receipts, Ser DBE-8070, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.030%, 08/01/2040 (A)(E) | 4800 | 4800 |

---

SEI Tax Exempt Trust 25

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;District of Columbia, Housing Finance Agency, Belmont Crossing Phase II Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029 (A) | $3750 | $3928 |
| &nbsp;&nbsp;&nbsp;Metropolitan Washington, Airports Authority, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 500 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 | 1650 | 1674 |
|  |  | 10942 |
| **Florida — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Alachua County, Housing Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 12/01/2029 (A) | 7250 | 7307 |
| &nbsp;&nbsp;&nbsp;Florida Insurance Assistance Interlocal Agency, Ser A-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 2000 | 2046 |
| &nbsp;&nbsp;&nbsp;Gainesville, Utilities System Revenue Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 10/01/2042 (A) | 8080 | 8080 |
| &nbsp;&nbsp;&nbsp;Lee County, Industrial Development Authority, Shell Point, RB |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;5.000%, 10/01/2028 | 1500 | 1598 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Aviation Revenue, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 | 1600 | 1603 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Expressway Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Housing Finance Authority, Homestead Gardens Phase I, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 01/01/2045 (A) | 5000 | 5041 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Housing Finance Authority, Rainbow Village Project, Ser B, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 03/01/2029 (A) | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;Palm Beach County, Educational Facilities Authority, Palm Beach Atlantic University, RB |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/01/2027 | 300 | 315 |
| &nbsp;&nbsp;&nbsp;Polk County, Housing Finance Authority, Episcopal Catholic Apartments, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 12/01/2040 (A) | 3000 | 3026 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;South Miami, Health Facilities Authority, Baptist Health South Florida, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2032 | $3000 | $3329 |
|  |  | 34811 |
| **Georgia — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlanta, Water & Wastewater Revenue Authority, Ser A, RB, NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/2027 | 2175 | 2254 |
| &nbsp;&nbsp;&nbsp;Bartow County, Development Authority, Solid Waste Disposal Facility, Georgia Power Company Plant Bowen Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.350%, 11/01/2062 (A) | 2365 | 2365 |
| &nbsp;&nbsp;&nbsp;Burke County, Development Authority, Pollution Control, Georgia Power Company Plant Vogtle Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 10/01/2032 (A) | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 12/01/2049 (A) | 3280 | 3297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 11/01/2052 (A) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;Columbus County, Housing Authority, Columbus Gardens Project, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 (A) | 1250 | 1292 |
| &nbsp;&nbsp;&nbsp;Dalton, Housing Authority, Mountain Woods Apartment Project, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 (A) | 4032 | 4134 |
| &nbsp;&nbsp;&nbsp;Decatur, Housing Authority, Multifamily Housing Revenue, Calvin Court Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 08/01/2028 (A) | 2865 | 2910 |
| &nbsp;&nbsp;&nbsp;Floyd County, Development Authority, Pollution Control, Georgia Power Company Plant Hammond Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.350%, 09/01/2026 (A) | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 | 1100 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2054 (A) | 6000 | 6408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2026 | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2026 | 415 | 419 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2026 | 850 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 | 850 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 | 400 | 412 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2050 (A) | 1285 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2052 (A) | 1540 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2052 (A)(E) | 4000 | 3997 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2054 (A) | 2260 | 2408 |

---

26 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | $2605 | $2708 |
| &nbsp;&nbsp;&nbsp;Monroe County, Development Authority, Georgie Power Company Project, Plant Scherer, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 11/01/2048 (A) | 2000 | 2016 |
| &nbsp;&nbsp;&nbsp;Savannah, Housing Authority, The Pines at Garden City Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 (A) | 610 | 630 |
|  |  | 46469 |
| **Guam — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Guam, Antonio B. Won Pat International Airport Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 | 200 | 216 |
| &nbsp;&nbsp;&nbsp;Guam, Business Priviledge Tax, Ser G, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 | 1335 | 1394 |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 710 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 800 | 845 |
|  |  | 3192 |
| **Illinois — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Chicago, Midway International Airport, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 | 575 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 | 230 | 255 |
| &nbsp;&nbsp;&nbsp;Chicago, Multi-Family Housing, The Ave SW Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 10/01/2028 (A) | 2465 | 2486 |
| &nbsp;&nbsp;&nbsp;Chicago, Multi-Family Housing, United Yards 1A Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2027 (A) | 1005 | 1010 |
| &nbsp;&nbsp;&nbsp;Chicago, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | 1265 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 | 1500 | 1574 |
| &nbsp;&nbsp;&nbsp;Chicago, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;Chicago, Ser B-EXCHANGE, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2030 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;Chicago, Wastewater Transmission, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2029 | 675 | 726 |
| &nbsp;&nbsp;&nbsp;Cook County, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030 | 1000 | 1024 |
| &nbsp;&nbsp;&nbsp;Geneva, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2026 | 400 | 402 |
| &nbsp;&nbsp;&nbsp;Granite, Solid Waste Disposal, Waste Management Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 05/01/2027 | 4100 | 3944 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, American Water Capital Corp Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 05/01/2040 (A) | 1000 | 981 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Field Museum of Natural History, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.223%, 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;&nbsp;&nbsp;5.000%, 09/01/2027 | 490 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 515 | 543 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Northshore University Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 08/15/2049 (A) | 4600 | 4600 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Southern Illinois Healthcare Enterprises, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 | 410 | 421 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, The Chicago School, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 | 400 | 419 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, University of Chicago, Medical Center, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2054 (A) | 1880 | 2049 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Waste Management Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 10/01/2053 (A) | 5500 | 5519 |
| &nbsp;&nbsp;&nbsp;Illinois State, Housing Development Authority, Homeowner Mortgage, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 02/01/2026 | 1000 | 995 |
| &nbsp;&nbsp;&nbsp;Illinois State, Housing Development Authority, Leyden Senior Apartments, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.380%, 07/01/2045 (A) | 1250 | 1257 |
| &nbsp;&nbsp;&nbsp;Illinois State, Sales Tax Revenue, Ser A, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2031 | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 2740 | 2814 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser D, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 3590 | 3687 |
| &nbsp;&nbsp;&nbsp;Illinois State, Sports Facilities Authority, RB, AGM |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;5.000%, 01/01/2029 | 270 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 165 | 165 |
| &nbsp;&nbsp;&nbsp;Jefferson County, Township High School District No. 201 Mt Vernon, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/30/2030 | 1085 | 1264 |
| &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;&nbsp;&nbsp;4.000%, 12/01/2025 | 1260 | 1263 |

---

SEI Tax Exempt Trust 27

**SCHEDULE OF INVESTMENTS** 

August 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Metropolitan Chicago, Water Reclamation District, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 | $1500 | $1538 |
| &nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2026 | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;Sales Tax Securitization, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;Springfield, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 1200 | 1260 |
| &nbsp;&nbsp;&nbsp;University of Illinois, University of Illinios Health Services Facilities System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 375 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 | 475 | 505 |
| &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;&nbsp;&nbsp;5.000%, 01/01/2028 | 350 | 368 |
|  |  | 54062 |
| **Indiana — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Indiana State, Finance Authority, Indianapolis Power, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950%, 12/01/2038 (A) | 2000 | 1971 |
| &nbsp;&nbsp;&nbsp;Indiana State, Finance Authority, Southern Indiana Gas and Electric Company Projects, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 05/01/2037 (A) | 1930 | 1951 |
| &nbsp;&nbsp;&nbsp;Indiana State, Municipal Power Agency, Ser A, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | 1865 | 1931 |
| &nbsp;&nbsp;&nbsp;Indianapolis, Local Public Improvement Bond Bank, Indianapolis Airport Authority Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 1085 | 1094 |
| &nbsp;&nbsp;&nbsp;Indianapolis, Local Public Improvement Bond Bank, Indianapolis Public Transportation Corporation Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2026 | 600 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029 | 450 | 488 |
| &nbsp;&nbsp;&nbsp;Westfield, Redevelopment Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 480 | 500 |
| &nbsp;&nbsp;&nbsp;Westfield-Washington, Multi-School Building, Ser A, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029 | 900 | 970 |
| &nbsp;&nbsp;&nbsp;Westfield-Washington, School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/2026 | 340 | 343 |
|  |  | 9861 |
| **Iowa — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Gevo NW Iowa Renewable Natural Gas Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/01/2042 (A)(C) | 820 | 821 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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;&nbsp;&nbsp;2.600%, 01/01/2049 (A) | $100 | $100 |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, UnityPoint Health Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.150%, 02/15/2039 (A)(C) | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.150%, 07/01/2041 (A)(C) | 14200 | 14200 |
|  |  | 16621 |
| **Kansas — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Kansas State, Development Finance Authority, University of Kansas Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;5.000%, 06/15/2028 | 2000 | 2032 |
| &nbsp;&nbsp;&nbsp;Topeka, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2026 | 2600 | 2606 |
| &nbsp;&nbsp;&nbsp;Valley Center, Ser 1, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 12/01/2025 | 2405 | 2407 |
|  |  | 8281 |
| **Kentucky — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Kentucky State, Housing Corporation, Beecher Terrace Phase IV Project, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2043 (A) | 4315 | 4362 |
| &nbsp;&nbsp;&nbsp;Kentucky State, Interlocal School Transportation Association, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2028 | 1200 | 1235 |
| &nbsp;&nbsp;&nbsp;Kentucky State, Public Energy Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/01/2055 (A) | 17000 | 18100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 450 | 457 |
| &nbsp;&nbsp;&nbsp;Rural Water Financing Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 05/01/2027 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;Rural Water Financing Agency, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 05/01/2027 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;Trimble County, Environmental Facilities, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 06/01/2054 (A) | 750 | 760 |
| &nbsp;&nbsp;&nbsp;Trimble County, Environmental Facilities, Louisville Gas and Electric Company Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 06/01/2054 (A) | 750 | 759 |
| &nbsp;&nbsp;&nbsp;University of Louisville, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030 | 3140 | 3208 |
| &nbsp;&nbsp;&nbsp;University of Louisville, Ser F, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 | 2000 | 2072 |
|  |  | 34953 |

---

28 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **Louisiana — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Louisiana State, Gasoline & Fuels Tax Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.573%, 05/01/2043 (A) | $1925 | $1921 |
| &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;&nbsp;&nbsp;5.000%, 08/15/2026 | 1355 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2027 | 1000 | 1040 |
| &nbsp;&nbsp;&nbsp;Louisiana State, Offshore Terminal Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 09/01/2027 | 2500 | 2538 |
| &nbsp;&nbsp;&nbsp;Louisiana State, Public Facilities Authority, Air Products & Chemicals Inc Project, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 12/01/2043 (A) | 2200 | 2200 |
| &nbsp;&nbsp;&nbsp;St. John the Baptist Parish, Marathon Oil Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 06/01/2037 (A) | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;St. John the Baptist Parish, Marathon Oil Project, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 06/01/2037 (A) | 1000 | 995 |
|  |  | 11087 |
| **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;&nbsp;&nbsp;5.000%, 07/01/2026 | 450 | 457 |
| &nbsp;&nbsp;&nbsp;Maryland State, Stadium Authority, Football Stadium, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2026 | 410 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 | 1220 | 1296 |
|  |  | 2168 |
| **Massachusetts — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Partners Health Care System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 1490 | 1491 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Waste Management Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 05/01/2027 (E) | 2500 | 2405 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Wellforce Inc, Ser C, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 435 | 456 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Educational Financing Authority, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 1000 | 1016 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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;&nbsp;&nbsp;3.100%, 07/01/2042 (A) | $1325 | $1325 |
| &nbsp;&nbsp;&nbsp;Metrowest, Regional Transit Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 09/11/2026 | 6775 | 6794 |
|  |  | 13487 |
| **Michigan — 2.1%** |  |  |
| &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;&nbsp;&nbsp;5.000%, 08/31/2027 | 355 | 369 |
| &nbsp;&nbsp;&nbsp;Michigan State, Hospital Finance Authority, Trinity Health Credit Group, Ser C-, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 1050 | 1056 |
| &nbsp;&nbsp;&nbsp;Michigan State, Housing Development Authority, Clark Road Senior Apartments Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/01/2042 (A) | 5500 | 5552 |
| &nbsp;&nbsp;&nbsp;Michigan State, Housing Development Authority, Rental Housing, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/01/2026 | 5950 | 5951 |
| &nbsp;&nbsp;&nbsp;Michigan State, Strategic Fund, Consumers Energy Company Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 04/01/2035 (A) | 900 | 859 |
| &nbsp;&nbsp;&nbsp;Wayne County, Airport Authority, Ser F, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 2235 | 2240 |
|  |  | 16027 |
| **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;&nbsp;&nbsp;5.000%, 11/01/2030 | 250 | 272 |
| &nbsp;&nbsp;&nbsp;Gibbon, Independent School District No. 2365, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/01/2026 | 280 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/01/2027 | 200 | 209 |
| &nbsp;&nbsp;&nbsp;Kiester, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 12/01/2026 | 1710 | 1713 |
| &nbsp;&nbsp;&nbsp;Maple Grove, Health Care Facilities Revenue, North Memorial Health Care, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 2830 | 2833 |
| &nbsp;&nbsp;&nbsp;Minneapolis, Allina Health System, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2052 (A) | 2000 | 2118 |
| &nbsp;&nbsp;&nbsp;Minneapolis, Fairview Health Services, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026 | 1310 | 1314 |

---

SEI Tax Exempt Trust 29

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Minneapolis-St. Paul, Metropolitan Airports Commission, Sub-Ser S, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | $450 | $453 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Higher Education Facilities Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 | 335 | 336 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Housing Finance Agency, Ser C, AMT, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 01/01/2027 | 570 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.050%, 07/01/2026 | 1145 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950%, 01/01/2026 | 1140 | 1129 |
| &nbsp;&nbsp;&nbsp;Minnesota State, Rural Water Finance Authority, Public Projects Construction, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 08/01/2026 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;Roseville, Independent School District No. 623, Ser A, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2026 | 500 | 505 |
| &nbsp;&nbsp;&nbsp;Saint Paul, Housing & Redevelopment Authority, Health Care System, Fairview Health Services, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2029 | 705 | 731 |
| &nbsp;&nbsp;&nbsp;Woodbury, Housing & Redevelopment Authority, Multifamily Housing, Reserve at Settlers Ridge, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 02/01/2046 (A) | 995 | 1001 |
|  |  | 15569 |
| **Missouri — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Barry County, Law Enforcement Center Project, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 580 | 601 |
| &nbsp;&nbsp;&nbsp;Jackson County, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 1110 | 1170 |
| &nbsp;&nbsp;&nbsp;Missouri State, Health & Educational Facilities Authority, Lutheran Senior Services Projects, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2030 | 1200 | 1271 |
| &nbsp;&nbsp;&nbsp;Missouri State, Health & Educational Facilities Authority, Saint Lukes Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026 | 620 | 631 |
|  |  | 3673 |
| **Nebraska — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Central Plains, Energy Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2054 (A) | 1000 | 1058 |
| &nbsp;&nbsp;&nbsp;Douglas County, Hospital Authority No. 3, Nebraska Methodist Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 | 1260 | 1265 |
| &nbsp;&nbsp;&nbsp;Gretna, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2025 | 2000 | 2003 |
|  |  | 4326 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **New Hampshire — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;New Hampshire State, Business Finance Authority, Waste Management Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2033 (A) | $1500 | $1500 |
| &nbsp;&nbsp;&nbsp;New Hampshire State, Housing Finance Authority, Ser 4, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/01/2027 | 1870 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/01/2026 | 1750 | 1754 |
| &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;&nbsp;&nbsp;4.000%, 12/01/2028 | 525 | 534 |
|  |  | 5671 |
| **New Jersey — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Haddonfield, Public Schools District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 04/15/2027 | 1725 | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 04/15/2028 | 1370 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 04/15/2029 | 1396 | 1308 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Municipal Rehabilitation, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/01/2026 (A) | 3500 | 3551 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, School Facilities Construction, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.980%, 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;&nbsp;&nbsp;5.250%, 09/01/2025 (E) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;5.000%, 07/01/2029 | 1830 | 1867 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Higher Education Student Assistance Authority, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 2850 | 2863 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Ser C, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/15/2029 (D) | 1390 | 1231 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Turnpike Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 | 1200 | 1228 |
| &nbsp;&nbsp;&nbsp;Winslow, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/2029 | 875 | 851 |
|  |  | 18793 |

---

30 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **New Mexico — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Farmington, Pollution Control Revenue Bonds, San Juan Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 06/01/2040 (A) | $1000 | $1018 |
| &nbsp;&nbsp;&nbsp;New Mexico State, Municipal Energy Acquisition Authority, Gas Supply, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2054 (A) | 500 | 533 |
| &nbsp;&nbsp;&nbsp;Santa Fe County, Multifamily Housing, Cresta Ranch Apartments, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.290%, 12/10/2049 (A) | 1500 | 1509 |
|  |  | 3060 |
| **New York — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Buffalo, Municipal Housing Authority, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 07/01/2031 | 690 | 634 |
| &nbsp;&nbsp;&nbsp;Ithaca, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 02/13/2026 | 2000 | 2008 |
| &nbsp;&nbsp;&nbsp;Long Island, Power Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2052 (A) | 1435 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2049 (A) | 4470 | 4461 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2030 | 900 | 997 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser A2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2027 | 1500 | 1544 |
| &nbsp;&nbsp;&nbsp;New York City, Housing Development Authority, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 11/01/2062 (A) | 5000 | 5001 |
| &nbsp;&nbsp;&nbsp;New York City, Housing Development Authority, Ser E-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 11/01/2063 (A) | 3000 | 3046 |
| &nbsp;&nbsp;&nbsp;New York City, Ser 2-REM, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 04/01/2042 (A) | 2100 | 2100 |
| &nbsp;&nbsp;&nbsp;New York City, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2030 | 1250 | 1381 |
| &nbsp;&nbsp;&nbsp;New York City, Sub-Ser E-5, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 03/01/2048 (A)(C) | 3100 | 3100 |
| &nbsp;&nbsp;&nbsp;New York City, Sub-Ser, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 10/01/2046 (A) | 725 | 725 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Future Tax Secured, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 05/01/2047 (A) | 1950 | 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 08/01/2052 (A) | 2050 | 2050 |
| &nbsp;&nbsp;&nbsp;New York City, Water & Sewer System, Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 06/15/2050 (A) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;New York State, Housing Finance Agency, Sustainability Bonds, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 05/01/2062 (A) | 380 | 380 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New York State, Housing Finance Agency, Sustainability Bonds, Ser A-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 06/15/2054 (A) | $1000 | $1013 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 800 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;Niagara, Frontier Transportation Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 | 1045 | 1088 |
| &nbsp;&nbsp;&nbsp;North Hempstead, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/19/2025 | 3000 | 3002 |
| &nbsp;&nbsp;&nbsp;Triborough, Bridge & Tunnel Authority, MTA Bridges and Tunnels, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 1000 | 1083 |
| &nbsp;&nbsp;&nbsp;Triborough, Bridge & Tunnel Authority, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2050 (A) | 1500 | 1524 |
|  |  | 41530 |
| **North Carolina — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 01/15/2042 (A)(C) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, Ser C-REM, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 01/15/2048 (A) | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800%, 01/15/2048 (A) | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, Ser H, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 01/15/2048 (A) | 14500 | 14500 |
| &nbsp;&nbsp;&nbsp;Durham, Housing Authority, 500 East Main, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/01/2029 (A) | 3575 | 3629 |
|  |  | 22126 |
| **North Dakota — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Cass County, Joint Water Resource District, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 04/01/2027 | 5000 | 5006 |

---

SEI Tax Exempt Trust 31

**SCHEDULE OF INVESTMENTS** 

August 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Grand Forks, Altru Health System, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | $100 | $103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2027 | 125 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 125 | 133 |
|  |  | 5372 |
| **Ohio — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Allen County, Hospital Facilities Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2049 (A) | 3500 | 3608 |
| &nbsp;&nbsp;&nbsp;American Municipal Power, R.I.C.E. Peaking Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2030 | 805 | 873 |
| &nbsp;&nbsp;&nbsp;Cuyahoga County, Convention Hotel Project, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2026 | 845 | 869 |
| &nbsp;&nbsp;&nbsp;Dayton, School District, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2025 | 170 | 170 |
| &nbsp;&nbsp;&nbsp;Newark, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/18/2026 | 1900 | 1918 |
| &nbsp;&nbsp;&nbsp;Ohio State, Air Quality Development Authority, Duke Energy, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/01/2039 (A) | 1500 | 1528 |
| &nbsp;&nbsp;&nbsp;Ohio State, Higher Educational Facility Commission, Xavier University 2024 Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2026 | 525 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | 700 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2030 | 540 | 585 |
| &nbsp;&nbsp;&nbsp;Ohio State, Housing Finance Agency, Community & Pendelton Apartments Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 07/01/2042 (A) | 2600 | 2617 |
| &nbsp;&nbsp;&nbsp;Ohio State, Housing Finance Agency, Hitchcock Housing, Ser A, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2027 (A) | 1300 | 1316 |
| &nbsp;&nbsp;&nbsp;Ohio State, Housing Finance Agency, Pebble Brooke Apartments Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 07/01/2043 (A) | 1300 | 1313 |
| &nbsp;&nbsp;&nbsp;Ohio State, Housing Finance Agency, Terrace Gardens, Ser A, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2027 (A) | 3075 | 3120 |
| &nbsp;&nbsp;&nbsp;Ohio State, University Hospitals Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.900%, 01/15/2045 (A) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;Put-in-Bay Village, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/29/2025 | 1000 | 1002 |
|  |  | 22190 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **Oklahoma — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Creek County, Educational Facilities Authority, Bristow Public Schools Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 | $1645 | $1645 |
| &nbsp;&nbsp;&nbsp;Mcintosh County, Educational Facilities Authority, Eufaula Public Schools Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 340 | 358 |
| &nbsp;&nbsp;&nbsp;Oklahoma County, Finance Authority, Educational Facilities Lease, Western Heights Public Schools Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 1365 | 1420 |
| &nbsp;&nbsp;&nbsp;Oklahoma State, Development Finance Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;5.000%, 09/01/2029 | 350 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 375 | 414 |
| &nbsp;&nbsp;&nbsp;Tulsa, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.050%, 01/01/2026 | 9095 | 9015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.050%, 01/01/2027 | 5735 | 5541 |
| &nbsp;&nbsp;&nbsp;University of Oklahoma, Ser A, RB, BAM |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;5.000%, 09/01/2025 | 400 | 400 |
|  |  | 20322 |
| **Oregon — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Lane County, School District No. 1 Pleasant Hill, Ser B-CABS, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2027 (D) | 350 | 332 |
| &nbsp;&nbsp;&nbsp;Marion & Polk County, Salem-Keizer School District No. 24J, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2026 (D) | 3270 | 3202 |
| &nbsp;&nbsp;&nbsp;Multnomah County, School District No. 40, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2026 (D) | 250 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2028 (D) | 395 | 365 |
| &nbsp;&nbsp;&nbsp;Oregon State, Business Development Commission, Intel Corporation Project, Ser 232-RE, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 12/01/2040 (A) | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;Port of Portland, Airport Revenue, Ser THIRTY-B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 665 | 690 |
|  |  | 5849 |

---

32 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **Pennsylvania — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Allegheny County, Hospital Development Authority, University of Pittsburgh Medical Center, Ser Senior D2-E-REMK, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.330%, 11/15/2047 (A) | $3000 | $2969 |
| &nbsp;&nbsp;&nbsp;Bethlehem, School District Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.291%, 01/01/2032 (A) | 570 | 569 |
| &nbsp;&nbsp;&nbsp;Lehigh County, Industrial Development Authority, PPL Electric Utilities, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 02/15/2027 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;Lycoming County, College Revenue Authority, Lycoming College Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 11/01/2035 (A) | 2000 | 2011 |
| &nbsp;&nbsp;&nbsp;Monroeville, Finance Authority, University of Pittsburgh Medical Center, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2028 | 570 | 606 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State University, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2033 | 2550 | 2600 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, Rapid Bridge Replacement Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/31/2030 | 640 | 647 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, Drexel University, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029 | 1500 | 1617 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, Ser 120, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.350%, 04/01/2027 | 1295 | 1274 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Public School Building Authority, School District of Philadelphia, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 | 1500 | 1535 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.480%, 07/15/2041 (A) | 2500 | 2496 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2025 | 1075 | 1079 |
| &nbsp;&nbsp;&nbsp;Philadelphia, School District, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 1155 | 1207 |
| &nbsp;&nbsp;&nbsp;Philadelphia, School District, Ser F, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 295 | 301 |
| &nbsp;&nbsp;&nbsp;Scranton-Lackawanna, Health & Welfare Authority, University of Scranton, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 | 310 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 | 400 | 425 |
|  |  | 20660 |
| **Rhode Island — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Pawtucket, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/24/2025 | 4000 | 4005 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Providence, Public Building Authority, Capital Improvement Program Projects, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2029 | $850 | $921 |
|  |  | 4926 |
| **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;&nbsp;&nbsp;5.000%, 11/01/2028 (A) | 1250 | 1307 |
| &nbsp;&nbsp;&nbsp;South Carolina State, Public Service Authority, Santee Cooper, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 | 675 | 746 |
|  |  | 2053 |
| **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;&nbsp;&nbsp;3.600%, 06/01/2048 (A) | 2500 | 2536 |
| &nbsp;&nbsp;&nbsp;Chattanooga, Health Educational & Housing Facility Board, Shallowford Project, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 12/01/2029 (A) | 2000 | 2022 |
| &nbsp;&nbsp;&nbsp;Franklin, Health & Educational Facilities Board, Multifamily Housing, Harpeth Hills Apartments Project, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 11/01/2029 (A) | 1500 | 1520 |
| &nbsp;&nbsp;&nbsp;Johnson City, Health & Educational Facilities Board, Ballad Health, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 400 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 400 | 424 |
| &nbsp;&nbsp;&nbsp;Knox County, Health Educational & Housing Facility Board, Westview Towers Project, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 12/01/2027 (A) | 500 | 501 |
| &nbsp;&nbsp;&nbsp;Shelby County, Health Educational & Housing Facility Board, Methodist Le Bonheur Healthcare, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2031 | 260 | 267 |
| &nbsp;&nbsp;&nbsp;Tennergy, Gas Supply, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2053 (A) | 1000 | 1064 |
| &nbsp;&nbsp;&nbsp;Tennergy, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 | 275 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 | 825 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2054 (A) | 7500 | 7914 |
| &nbsp;&nbsp;&nbsp;Tennergy, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2027 | 750 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2026 | 700 | 717 |
| &nbsp;&nbsp;&nbsp;Tennessee State, Energy Acquisition, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2049 (A) | 2000 | 2005 |

---

SEI Tax Exempt Trust 33

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Williamson County, Industrial Development Board, Wood Duck Court Apartments, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2042 (A) | $3060 | $3135 |
|  |  | 24472 |
| **Texas — 15.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Arlington, Higher Education Finance, Trinity Basein Preparatory, RB, PSF-GTD |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;4.500%, 04/01/2041 (A) | 5000 | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2043 (A) | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;Central Texas, Turnpike System, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2042 (A) | 3000 | 3233 |
| &nbsp;&nbsp;&nbsp;Conroe, Municipal Management District No. 1, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/01/2025 | 670 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/01/2026 | 390 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/01/2027 | 635 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/01/2028 | 245 | 270 |
| &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;&nbsp;&nbsp;5.000%, 07/01/2026 (A) | 2750 | 2764 |
| &nbsp;&nbsp;&nbsp;Dallas City, Housing Finance Corporation, Multifamily Housing Revenue, Waterford at Goldmark, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 01/01/2043 (A) | 8710 | 8769 |
| &nbsp;&nbsp;&nbsp;Dallas City, Kay Bailey Hutchinson Convention Center, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/15/2053 (A)(E) | 1500 | 1503 |
| &nbsp;&nbsp;&nbsp;Denton County, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2027 | 740 | 741 |
| &nbsp;&nbsp;&nbsp;Denton, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2026 | 1025 | 1050 |
| &nbsp;&nbsp;&nbsp;Denton, Independent School District, Ser B1, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2055 (A) | 1300 | 1340 |
| &nbsp;&nbsp;&nbsp;Ector County, Independent School District, Ser B, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2049 (A) | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;El Paso, Independent School District, Ser R, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2040 (A) | 1960 | 1977 |
| &nbsp;&nbsp;&nbsp;Fort Bend County, Municipal Utility District No. 162, GO, BAM |  |  |
| &nbsp;&nbsp;&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)** |  |  |
| &nbsp;&nbsp;&nbsp;Fort Bend County, Municipal Utility District No. 222, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2027 | $290 | $306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2028 | 305 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2029 | 315 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2030 | 335 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 350 | 387 |
| &nbsp;&nbsp;&nbsp;Fort Bend, Independent School District, Ser B, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2054 (A) | 2000 | 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.720%, 08/01/2051 (A) | 805 | 785 |
| &nbsp;&nbsp;&nbsp;Galveston, Wharves & Terminal Revenue, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 | 250 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2029 | 300 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2030 | 300 | 327 |
| &nbsp;&nbsp;&nbsp;Greater Texoma, Utility Authority, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2027 | 385 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2028 | 525 | 547 |
| &nbsp;&nbsp;&nbsp;Harris County, Cultural Education Facilities Finance, Texas Medical Center, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2050 (A) | 1000 | 1081 |
| &nbsp;&nbsp;&nbsp;Harris County, Health Facilities Development Authority, Methodist Hospital Project, Ser A2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 12/01/2041 (A) | 1800 | 1800 |
| &nbsp;&nbsp;&nbsp;Harris County, Hospital District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 | 750 | 794 |
| &nbsp;&nbsp;&nbsp;Harris County, Houston Sports Authority, Ser B, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2025 | 585 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2026 | 740 | 760 |
| &nbsp;&nbsp;&nbsp;Harris County, Municipal Utility District No. 1, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2025 | 635 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2026 | 665 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2027 | 695 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2028 | 725 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 | 755 | 774 |
| &nbsp;&nbsp;&nbsp;Harris County, Municipal Utility District No. 165, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2026 | 305 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2027 | 320 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2028 | 335 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 03/01/2029 | 350 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030 | 365 | 393 |
| &nbsp;&nbsp;&nbsp;Harris County, Municipal Utility District No. 238, GO, NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2030 | 710 | 713 |

---

34 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Harris County, Municipal Utility District No. 502, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 09/01/2025 | $455 | $455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 09/01/2026 | 470 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 09/01/2027 | 480 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 09/01/2028 | 495 | 557 |
| &nbsp;&nbsp;&nbsp;Harris-Waller Counties, Municipal Utility District No. 4, GO, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2026 | 695 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2027 | 735 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2028 | 765 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2029 | 805 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2030 | 840 | 978 |
| &nbsp;&nbsp;&nbsp;Harris-Waller Counties, Municipal Utility District No. 4, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/01/2025 | 115 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/01/2026 | 230 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/01/2027 | 350 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/01/2028 | 345 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 11/01/2029 | 390 | 453 |
| &nbsp;&nbsp;&nbsp;Hays, Consolidated Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2029 | 750 | 814 |
| &nbsp;&nbsp;&nbsp;Highway 380, Municipal Management District No. 1, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2026 | 360 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2027 | 375 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2028 | 390 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2030 | 420 | 457 |
| &nbsp;&nbsp;&nbsp;Houston, East Downtown, Redevelopment Authority, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 | 295 | 295 |
| &nbsp;&nbsp;&nbsp;Houston, Hotel Occupancy Tax & Special Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;Hutto, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2055 (A) | 1435 | 1484 |
| &nbsp;&nbsp;&nbsp;Katy, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2050 (A) | 2195 | 2223 |
| &nbsp;&nbsp;&nbsp;Kaufman County, Municipal Utility District No. 5, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2026 | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 | 305 | 319 |
| &nbsp;&nbsp;&nbsp;Lubbock, Water & Wastewater System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 | 355 | 377 |
| &nbsp;&nbsp;&nbsp;Midland County, Hospital District, Ser A, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2029 | 800 | 868 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Montgomery County, Municipal Utility District No. 140, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/01/2026 | $175 | $180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/01/2027 | 185 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/01/2028 | 195 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/01/2029 | 205 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 09/01/2030 | 220 | 242 |
| &nbsp;&nbsp;&nbsp;Montgomery County, Municipal Utility District No. 186, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2026 | 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2027 | 250 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2028 | 250 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2029 | 250 | 271 |
| &nbsp;&nbsp;&nbsp;New Hope, Cultural Education Facilities, Westminster Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 | 345 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 | 440 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2029 | 570 | 604 |
| &nbsp;&nbsp;&nbsp;North Texas, Tollway Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 1905 | 1921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | 1665 | 1724 |
| &nbsp;&nbsp;&nbsp;Northside, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 06/01/2050 (A) | 1500 | 1524 |
| &nbsp;&nbsp;&nbsp;Northside, Independent School District, Ser B, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 08/01/2054 (A) | 3455 | 3488 |
| &nbsp;&nbsp;&nbsp;Plainview, Independent School District, Ser B-REMK, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2050 (A) | 1310 | 1321 |
| &nbsp;&nbsp;&nbsp;Port Arthur, Port Authority, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2026 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;Pottsboro, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2052 (A) | 2100 | 2112 |
| &nbsp;&nbsp;&nbsp;Round Rock, Independent School District, Ser A, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2044 (A) | 1000 | 1095 |
| &nbsp;&nbsp;&nbsp;San Antonio, Electric & Gas Systems Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 02/01/2053 (A) | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/2048 (A) | 2500 | 2499 |
| &nbsp;&nbsp;&nbsp;San Antonio, Water System, Ser 2013F-REMK, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 05/01/2043 (A) | 1120 | 1090 |
| &nbsp;&nbsp;&nbsp;Tarrant County, Cultural Education Facilities Finance, Baylor Scott & White Health Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2052 (A) | 1105 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.900%, 11/15/2050 (A) | 2800 | 2800 |
| &nbsp;&nbsp;&nbsp;Tarrant County, Cultural Education Facilities Finance, Buckner Retirement Services Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2025 | 1370 | 1373 |

---

SEI Tax Exempt Trust 35

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**Short Duration Municipal Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Tarrant County, Housing Finance Corporation, Multifamily Housing, Wildwood Branch, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 02/01/2043 (A) | $5500 | $5569 |
| &nbsp;&nbsp;&nbsp;Texas State, Affordable Housing Corporation, Norman Commons, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 01/01/2045 (A) | 940 | 950 |
| &nbsp;&nbsp;&nbsp;Texas State, Department of Housing & Community Affairs, Multifamily Housing, Gulfway Manor, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/01/2028 (A) | 3600 | 3604 |
| &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;&nbsp;&nbsp;3.050%, 09/01/2029 (A) | 3495 | 3517 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply I, Ser Senior B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.769%, 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;&nbsp;&nbsp;3.713%, 09/15/2027 (A) | 2975 | 2979 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply IV, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2026 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/01/2028 | 3185 | 3340 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply V, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2026 | 450 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | 750 | 769 |
| &nbsp;&nbsp;&nbsp;Texax State, Public Facility Corporation, Multifamily Housing, Covington Acres, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.340%, 02/01/2044 (A) | 1000 | 1010 |
|  |  | 117679 |
| **Utah — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cache County, School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2030 | 1500 | 1516 |
| &nbsp;&nbsp;&nbsp;Ogden, School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 | 1250 | 1276 |
| &nbsp;&nbsp;&nbsp;Salt Lake City, Airport Revenue, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;5.000%, 04/15/2027 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2029 | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2030 | 215 | 232 |
| &nbsp;&nbsp;&nbsp;Utah State, Housing Corporation, Promontory Place Apartments, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 02/01/2028 (A) | 1000 | 1007 |
|  |  | 4705 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **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;&nbsp;&nbsp;5.000%, 10/01/2026 | $2425 | $2448 |
| **Virginia — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle County, Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 10/01/2048 (A) | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;Fairfax County, Redevelopment & Housing Authority, Dominion Square North Project, RB |  |  |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;4.000%, 12/01/2028 (A) | 1650 | 1674 |
| &nbsp;&nbsp;&nbsp;Isle of Wight County, Economic Development Authority, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 500 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 550 | 606 |
| &nbsp;&nbsp;&nbsp;Louisa, Industrial Development Authority, Virginia Electric and Power Company Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/01/2035 (A) | 3435 | 3437 |
| &nbsp;&nbsp;&nbsp;Virginia State, Housing Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/01/2055 (A) | 655 | 655 |
| &nbsp;&nbsp;&nbsp;Virginia State, Housing Development Authority, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 01/01/2030 | 315 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 07/01/2029 | 355 | 365 |
| &nbsp;&nbsp;&nbsp;Virginia State, Small Business Financing Authority, Pure Salmon Virginia LLC Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2052 (A) | 2000 | 2001 |
|  |  | 11156 |
| **Washington — 1.5%** |  |  |
| &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;&nbsp;&nbsp;2.830%, 11/01/2045 (A) | 6000 | 5958 |
| &nbsp;&nbsp;&nbsp;Port of Seattle, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026 | 1525 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 510 | 550 |
| &nbsp;&nbsp;&nbsp;Port of Seattle, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029 | 1595 | 1648 |
| &nbsp;&nbsp;&nbsp;Seattle, Housing Authority, Northgate Plaza Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 06/01/2026 | 1000 | 981 |

---

36 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Skagit County, Public Hospital District No. 1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2026 | $1000 | $1009 |
|  |  | 11702 |
| **West Virginia — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;West Virginia State, Economic Development Authority, Appalachian Power Company Amos Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 03/01/2040 (A) | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;West Virginia State, Housing Development Fund, Multifamily Housing, Five Points, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2027 (A) | 2315 | 2339 |
|  |  | 3348 |
| **Wisconsin — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Clayton, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/01/2026 | 1155 | 1144 |
| &nbsp;&nbsp;&nbsp;Dane County, Airport Project, AMT, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 | 2120 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2027 | 2230 | 2310 |
| &nbsp;&nbsp;&nbsp;Fort Atkinson, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2027 | 340 | 347 |
| &nbsp;&nbsp;&nbsp;Milwaukee, Ser B3, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2028 | 1115 | 1116 |
| &nbsp;&nbsp;&nbsp;Milwaukee, Ser N3, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;Milwaukee, Ser N-4, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029 | 885 | 954 |
| &nbsp;&nbsp;&nbsp;PMA Levy & Aid Anticipation Notes Program, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/24/2025 | 1500 | 1502 |
| &nbsp;&nbsp;&nbsp;Slinger, Redevelopment Authority, Police Station Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2030 | 75 | 82 |
| &nbsp;&nbsp;&nbsp;University of Wisconsin, Hospitals & Clinics, Ser 2018B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 04/01/2048 (A) | 3000 | 3000 |
| &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;&nbsp;&nbsp;5.000%, 08/15/2054 (A) | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Forensic Science & Protective Medicine Collaboration Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 (E) | 4500 | 4570 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Hospital Sisters Credit Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2028 | 1250 | 1332 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Rogers Memorial Hospital, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | $310 | $311 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, UnityPoint Health, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 1300 | 1303 |
| &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;&nbsp;&nbsp;5.000%, 11/01/2058 (A) | 1250 | 1288 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Housing & Economic Development Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700%, 09/01/2025 | 1245 | 1245 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Housing & Economic Development Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 11/01/2055 (A) | 3500 | 3534 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Duke Energy Progress Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 10/01/2046 (A) | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Waste Management Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.100%, 04/01/2033 (A) | 3000 | 2938 |
|  |  | 32229 |
| **Wyoming — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Sublette County, Hospital District, Hospital Contruction Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 | 2000 | 2001 |
| &nbsp;&nbsp;&nbsp;Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $773,924) ($ Thousands) |  | 775984 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities — 100.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $773,924) ($ Thousands) |  | $775984 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $770,978 ($ 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) | Securities are held in connection with a letter of credit issued by a major bank. |
| (D) | Zero coupon security. |
| (E) | Security, or a portion thereof, exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On August 31, 2025, the value of these securities amounted to $18,775 ($ Thousands), representing 2.4% of the Net Assets of the Fund. |

---

As of August 31, 2025, all of the Fund's investments were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

SEI Tax Exempt Trust 37

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**Short Duration Municipal Fund** (Concluded)

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

See "Glossary" for abbreviations.

The accompanying notes are an integral part of the financial statements.

38 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**California Municipal Bond Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS — 98.2%** |  |  |
| **California — 97.6%** |  |  |
| &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 | $990 |
| &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 | 1041 |
| &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 | 1041 |
| &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 | 1109 |
| &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 | 2267 |
| &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 | 4582 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2055 (A) | 4500 | 4845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2055 (A) | 2000 | 2125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2055 (A) | 3000 | 3153 |
| &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 | 5021 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2054 (A) | 1000 | 1060 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2056 (A) | 2000 | 2139 |
| &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 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2030 | 425 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2031 | 470 | 530 |
| &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 | 2407 |
| &nbsp;&nbsp;&nbsp;California State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2031 | 3485 | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2031 | 4500 | 5030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 1000 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 1000 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 5000 | 5598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2034 | 4000 | 4305 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2035 | $2500 | $2504 |
| &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 | 2288 |
| &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 | 2621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037 | 3180 | 3297 |
| &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 | 1127 |
| &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 | 1101 |
| &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 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2036 | 200 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2037 | 750 | 830 |
| &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 | 4388 |
| &nbsp;&nbsp;&nbsp;California State, Health Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2050 (A) | 1000 | 1105 |
| &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 | 1561 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Ser 2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/20/2033 | 860 | 872 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 01/15/2035 | 1356 | 1384 |
| &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 | 3360 |
| &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 | 3043 |
| &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 | 916 |

---

SEI Tax Exempt Trust 39

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**California Municipal Bond Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037 | $465 | $488 |
| &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 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2032 | 850 | 928 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Eisenhower Medical Center, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 1170 | 1210 |
| &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 | 456 |
| &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 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035 | 1340 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2036 | 1410 | 1484 |
| &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 | 1271 |
| &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 | 571 |
| &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 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2030 | 900 | 981 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 1000 | 1061 |
| &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 | 2052 |
| &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 | 2122 |
| &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 | 1788 |
| &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 | 843 |
| &nbsp;&nbsp;&nbsp;California State, Public Works Board, Various Capital Projects, RB |  |  |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 | $2000 | $2220 |
| &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 | 127 |
| &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 | 1675 |
| &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 | 1405 |
| &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 | 4388 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Communities Development Authority, Sequoia Living Project, RB, CA MTG INS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 490 | 554 |
| &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 | 887 |
| &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 | 2923 |
| &nbsp;&nbsp;&nbsp;California State, Various Purpose, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 5000 | 5542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 | 1230 | 1353 |
| &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 | 1260 |
| &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 | 1223 |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Ser A1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2026 (D) | 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 | 2442 |
| &nbsp;&nbsp;&nbsp;Indio, Electric Financing Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 | 130 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 | 175 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035 | 135 | 151 |
| &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 | 508 |
| &nbsp;&nbsp;&nbsp;Long Beach, Bond Finance Authority, RB |  |  |

---

40 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035 | $500 | $568 |
| &nbsp;&nbsp;&nbsp;Los Angeles County, Metropolitan Transportation Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2030 | 545 | 617 |
| &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 | 2291 |
| &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 | 1600 |
| &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 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2029 | 3000 | 3234 |
| &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 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 545 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 1210 | 1311 |
| &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 | 6866 |
| &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 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2035 | 500 | 566 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Unified School District, CP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 (B) | 1780 | 2047 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Unified School District, CP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 1220 | 1382 |
| &nbsp;&nbsp;&nbsp;Los Angeles, Unified School District, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 5000 | 5687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 2230 | 2618 |
| &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 | 1065 |
| &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 | 2258 |
| &nbsp;&nbsp;&nbsp;Modesto, Irrigation District, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 | 700 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 900 | 1005 |
| &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 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037 | 285 | 322 |
| &nbsp;&nbsp;&nbsp;Northern California, Tobacco Securitization Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2049 | 355 | 332 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Ontario, Public Financing Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2037 | $1000 | $1114 |
| &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 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037 | 2000 | 2258 |
| &nbsp;&nbsp;&nbsp;Riverside County, Public Financing Authority, TA, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2035 | 1000 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 650 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2037 | 700 | 775 |
| &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 | 3402 |
| &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 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2037 | 750 | 826 |
| &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 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 1000 | 1037 |
| &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 | 1052 |
| &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 | 2516 |
| &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 | 1585 |
| &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 | 2499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2033 | 1685 | 1924 |
| &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 | 2249 |
| &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 | 783 |

---

SEI Tax Exempt Trust 41

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**California Municipal Bond Fund** (Concluded)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2033 | 2580 | 2506 |
| &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 | 1448 |
| &nbsp;&nbsp;&nbsp;Southern California, Public Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2053 (A) | 2000 | 2127 |
| &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 | 432 |
| &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 | 1026 |
| &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 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2032 | 600 | 697 |
| &nbsp;&nbsp;&nbsp;Tulare, Local Health Care District, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2027 | 585 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2028 | 435 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2029 | 735 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2030 | 1320 | 1389 |
| &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 | 540 |
| &nbsp;&nbsp;&nbsp;University of California, Ser BV, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2036 | 3000 | 3364 |
| &nbsp;&nbsp;&nbsp;University of California, Ser BZ, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2038 | 2000 | 2202 |
| &nbsp;&nbsp;&nbsp;Vernon, Electric System Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2027 | 1000 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 | 2000 | 2109 |
| &nbsp;&nbsp;&nbsp;Vista, Joint Powers Financing Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027 | 600 | 626 |
| &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 | 2225 |
|  |  | 227110 |
| **Guam — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Water Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 1375 | 1474 |
| Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $235,738) ($ Thousands) |  | 228584 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **CASH EQUIVALENT — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.190%<sup>\*\*†</sup> | 1573982 | $1574 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,574) ($ Thousands) |  | 1574 |
| Total Investments in Securities — 98.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $237,312) ($ Thousands) |  | $230158 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $232,618 ($ Thousands). |
| <sup>\*\*</sup> | The rate reported is the 7-day effective yield as of August 31, 2025. |
| <sup>†</sup> | Investment in Affiliated Security (see Note 3). |
| (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, or a portion thereof, exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On August 31, 2025, the value of these securities amounted to $1,675 ($ Thousands), representing 0.7% of the Net Assets of the Fund. |
| (D) | Security is escrowed to maturity. |

---

42 SEI Tax Exempt Trust

The following is a summary of the level of inputs used as of August 31, 2025, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1<br> ($)** | **Level 2<br> ($)** | **Level 3<br> ($)** | **Total<br> ($)** |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 228584 |  | 228584 |
| &nbsp;&nbsp;&nbsp;Cash Equivalent | 1574 | – |  | 1574 |
| Total Investments in Securities | 1574 | 228584 |  | 230158 |

---

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statement

The following is a summary of the transactions with affiliates for the year ended August 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> **8/31/2025**  | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $5151 | $92120 | $(95697) | $— | $— | $1574 | $171 | $— |

---

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

See "Glossary" for abbreviations.

The accompanying notes are an integral part of the financial statements.

SEI Tax Exempt Trust 43

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**Massachusetts Municipal Bond Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS — 98.3%** |  |  |
| **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 | $427 |
| **Massachusetts — 97.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Boston, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/01/2031 | 1500 | 1598 |
| &nbsp;&nbsp;&nbsp;Hingham, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2030 | 340 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2031 | 320 | 332 |
| &nbsp;&nbsp;&nbsp;Massachusetts Bay, Transportation Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2030 | 500 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2031 | 750 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 1500 | 1719 |
| &nbsp;&nbsp;&nbsp;Massachusetts Bay, Transportation Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 1000 | 1113 |
| &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 | 1131 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Clean Water Trust, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2030 | 1315 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2032 | 1000 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2033 | 1000 | 1149 |
| &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 | 875 |
| &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 | 1087 |
| &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 | 1139 |
| &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 | 1248 |
| &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 | 1116 |
| &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 | 623 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Beth Israel Lahey Health, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 250 | 280 |
| &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 | 203 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $1085 |
| &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 | 3373 |
| &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 | 1029 |
| &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 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 | 600 | 623 |
| &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 | 1303 |
| &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 | 1064 |
| &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 | 1089 |
| &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 | 443 |
| &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 | 388 |
| &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 | 715 |
| &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 | 1574 |
| &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 | 1144 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Tufts University Student Housing Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037 | 440 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2038 | 670 | 715 |
| &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 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 1000 | 1098 |

---

44 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **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 | $228 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Educational Financing Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 850 | 890 |
| &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 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 1000 | 1064 |
| &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 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 200 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 250 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 275 | 303 |
| &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 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2032 | 440 | 490 |
| &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 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 840 | 904 |
| &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 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 1250 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 500 | 539 |
| &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 | 1060 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, RB, NATL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2034 | 350 | 394 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2035 | 310 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2035 | 565 | 637 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2036 | 750 | 832 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2033 | 2500 | 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2034 | 210 | 234 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Ser E, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030 | 1000 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2031 | 345 | 382 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &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 | $1107 |
| &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 | 566 |
| &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 | 841 |
| &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 | 642 |
| &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 | 1264 |
| &nbsp;&nbsp;&nbsp;Worcester, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2030 | 285 | 295 |
|  |  | 58830 |
| Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $60,737) ($ Thousands) |  | 59257 |

---

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **CASH EQUIVALENT — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.190%<sup>\*\*†</sup> | 337118 | 337 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $337) ($ Thousands) |  | 337 |
| Total Investments in Securities — 98.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $61,074) ($ Thousands) |  | $59594 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $60,239 ($ Thousands). |
| <sup>\*\*</sup> | The rate reported is the 7-day effective yield as of August 31, 2025. |
| <sup>†</sup> | Investment in Affiliated Security (see Note 3). |
| (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 level of inputs used as of August 31, 2025, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1<br> ($)** | **Level 2<br> ($)** | **Level 3<br> ($)** | **Total<br> ($)** |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 59257 |  | 59257 |
| &nbsp;&nbsp;&nbsp;Cash Equivalent | 337 | – |  | 337 |
| Total Investments in Securities | 337 | 59257 |  | 59594 |

---

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

SEI Tax Exempt Trust 45

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**Massachusetts Municipal Bond Fund** (Concluded)

The following is a summary of the Fund's transactions with affiliates for the year ended August 31, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 8/31/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 8/31/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $43 | $18413 | $(18119) | $— | $— | $337 | $36 | $— |

---

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

See "Glossary" for abbreviations.

The accompanying notes are an integral part of the financial statements.

46 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**New Jersey Municipal Bond Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS — 98.9%** |  |  |
| **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 | $1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 | 180 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 | 115 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2032 | 225 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 | 225 | 252 |
| &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 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 340 | 380 |
|  |  | 2806 |
| **Guam — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 625 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 400 | 422 |
|  |  | 1106 |
| **New Jersey — 84.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bergen County, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2029 | 1000 | 1004 |
| &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 | 1763 |
| &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 | 551 |
| &nbsp;&nbsp;&nbsp;Edison, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/15/2033 | 1635 | 1571 |
| &nbsp;&nbsp;&nbsp;Gloucester County, Improvement Authority, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 700 | 753 |
| &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 | 412 |
| &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 | 1002 |
| &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 | 1056 |
| &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 | 412 |
| &nbsp;&nbsp;&nbsp;Montclair State, University, Ser A, RB, AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 520 | 577 |
| &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 | 2133 |
| &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 | 1991 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Portal North Bridge Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2033 | $650 | $719 |
| &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 | 1038 |
| &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 | 1184 |
| &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 | 1130 |
| &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 | 1096 |
| &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 | 2304 |
| &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 | 389 |
| &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 | 1453 |
| &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 | 2222 |
| &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 | 914 |
| &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 | 1020 |
| &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 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 725 | 802 |

---

SEI Tax Exempt Trust 47

**SCHEDULE OF INVESTMENTS**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey State, Health Care Facilities Financing Authority, Hackensack Meridian Health Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | $1000 | $1020 |
| &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 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 820 | 831 |
| &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 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 350 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 525 | 580 |
| &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 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 1205 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | 2000 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2045 (A) | 1500 | 1527 |
| &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 | 1358 |
| &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 | 2565 |
| &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 | 709 |
| &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 | 750 |
| &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 | 521 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Institute of Technology, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 270 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 260 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 375 | 403 |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/2032 | 1375 | 1565 |
| &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 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2035 | 2585 | 2587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2036 | 1515 | 1496 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, Ser AA, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2037 | $500 | $534 |
| &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 | 1676 |
| &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 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2036 | 940 | 1002 |
| &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 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 | 1500 | 1692 |
| &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 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2036 | 750 | 843 |
| &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 | 824 |
| &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 | 1013 |
| &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 | 1006 |
| &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 | 546 |
| &nbsp;&nbsp;&nbsp;Rutgers State University, Ser N, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | 500 | 534 |
| &nbsp;&nbsp;&nbsp;Somerset County, Ser A&B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2030 | 540 | 541 |
| &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 | 1348 |
| &nbsp;&nbsp;&nbsp;Tobacco Settlement Financing, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 | 500 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2034 | 3000 | 3082 |
| &nbsp;&nbsp;&nbsp;Union County, Improvement Authority, RB, CNTY-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2036 | 400 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2037 | 550 | 616 |
|  |  | 78000 |
| **New York — 7.8%** |  |  |
| &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 | 2537 |
| &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 | 2320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2036 | 1325 | 1320 |

---

48 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, Ser 231ST, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037 | $1000 | $1043 |
|  |  | 7220 |
| **Pennsylvania — 2.0%** |  |  |
| &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 | 1048 |
| &nbsp;&nbsp;&nbsp;Delaware River, Port Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 | 750 | 828 |
|  |  | 1876 |
| Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $93,394) ($ Thousands) |  | 91008 |

---

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **CASH EQUIVALENT — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.190%<sup>\*\*†</sup> | 197987 | 198 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $198) ($ Thousands) |  | 198 |
| Total Investments in Securities — 99.1% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $93,592) ($ Thousands) |  | $91206 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $91,988 ($ Thousands). |
| <sup>\*\*</sup> | The rate reported is the 7-day effective yield as of August 31, 2025. |
| <sup>†</sup> | Investment in Affiliated Security (see Note 3). |
| (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 level of inputs used as of August 31, 2025, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1<br> ($)** | **Level 2<br> ($)** | **Level 3<br> ($)** | **Total<br> ($)** |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 91008 |  | 91008 |
| &nbsp;&nbsp;&nbsp;Cash Equivalent | 198 | – |  | 198 |
| Total Investments in Securities | 198 | 91008 |  | 91206 |

---

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the transactions with affiliates for the year ended August 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> **8/31/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $2256 | $36184 | $(38242) | $— | $— | $198 | $83 | $— |

---

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

See "Glossary" for abbreviations.

The accompanying notes are an integral part of the financial statements.

SEI Tax Exempt Trust 49

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**New York Municipal Bond Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS — 97.6%** |  |  |
| **Guam — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Guam, Business Privilege Tax, Ser G, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 | $800 | $857 |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 725 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 420 | 444 |
|  |  | 2094 |
| **New York — 95.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Broome County, Local Development, United Health Services Hospitals, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2030 | 900 | 983 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, Kipp Public School, Canal West Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, Manhattan College Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2026 | 350 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 | 275 | 281 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, Success Academy Charter School Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 900 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 | 1475 | 1544 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, The Chapin School Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2026 | 500 | 515 |
| &nbsp;&nbsp;&nbsp;Build NYC Resource, Urban Resource Institute Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 12/01/2035 | 500 | 507 |
| &nbsp;&nbsp;&nbsp;Genesee County, Funding, Rochester Regional Health Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 650 | 704 |
| &nbsp;&nbsp;&nbsp;Hempstead, Local Development, Hofstra University Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | 800 | 816 |
| &nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2034 | 1970 | 2201 |
| &nbsp;&nbsp;&nbsp;Long Island, Power Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 09/01/2025 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;Long Island, Power Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2030 | 1500 | 1536 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2037 | 1895 | 2024 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2031 | 1000 | 1115 |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2028 | 2000 | 2154 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Metropolitan New York, Transportation Authority, Ser C-1-B, RB, BAM-TCRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2031 | $1750 | $1847 |
| &nbsp;&nbsp;&nbsp;Monroe County, Industrial Development Authority, St. John Fisher University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 | 750 | 827 |
| &nbsp;&nbsp;&nbsp;Nassau County, Interim Finance Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2032 | 1000 | 1069 |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2030 | 4100 | 4369 |
| &nbsp;&nbsp;&nbsp;New York & New Jersey, Port Authority, Ser 231ST, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2033 | 1500 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2037 | 1765 | 1841 |
| &nbsp;&nbsp;&nbsp;New York City, Energy Finance Development, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2056 (A) | 2125 | 2232 |
| &nbsp;&nbsp;&nbsp;New York City, Industrial Development Agency, Queens Baseball Stadium Project, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 | 1000 | 1053 |
| &nbsp;&nbsp;&nbsp;New York City, Industrial Development Agency, Yankee Stadium Project, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2029 | 1750 | 1887 |
| &nbsp;&nbsp;&nbsp;New York City, Ser 1, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;New York City, Ser C, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2032 | 1345 | 1464 |
| &nbsp;&nbsp;&nbsp;New York City, Ser F-1, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2029 | 1895 | 2051 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Building Aid, Sub-Ser S-3, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2032 | 2450 | 2588 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Future Tax Secured, Sub-Ser C-S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2038 | 1500 | 1625 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Future Tax Secured, Sub-Ser D, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2032 | 1500 | 1681 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Future Tax Secured, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2037 | 2280 | 2483 |
| &nbsp;&nbsp;&nbsp;New York City, Water & Sewer System, Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2031 | 1750 | 1981 |

---

50 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Icahn School of Medicine at Mount Sinai Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2026 | $1000 | $1001 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Iona University, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2037 | 760 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2038 | 850 | 903 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Memorial Sloan-Kettering Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 1095 | 1195 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Mount Sinai Hospital Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2038 | 1925 | 2051 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Northwell Healthcare Inc Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2034 | 1000 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2037 | 1250 | 1219 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Presbyterian Hospital Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035 | 2000 | 2254 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2032 | 1500 | 1693 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Rochester Institute of Technology, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 1000 | 1112 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Roswell Park Cancer Institute Obligated Group, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 | 750 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2034 | 1255 | 1388 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, School Districts Financing Program, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2026 (B) | 5 | 5 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, School Districts Financing Program, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 2500 | 2624 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, School Districts Financing Program, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 | 1200 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2036 | 2000 | 2155 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, St. Johns University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 1500 | 1569 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, St. Johns University Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2030 | 830 | 875 |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, The New School, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2035 | 1365 | 1514 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, White Plains Hospital Obligated Group, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2038 | $1000 | $1055 |
| &nbsp;&nbsp;&nbsp;New York State, Energy Research & Development Authority, Pollution Control, Ser C-REMK, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2034 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;New York State, Liberty Development Authority, Goldman Sachs Headquarters Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2035 | 1500 | 1688 |
| &nbsp;&nbsp;&nbsp;New York State, Mortgage Agency, Ser 2, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2029 | 1700 | 1799 |
| &nbsp;&nbsp;&nbsp;New York State, Power Authority, Green Transmission Project, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2035 | 1370 | 1548 |
| &nbsp;&nbsp;&nbsp;New York State, Thruway Authority, Ser L, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2034 | 1860 | 1931 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Terminal 1 Project, AMT, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/2038 | 1700 | 1830 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 1055 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033 | 1560 | 1676 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 | 1000 | 1093 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, LaGuardia Airport Terminal B Redevelopment Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 1275 | 1276 |
| &nbsp;&nbsp;&nbsp;New York State, Urban Development, Ser E, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2032 | 615 | 666 |
| &nbsp;&nbsp;&nbsp;Suffolk, Tobacco Asset Securitization, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2035 | 2345 | 2300 |
| &nbsp;&nbsp;&nbsp;Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2037 | 3000 | 3316 |
| &nbsp;&nbsp;&nbsp;Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, Sub-Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2028 | 4335 | 4607 |

---

SEI Tax Exempt Trust 51

**SCHEDULE OF INVESTMENTS**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **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;&nbsp;&nbsp;5.000%, 07/01/2026 | $300 | $304 |
|  |  | 105408 |
| Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $109,196) ($ Thousands) |  | 107502 |
|  | Shares |  |
| **CASH EQUIVALENT — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.190%<sup>\*\*†</sup> | 1486966 | 1487 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,487) ($ Thousands) |  | 1487 |
| Total Investments in Securities — 98.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $110,683) ($ Thousands) |  | $108989 |

---

Percentages are based on Net Assets of $110,203 ($ Thousands).

<sup>\*\*</sup> The rate reported is the 7-day effective yield as of August 31, 2025.

<sup>†</sup> Investment in Affiliated Security (see Note 3).

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

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

The following is a summary of the level of inputs used as of August 31, 2025, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1<br> ($)** | **Level 2<br> ($)** | **Level 3<br> ($)** | **Total<br> ($)** |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 107502 |  | 107502 |
| &nbsp;&nbsp;&nbsp;Cash Equivalent | 1487 | – |  | 1487 |
| Total Investments in Securities | 1487 | 107502 |  | 108989 |

---

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund's transactions with affiliates for the year ended August 31, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 8/31/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br> 8/31/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $1771 | $59291 | $(59575) | $— | $— | $1487 | $102 | $— |

---

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

See "Glossary" for abbreviations.

The accompanying notes are an integral part of the financial statements.

52 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**Pennsylvania Municipal Bond Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS — 98.1%** |  |  |
| **Guam — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Guam, Waterworks Authority, Water Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2036 | $900 | $961 |
| **Pennsylvania — 97.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Adams County, General Authority, The Brethren Home Community, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2034 | 2580 | 2696 |
| &nbsp;&nbsp;&nbsp;Allegheny County, Airport Authority, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2031 | 1325 | 1438 |
| &nbsp;&nbsp;&nbsp;Allegheny County, Higher Education Building Authority, Carnegie Mellon University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2030 | 500 | 553 |
| &nbsp;&nbsp;&nbsp;Allegheny County, Hospital Development Authority, Allegheny Health Network, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2028 | 2500 | 2641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2036 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;Allegheny County, Hospital Development Authority, UPMC, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2030 | 305 | 328 |
| &nbsp;&nbsp;&nbsp;Allegheny County, Port Authority, RB 5.000%, 03/01/2029 | 1000 | 1085 |
| &nbsp;&nbsp;&nbsp;Allentown, City School District, Ser B, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2029 | 1750 | 1856 |
| &nbsp;&nbsp;&nbsp;Chester County, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2029 | 300 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2030 | 250 | 262 |
| &nbsp;&nbsp;&nbsp;Chester County, Health & Education Facilities Authority, Main Line Health Systems, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 375 | 408 |
| &nbsp;&nbsp;&nbsp;Commonwealth Financing Authority, Tobacco Master Settlement, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2028 | 2500 | 2666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 | 500 | 532 |
| &nbsp;&nbsp;&nbsp;Cumberland County, Municipal Authority, Penn State Health, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2029 | 780 | 844 |
| &nbsp;&nbsp;&nbsp;Delaware County, AD Valorem Property Tax, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2034 | 230 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2036 | 255 | 279 |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;5.000%, 07/01/2027 (A) | 500 | 520 |
| &nbsp;&nbsp;&nbsp;Delaware County, Cabrini University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 (B) | 500 | 520 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Delaware River, Joint Toll Bridge Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | $1015 | $1062 |
| &nbsp;&nbsp;&nbsp;Delaware River, Joint Toll Bridge Commission, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 1300 | 1362 |
| &nbsp;&nbsp;&nbsp;Delaware River, Port Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2037 | 1000 | 1104 |
| &nbsp;&nbsp;&nbsp;Delaware River, Port Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2028 | 1000 | 1059 |
| &nbsp;&nbsp;&nbsp;Delaware Valley Regional Finance Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2035 | 1345 | 1380 |
| &nbsp;&nbsp;&nbsp;East Hempfield, Industrial Development Authority, Willow Valley Communities Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2025 | 645 | 646 |
| &nbsp;&nbsp;&nbsp;Geisinger, Health System Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2043 (C) | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;Lancaster County, Hospital Authority, Masonic Villages of Grand Lodge Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2028 | 1360 | 1419 |
| &nbsp;&nbsp;&nbsp;Lancaster, Higher Education Authority, Harrisburg Area Community College Project, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2030 | 400 | 411 |
| &nbsp;&nbsp;&nbsp;Lehigh County, General Purpose Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2031 | 1225 | 1234 |
| &nbsp;&nbsp;&nbsp;Luzerne County, Industrial Development Authority, America Water Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 12/01/2039 (C) | 1700 | 1566 |
| &nbsp;&nbsp;&nbsp;Lycoming County, College Revenue Authority, Pennsylvania College of Technology Project, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2030 | 900 | 974 |
| &nbsp;&nbsp;&nbsp;Montgomery County, Higher Education & Health Authority, Thomas Jefferson University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2025 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2028 | 1500 | 1602 |
| &nbsp;&nbsp;&nbsp;Montgomery County, Industrial Development Authority, Retirement Communities Revenue, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2036 | 750 | 755 |
| &nbsp;&nbsp;&nbsp;Mount Lebanon, Hospital Authority, St. Clair Memorial Hospital Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 400 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 350 | 371 |
| &nbsp;&nbsp;&nbsp;Northampton County, General Purpose Authority, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 | 1000 | 1071 |

---

SEI Tax Exempt Trust 53

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**Pennsylvania Municipal Bond Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Northampton County, General Purpose Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2034 | $1000 | $1140 |
| &nbsp;&nbsp;&nbsp;Octorara Area, School District, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2029 | 900 | 940 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 850 | 942 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, Junior Insured, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2027 | 1100 | 1133 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, PENNDOT Major Bridges Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/2034 | 1500 | 1598 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, Presbyterian Senior Living, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2033 | 1250 | 1254 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, UPMC, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2026 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2031 | 1000 | 1097 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, UPMC, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2029 | 750 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2030 | 925 | 1011 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, UPMC, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2038 | 2000 | 2118 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, Villanova University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2035 | 750 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2036 | 725 | 804 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2030 | 1000 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2032 | 2590 | 2930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2033 | 1310 | 1487 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, GO, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2035 | 3500 | 3518 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Education Assistance Agency, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 | 1875 | 1983 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Education Assistance Agency, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 | 3000 | 3210 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, Drexel University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2027 | 1150 | 1183 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 (B) | 265 | 276 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2028 (A) | $70 | $73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2035 | 2000 | 2283 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, Ser AT-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2026 (A) | 15 | 15 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, Ser AX, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2027 (A) | 75 | 78 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, Thomas Jefferson University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2037 | 1500 | 1641 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Higher Educational Facilities Authority, University of Pennsylvania Health System, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2027 | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2037 | 1300 | 1410 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, Ser 133, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 500 | 541 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Housing Finance Agency, Ser 2022, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/01/2052 | 1745 | 1774 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Ser A, COP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2027 | 500 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2028 | 400 | 423 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2030 | 1875 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2031 | 1000 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 2000 | 2213 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 1550 | 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2033 | 375 | 420 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2032 | 500 | 553 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Turnpike Commission, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2028 | 500 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2031 | 1165 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 | 895 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2034 | 1000 | 1113 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Airport Revenue Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2029 | 1590 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 | 1100 | 1198 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Gas Works Revenue Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 | 1705 | 1787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 2000 | 2047 |

---

54 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Philadelphia, Gas Works Revenue Authority, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2031 | $1000 | $1100 |
| &nbsp;&nbsp;&nbsp;Philadelphia, GO, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 | 750 | 787 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Housing Authority, PHADC Acquisition Program, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2038 | 2500 | 2664 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, National Board of Medical Examiners Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | 1005 | 1021 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2029 | 1000 | 1090 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Industrial Development Authority, The Children's Hospital of Philadelphia Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2035 | 5325 | 5327 |
| &nbsp;&nbsp;&nbsp;Philadelphia, School District, Ser A, GO, ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2027 | 2850 | 2978 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | 1000 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2031 | 1000 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2038 | 1000 | 1082 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2032 | 1250 | 1371 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2027 | 300 | 316 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue Authority, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 | 2250 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2034 | 800 | 889 |
| &nbsp;&nbsp;&nbsp;Philadelphia, Water & Wastewater Revenue Authority, Ser C, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2035 | 2500 | 2837 |
| &nbsp;&nbsp;&nbsp;Pittsburgh & Allegheny County, Sports & Exhibition Parking Authority, RB, BAM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2027 | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp;Pittsburgh & Allegheny County, Sports & Exhibition Parking Authority, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2033 | 1000 | 1106 |
| &nbsp;&nbsp;&nbsp;Pittsburgh, Water & Sewer Authority, Ser A, RB, AGC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2036 | 200 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 | 300 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2038 | 400 | 432 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Pittsburgh, Water & Sewer Authority, Ser A, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2026 | $1500 | $1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 750 | 824 |
| &nbsp;&nbsp;&nbsp;Pittsburgh, Water & Sewer Authority, Ser B, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2029 | 450 | 494 |
| &nbsp;&nbsp;&nbsp;Quaker Valley, School District, GO, ST AID WITHHLDG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2030 | 250 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2031 | 325 | 358 |
| &nbsp;&nbsp;&nbsp;Southeastern Pennsylvania, Transportation Authority, Asset Improvement Program, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2032 | 1000 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2033 | 1000 | 1112 |
| &nbsp;&nbsp;&nbsp;Southeastern Pennsylvania, Transportation Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2028 | 725 | 761 |
| &nbsp;&nbsp;&nbsp;Swarthmore Borough, Authority, Swathmore College, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2055 (C) | 1000 | 1117 |
| &nbsp;&nbsp;&nbsp;University of Pittsburgh, Commonwealth System of Higher Education, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2034 | 2000 | 2276 |
|  |  | 134755 |
| Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $138,266) ($ Thousands) |  | 135716 |
|  | Shares |  |
| **CASH EQUIVALENT — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.190%<sup>\*\*†</sup> | 1106162 | 1106 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,106) ($ Thousands) |  | 1106 |
| Total Investments in Securities — 98.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $139,372) ($ Thousands) |  | $136822 |

---

SEI Tax Exempt Trust 55

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**Pennsylvania Municipal Bond Fund** (Concluded)

Percentages are based on Net Assets of $138,384 ($ Thousands).

<sup>†</sup> Investment in Affiliated Security (see Note 3).

<sup>\*\*</sup> The rate reported is the 7-day effective yield as of August 31, 2025.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(C) Variable
 or floating rate security. The 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 level of inputs used as of August 31, 2025, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1<br> ($)** | **Level 2<br> ($)** | **Level 3<br> ($)** | **Total<br> ($)** |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 135716 |  | 135716 |
| &nbsp;&nbsp;&nbsp;Cash Equivalent | 1106 | – |  | 1106 |
| Total Investments in Securities | 1106 | 135716 |  | 136822 |

---

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 8/31/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain/<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Value<br> 8/31/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $451 | $44990 | $(44335) | $— | $— | $1106 | $79 | $— |

---

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

See "Glossary" for abbreviations.

The accompanying notes are an integral part of the financial statements.

56 SEI Tax Exempt Trust

**SCHEDULE OF INVESTMENTS**

August 31, 2025

**Tax-Advantaged Income Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS — 71.0%** |  |  |
| **Alabama — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Alabama State, Special Care Facilities Financing Authority, Methodist Home for the Aging Project, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/01/2045 | $800 | $702 |
| &nbsp;&nbsp;&nbsp;Baldwin County, Industrial Development Authority, Novelis Corporation Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2055 (A)(B) | 2200 | 2203 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2054 (B) | 3100 | 3359 |
| &nbsp;&nbsp;&nbsp;Black Belt, Energy Gas District, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.341%, 07/01/2052 (B) | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama, Energy Authority, Cooperative District, Ser B-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 04/01/2054 (B) | 1000 | 1103 |
|  |  | 8376 |
| **Alaska — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Anchorage, Solid Waste Services Revenue, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/01/2062 | 3480 | 3556 |
| **Arizona — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Basis Schools Projects, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/01/2050 (A) | 1090 | 1038 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Great Lakes Senior Living Community, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 01/01/2059 | 5428 | 4752 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Legacy Cares Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 07/01/2050 (A)(C) | 3000 | 92 |
| &nbsp;&nbsp;&nbsp;Arizona State, Industrial Development Authority, Master Academy Mountain Vista Campus Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/15/2038 (A) | 1510 | 1483 |
| &nbsp;&nbsp;&nbsp;La Paz County, Industrial Development Authority, Charter School Solutions- Harmony Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 | 245 | 250 |
| &nbsp;&nbsp;&nbsp;Pima County, Industrial Development Authority, Paideia Academics Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2049 | 1050 | 902 |
| &nbsp;&nbsp;&nbsp;Pima County, Industrial Development Authority, Tucson Country Day School Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037 | 235 | 206 |
|  |  | 8723 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| **Arkansas — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Arkansas State, Development Finance Authority, Big River Steel Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/2049 (A) | $400 | $366 |
| &nbsp;&nbsp;&nbsp;Arkansas State, Development Finance Authority, United States Steel Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 09/01/2052 | 785 | 761 |
|  |  | 1127 |
| **California — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Alameda Corridor, Transportation Authority, Ser A-CONV, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/01/2037 (D)(E) | 2000 | 1126 |
| &nbsp;&nbsp;&nbsp;Bay Area, Toll Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.550%, 04/01/2059 (B)(F) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2054 (B) | 995 | 1069 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, Ser B-1, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2052 (B) | 5000 | 5021 |
| &nbsp;&nbsp;&nbsp;California State, Community Choice Financing Authority, Clean Energy Project, Ser F, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2055 (B) | 3100 | 3334 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Limited Obligation Multifamily Housing, Battery Point Apartments, Ser S, RB, FHA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.970%, 11/01/2053 (A)(B) | 2600 | 2633 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Limited Obligation Multifamily Housing, Valley Pride Village Apartments, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 06/01/2054 (A)(B) | 4700 | 4656 |
| &nbsp;&nbsp;&nbsp;California State, Housing Finance Agency, Vose Apartments, Ser K, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 03/01/2053 (A)(B) | 1600 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/01/2053 (A)(B) | 6200 | 6331 |
| &nbsp;&nbsp;&nbsp;California State, Infrastructure & Economic Development Bank, Wonderful Foundations, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/01/2035 (G) | 920 | 532 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, Ascent 613 Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2040 (A) | 1305 | 1249 |
| &nbsp;&nbsp;&nbsp;California State, Municipal Finance Authority, California Baptist University Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2046 (A) | 1000 | 913 |

---

SEI Tax Exempt Trust 57

**SCHEDULE OF INVESTMENTS**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;California State, Pollution Control Financing Authority, Calplant I Project, Sub-Ser, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 12/01/2039 (A)(C) | $3432 | $– |
| &nbsp;&nbsp;&nbsp;California State, Pollution Control Financing Authority, San Jose Water Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 11/01/2046 | 1500 | 1367 |
| &nbsp;&nbsp;&nbsp;California State, Public Finance Authority, Enso Village Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2046 (A) | 500 | 435 |
| &nbsp;&nbsp;&nbsp;California State, School Finance Authority, Downtown Prep-Obligated Group, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2046 (A)(C) | 1000 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2051 (A)(C) | 1000 | 600 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Communities Development Authority, Arbor Square Apartments, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/01/2059 (B) | 1960 | 1657 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Communities Development Authority, Southern California Edison Company, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/01/2033 | 2200 | 2259 |
| &nbsp;&nbsp;&nbsp;California State, Statewide Financing Authority, Tobacco Settlement, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/2037 | 3765 | 3841 |
| &nbsp;&nbsp;&nbsp;CMFA, Special Finance Agency, Solana at Grand, Ser A-2-JUNIOR, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2045 (A) | 1095 | 917 |
| &nbsp;&nbsp;&nbsp;CSCDA, Community Improvement Authority, 1818 Platinum Triange-Anaheim, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2057 (A) | 500 | 353 |
| &nbsp;&nbsp;&nbsp;CSCDA, Community Improvement Authority, Dublin, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2057 (A) | 1000 | 717 |
| &nbsp;&nbsp;&nbsp;CSCDA, Community Improvement Authority, Pasadena Portfolio, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2056 (A) | 500 | 361 |
| &nbsp;&nbsp;&nbsp;CSCDA, Community Improvement Authority, Towne-Glendale, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2037 (A) | 2200 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2032 (A)(D)(E) | 7800 | 4679 |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Sub-Ser B-2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2066 (G) | 23600 | 2190 |
| &nbsp;&nbsp;&nbsp;Golden State, Tobacco Securitization Project, Sub-Ser, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 06/01/2050 | 1215 | 1094 |
| &nbsp;&nbsp;&nbsp;Morongo, Band of Mission Indians, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2042 (A) | 1000 | 987 |
| &nbsp;&nbsp;&nbsp;M-S-R, Energy Authority, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2039 | 5885 | 6988 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Northern California, Tobacco Securitization Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2060 (G) | $15040 | $2155 |
| &nbsp;&nbsp;&nbsp;Poway, School Facilities Improvement Authority, Unified School District Capital Appreciation Project, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2038 (G) | 5410 | 3165 |
| &nbsp;&nbsp;&nbsp;Southern California, Tobacco Securitization Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2054 (G) | 5700 | 1089 |
| &nbsp;&nbsp;&nbsp;Windsor, Unified School District, Election 2008, Ser D, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/01/2035 (G) | 1800 | 1220 |
|  |  | 68235 |
| **Colorado — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Aurora, Harvest Crossing Metropolitan District No. 4, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 12/01/2052 | 1500 | 1497 |
| &nbsp;&nbsp;&nbsp;Aviation Station North, Metropolitan District No. 2, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2039 | 500 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2048 | 500 | 454 |
| &nbsp;&nbsp;&nbsp;Broadway Station, Metropolitan District No. 3, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2049 | 500 | 367 |
| &nbsp;&nbsp;&nbsp;Colorado International Center, Metropolitan District No. 7, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 12/01/2027 (D)(E) | 2000 | 1533 |
| &nbsp;&nbsp;&nbsp;Colorado State, Educational & Cultural Facilities Authority, New Summit Charter Acadamy Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2061 (A) | 600 | 394 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Commonspirit Health Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2044 | 2000 | 1729 |
| &nbsp;&nbsp;&nbsp;Colorado State, Health Facilities Authority, Covenant Living Communities and Services, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2035 | 1000 | 1074 |
| &nbsp;&nbsp;&nbsp;Colorado State, Housing & Finance Authority, The Irving at Mile High Vista Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/01/2028 (A)(B) | 2140 | 2171 |
| &nbsp;&nbsp;&nbsp;Colorado State, Public Energy Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 11/15/2028 | 540 | 566 |
| &nbsp;&nbsp;&nbsp;Denver, International Business Center Metropolitan District No. 1, Sub-Ser B, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2048 | 1144 | 1145 |
| &nbsp;&nbsp;&nbsp;Dominion, Water & Sanitation District, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 12/01/2052 | 4000 | 3988 |

---

58 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Pinery, Commercial Metropolitan District No. 2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/01/2054 | $500 | $475 |
| &nbsp;&nbsp;&nbsp;Pronghorn Valley, Metropolitan District, Ser A, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2051 | 250 | 192 |
| &nbsp;&nbsp;&nbsp;Village at Dry Creek, Metropolitan District No. 2, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 12/01/2044 | 313 | 283 |
|  |  | 16355 |
| **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;&nbsp;&nbsp;5.000%, 09/01/2053 (A) | 1500 | 1304 |
| **Delaware — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Affordable Housing Opportunities Trust, Northwest One, Ser AH-07, Cl A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.120%, 10/01/2038 (A) | 1895 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.167%, 10/01/2038 (A)(B) | 10750 | 8838 |
| &nbsp;&nbsp;&nbsp;Delaware State, Economic Development Authority, Acts-Retirement Life Communities, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/15/2053 | 1000 | 961 |
|  |  | 11550 |
| **Florida — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlantic Beach, Health Care, Fleet Landing Project, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 11/15/2043 | 1325 | 1325 |
| &nbsp;&nbsp;&nbsp;Capital Trust Agency, First Mortgage, Tapestry Walden Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 07/01/2037 (A)(C) | 1585 | 19 |
| &nbsp;&nbsp;&nbsp;Capital Trust Agency, H-Bay Ministries, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2053 (C) | 750 | 17 |
| &nbsp;&nbsp;&nbsp;Capital Trust Agency, Renaissance Charter School Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2049 (A) | 1000 | 857 |
| &nbsp;&nbsp;&nbsp;Capital Trust Agency, Wonderful Foundations Charter, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2055 (A) | 3500 | 2818 |
| &nbsp;&nbsp;&nbsp;Charlotte County, Industrial Development Authority, Town & Country Utilities Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 10/01/2055 | 600 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2051 (A) | 500 | 388 |
| &nbsp;&nbsp;&nbsp;Florida State, Development Finance, Brightline Florida Passenger Rail Project, AMT, RB, AGM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2044 | 2500 | 2394 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Florida State, Development Finance, Global Reach Charter Acadamy Projects, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/30/2056 (A) | $765 | $472 |
| &nbsp;&nbsp;&nbsp;Florida State, Higher Educational Facilities Financing Authority, Jacksonville University, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2033 (A) | 500 | 473 |
| &nbsp;&nbsp;&nbsp;Florida State, Higher Educational Facilities Financing Authority, Keiser University Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2045 (A) | 1700 | 1644 |
| &nbsp;&nbsp;&nbsp;Florida State, Village Community Development District No. 15, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 05/01/2055 (A) | 1000 | 891 |
| &nbsp;&nbsp;&nbsp;Highlands County, Health Facilities Authority, Senior Living Revenue, Trousdale Foundation Properties, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/2038 (C) | 318 | 4 |
| &nbsp;&nbsp;&nbsp;Lakewood Ranch, Stewardship District, Southeast Project, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2040 | 1345 | 1343 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County, Seaport Department, Ser A, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/2052 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;Midtown Miami, Community Development District, Parking Garage Project, Ser A, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2029 | 1630 | 1631 |
| &nbsp;&nbsp;&nbsp;Polk County, Industrial Development Authority, Mineral Development Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 01/01/2033 (A)(C) | 3365 | 1851 |
| &nbsp;&nbsp;&nbsp;Sarasota County, Health Facilities Authority, Sunnyside Village Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2033 | 630 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2028 | 750 | 755 |
| &nbsp;&nbsp;&nbsp;St. Johns County, Industrial Development Authority, Vicars Landing Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2046 | 950 | 704 |
| &nbsp;&nbsp;&nbsp;Trout Creek, Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 | 250 | 255 |
|  |  | 20079 |
| **Georgia — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlanta, Development Authority, Gulch Enterprise Zone Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/15/2028 (A)(D)(E) | 2400 | 2048 |
| &nbsp;&nbsp;&nbsp;Atlanta, Development Authority, Westside Gulch Area Project, Ser A, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2034 (A) | 300 | 300 |
| &nbsp;&nbsp;&nbsp;Augusta, Development Authority, Wellstar Health System Inc Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 04/01/2053 | 3500 | 3470 |

---

SEI Tax Exempt Trust 59

**SCHEDULE OF INVESTMENTS**

August 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Gainesville & Hall County, Development Authority, Riverside Military Academy Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 03/01/2052 | $| 1620 | $| 810 |
| &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 (A) |  | 1460 |  | 1285 |
| &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 |  | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2053 (B) |  | 2150 |  | 2276 |
| &nbsp;&nbsp;&nbsp;Georgia State, Main Street Natural Gas, Ser B, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/2055 (B) |  | 1700 |  | 1797 |
| &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 |  | 5584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2064 |  | 1000 |  | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2056 |  | 500 |  | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2060 |  | 5000 |  | 4808 |
|  |  |  |  | 24871 |
| **Idaho — 0.2%** | **Idaho — 0.2%** | **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 (A) |  | 225 |  | 226 |
| &nbsp;&nbsp;&nbsp;Spring Valley Community, Infrastructure District No. 1, SAB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 09/01/2051 (A) |  | 1400 |  | 1246 |
|  |  |  |  | 1472 |
| **Illinois — 1.1%** | **Illinois — 1.1%** | **Illinois — 1.1%** | **Illinois — 1.1%** | **Illinois — 1.1%** |
| &nbsp;&nbsp;&nbsp;Chicago, O'Hare International Airport, AMT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2048 |  | 500 |  | 472 |
| &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 |
| Hillside, TA | Hillside, TA | Hillside, TA | Hillside, TA | Hillside, TA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2030 |  | 1160 |  | 1170 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Acero Charter Schools, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2042 (A) |  | 350 |  | 287 |
| &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 (A) |  | 1000 |  | 681 |
| &nbsp;&nbsp;&nbsp;Illinois State, Finance Authority, Ascension, Ser C, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2041 |  | 520 |  | 524 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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;Illinois State, Finance Authority, Ascension, Ser C, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2027 (H) | $| 480 | $| 497 |
| &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 (C) |  | 1561 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2037 (C) |  | 1561 |  | 13 |
| &nbsp;&nbsp;&nbsp;Illinois State, Ser A, GO | &nbsp;&nbsp;&nbsp;Illinois State, Ser A, GO | &nbsp;&nbsp;&nbsp;Illinois State, Ser A, GO | &nbsp;&nbsp;&nbsp;Illinois State, Ser A, GO | &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;Illinois State, Ser B, GO | &nbsp;&nbsp;&nbsp;Illinois State, Ser B, GO | &nbsp;&nbsp;&nbsp;Illinois State, Ser B, GO | &nbsp;&nbsp;&nbsp;Illinois State, Ser B, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/2043 |  | 2000 |  | 2039 |
|  |  |  |  | 9217 |
| **Indiana — 0.4%** | **Indiana — 0.4%** | **Indiana — 0.4%** | **Indiana — 0.4%** | **Indiana — 0.4%** |
| &nbsp;&nbsp;&nbsp;Indiana State, Finance Authority, Polyflow Project, AMT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 03/01/2039 (A)(C) |  | 10200 |  | 510 |
| &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 |  | 3119 |
|  |  |  |  | 3629 |
| **Iowa — 1.1%** | **Iowa — 1.1%** | **Iowa — 1.1%** | **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;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/01/2032 (B)(H) |  | 4200 |  | 4491 |
| &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 |  | 901 |
| &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 |  | 624 |
| &nbsp;&nbsp;&nbsp;Iowa State, Finance Authority, Tamid Waterloo Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 01/01/2042 (A) |  | 2000 |  | 1693 |
| &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) |  | 11075 |  | 1532 |
|  |  |  |  | 9241 |
| **Kansas — 0.6%** | **Kansas — 0.6%** | **Kansas — 0.6%** | **Kansas — 0.6%** | **Kansas — 0.6%** |
| &nbsp;&nbsp;&nbsp;Colby, Citizens Medical Center Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2026 |  | 2000 |  | 2005 |
| &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 |  | 871 |
| &nbsp;&nbsp;&nbsp;Wichita, Presbyterian Manor Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2050 |  | 600 |  | 478 |

---

60 SEI Tax Exempt Trust

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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;Wichita, Presbyterian Manor Project, Ser I, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2028 | $| 315 | $| 318 |
| &nbsp;&nbsp;&nbsp;Wyandotte County, Kansas City Unified Government, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2034 (A)(G) |  | 1785 |  | 964 |
|  |  |  |  | 4636 |
| **Kentucky — 0.2%** | **Kentucky — 0.2%** | **Kentucky — 0.2%** | **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 |  | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/15/2036 |  | 1700 |  | 1326 |
|  |  |  |  | 2015 |
| **Louisiana — 0.2%** | **Louisiana — 0.2%** | **Louisiana — 0.2%** | **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 (A) |  | 700 |  | 723 |
| &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 (A) |  | 400 |  | 337 |
| &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 (A) |  | 630 |  | 641 |
|  |  |  |  | 1701 |
| **Maryland — 0.1%** | **Maryland — 0.1%** | **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 |  | 589 |
| **Massachusetts — 0.8%** | **Massachusetts — 0.8%** | **Massachusetts — 0.8%** | **Massachusetts — 0.8%** | **Massachusetts — 0.8%** |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Beth Israel Lahey Health, RB, AGM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2050 |  | 1600 |  | 1584 |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Development Finance Agency, Boston Medical Center, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2052 |  | 1500 |  | 1415 |
| Massachusetts State, GO | Massachusetts State, GO | Massachusetts State, GO | Massachusetts State, GO | Massachusetts State, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2048 |  | 1600 |  | 1614 |
| Massachusetts State, Ser F, GO | Massachusetts State, Ser F, GO | Massachusetts State, Ser F, GO | Massachusetts State, Ser F, GO | Massachusetts State, Ser F, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2048 |  | 1800 |  | 1846 |
|  |  |  |  | 6459 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br>(Thousands) | Market Value<br>($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **Michigan — 1.9%** | **Michigan — 1.9%** | **Michigan — 1.9%** |
| &nbsp;&nbsp;&nbsp;Detroit, Ser A, GO | &nbsp;&nbsp;&nbsp;Detroit, Ser A, GO | &nbsp;&nbsp;&nbsp;Detroit, Ser A, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/2039 | $1000 | $1101 |
| &nbsp;&nbsp;&nbsp;Detroit, Ser B-1, GO | &nbsp;&nbsp;&nbsp;Detroit, Ser B-1, GO | &nbsp;&nbsp;&nbsp;Detroit, Ser B-1, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2044 (B) | 5767 | 4525 |
| &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 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 09/01/2040 | 185 | 151 |
| &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 | 1345 |
| &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 | 3619 |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, Tobacco Settlement, Ser B-2, Cl 2, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2065 (G) | 20000 | 1822 |
| &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 | 3248 |
|  |  | 16042 |
| **Minnesota — 0.2%** | **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 | 165 | 164 |
| &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 | 502 |
| &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 (A) | 750 | 750 |
| &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 | 99 |
|  |  | 1515 |
| **Missouri — 0.8%** | **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 | 840 |
| &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 | 4022 |
| &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 | 2038 |
|  |  | 6900 |

---

SEI Tax Exempt Trust 61

**SCHEDULE OF INVESTMENTS**

August 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)** |
| **Montana — 0.2%** | **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 | $1259 |
| **Nevada — 0.4%** | **Nevada — 0.4%** | **Nevada — 0.4%** |
| &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 (A)(C) | 2688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 12/15/2037 (A) | 1754 |  |
| &nbsp;&nbsp;&nbsp;Reno, Sub-Ser D, RB | &nbsp;&nbsp;&nbsp;Reno, Sub-Ser D, RB | &nbsp;&nbsp;&nbsp;Reno, Sub-Ser D, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2058 (A)(G) | 10000 | 1155 |
| &nbsp;&nbsp;&nbsp;Reno, Sub-Ser, RB | &nbsp;&nbsp;&nbsp;Reno, Sub-Ser, RB | &nbsp;&nbsp;&nbsp;Reno, Sub-Ser, RB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2058 (A)(G) | 16500 | 2433 |
|  |  | 3588 |
| **New Hampshire — 0.7%** | **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 (A) | 3928 | 3686 |
| &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 | 1463 | 1331 |
| &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 | 991 |
|  |  | 6008 |
| **New Jersey — 1.4%** | **New Jersey — 1.4%** | **New Jersey — 1.4%** |
| &nbsp;&nbsp;&nbsp;New Jersey State, Economic Development Authority, Kapowski Road Landfill Project, SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 04/01/2031 | 2500 | 2509 |
| &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 | 4003 |
| &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 | 439 |
| &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 | 1389 |
| &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 | 2001 |
| &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 | 606 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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;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 | $| 494 |
|  |  |  |  | 11441 |
| **New York — 6.2%** | **New York — 6.2%** | **New York — 6.2%** | **New York — 6.2%** | **New York — 6.2%** |
| &nbsp;&nbsp;&nbsp;Battery Park City, Authority, Ser D-2, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 11/01/2038 (B) |  | 1500 |  | 1500 |
| &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 |  | 1389 |
| &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 |  | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 02/01/2051 |  | 500 |  | 369 |
| &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 |  | 1386 |
| &nbsp;&nbsp;&nbsp;New York City, Energy Finance Development, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2056 (B) |  | 1600 |  | 1681 |
| &nbsp;&nbsp;&nbsp;New York City, Industrial Development Agency, Yankee Stadium Project, RB, FGIC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.585%, 03/01/2026 (B) |  | 425 |  | 425 |
| &nbsp;&nbsp;&nbsp;New York City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser E-1, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2051 |  | 1000 |  | 693 |
| &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 |  | 2052 |
| &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 |  | 4287 |
| &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 |  | 2112 |
| &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 |  | 1138 |
| &nbsp;&nbsp;&nbsp;New York State, Liberty Development Authority, World Trade Center Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 11/15/2040 (A) |  | 4000 |  | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2044 (A) |  | 1000 |  | 970 |
| &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 |  | 930 |  | 953 |

---

62 SEI Tax Exempt Trust

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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;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 | $| 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/2033 |  | 4085 |  | 4148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/01/2030 |  | 1000 |  | 1002 |
| &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 |  | 2031 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/2040 |  | 775 |  | 835 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB, BAM-TCRS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/2060 |  | 2540 |  | 2541 |
| &nbsp;&nbsp;&nbsp;New York State, Transportation Development Corporation, JFK International Airport Terminal 6 Redevelopment Project, AMT, RB, AGC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/31/2054 |  | 2600 |  | 2562 |
| &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 |  | 3770 |
| &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 |  | 3532 |
| &nbsp;&nbsp;&nbsp;Suffolk Regional, Off-Track Betting, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2053 |  | 500 |  | 498 |
| &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 |  | 1710 |
| &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 |  | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 09/15/2053 |  | 2500 |  | 1879 |
|  |  |  |  | 51418 |
| **North Carolina — 0.1%** | **North Carolina — 0.1%** | **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 |  | 890 |  | 995 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **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 (A)(C) | $1500 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 12/15/2031 (A)(C) | 1000 | – |
|  |  | – |
| **Ohio — 2.1%** | **Ohio — 2.1%** | **Ohio — 2.1%** |
| &nbsp;&nbsp;&nbsp;Buckeye, Tobacco Settlement Financing Authority, Ser B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2055 | 5600 | 4523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 06/01/2057 (G) | 54300 | 4751 |
| &nbsp;&nbsp;&nbsp;Dayton-Montgomery County, Port Authority, Liberty Assisted Living, Springfield Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 01/01/2045 (A) | 500 | 503 |
| &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 | 3681 |
| &nbsp;&nbsp;&nbsp;Montgomery County, Trousdale Foundation Properties Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 04/01/2049 (A)(C) | 1508 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/2038 (A) | 1282 | 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 (A) | 4250 | 3695 |
|  |  | 17188 |
| **Oklahoma — 0.7%** | **Oklahoma — 0.7%** | **Oklahoma — 0.7%** |
| &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 | 2654 |
| &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 (C) | 2163 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 11/01/2046 (C) | 1081 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, 11/01/2036 (C) | 522 | 2 |
| &nbsp;&nbsp;&nbsp;Tulsa, Trustees of the Municipal Airport Trust, American Airlines Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 12/01/2035 | 3000 | 3313 |
|  |  | 5983 |
| **Oregon — 0.1%** | **Oregon — 0.1%** | **Oregon — 0.1%** |
| &nbsp;&nbsp;&nbsp;University of Oregon, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2050 | 600 | 603 |
| **Other — 3.0%** | **Other — 3.0%** | **Other — 3.0%** |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML15, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.003%, 01/25/2040 (B) | 4892 | 4704 |

---

SEI Tax Exempt Trust 63

**SCHEDULE OF INVESTMENTS**

August 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML19, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.414%, 08/25/2040 (B) | $| 5832 | $| 5891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.033%, 12/25/2036 (B) |  | 5163 |  | 5162 |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML22, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.684%, 10/25/2040 (B) |  | 3071 |  | 3124 |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML-29, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.711%, 01/25/2043 (B) |  | 6290 |  | 6354 |
|  |  |  |  | 25235 |
| **Pennsylvania — 3.6%** | **Pennsylvania — 3.6%** | **Pennsylvania — 3.6%** | **Pennsylvania — 3.6%** | **Pennsylvania — 3.6%** |
| &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 |  | 961 |
| &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 (A) |  | 2040 |  | 2024 |
| &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 |  | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 06/30/2039 |  | 2878 |  | 2543 |
| &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 |  | 300 |
| &nbsp;&nbsp;&nbsp;Blythe, Solid Waste Authority, AMT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 12/01/2027 (H) |  | 3450 |  | 3757 |
| &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 (A) |  | 100 |  | 100 |
| &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 |  | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2051 |  | 3000 |  | 2912 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, Noble Environmental Inc Project, AMT, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 09/01/2047 (A) |  | 500 |  | 494 |
| &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 |  | 4803 |
| &nbsp;&nbsp;&nbsp;Pennsylvania State, Economic Development Financing Authority, PPL Energy Supply Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/2037 (B) |  | 1000 |  | 1007 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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;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 | $| 1196 |
| &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%, 08/15/2049 |  | 1210 |  | 1190 |
| &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;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Refunded @ 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2026 (A)(H) |  | 2000 |  | 2067 |
| &nbsp;&nbsp;&nbsp;Southcentral Pennsylvania, General Authority, York Academy Regional Christian School Program, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/15/2048 (A) |  | 2800 |  | 2816 |
|  |  |  |  | 29713 |
| **Puerto Rico — 6.8%** | **Puerto Rico — 6.8%** | **Puerto Rico — 6.8%** | **Puerto Rico — 6.8%** | **Puerto Rico — 6.8%** |
| &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 (C) |  | 200 |  | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/2031 (C) |  | 5895 |  | 3861 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Electric Power Authority, Ser UU, RB, AGM |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.571%, 07/01/2029 (B) |  | 6570 |  | 6317 |
| &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 |  | 904 |
| &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 (C) |  | 1265 |  | 829 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, GDB Debt Recovery Authority, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 08/20/2040 |  | 8953 |  | 8637 |
| &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 |  | 4118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2046 (G) |  | 12100 |  | 3801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/01/2051 (G) |  | 41435 |  | 9599 |
| &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 |  | 1851 |
| &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 |  | 1904 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sub-Ser CW, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/01/2043 (B)(D) |  | 3813 |  | 2392 |
| &nbsp;&nbsp;&nbsp;Puerto Rico, Sub-Ser Senior, Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 11/01/2051 (B)(D) |  | 18924 |  | 12277 |
|  |  |  |  | 56621 |

---

64 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **Rhode Island — 0.9%** | **Rhode Island — 0.9%** | **Rhode Island — 0.9%** |
| &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 | $925 |
| &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 | 6718 |
|  |  | 7643 |
| **South Carolina — 0.3%** | **South Carolina — 0.3%** | **South Carolina — 0.3%** |
| &nbsp;&nbsp;&nbsp;Patriots Energy Group, Financing Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/01/2054 (B) | 1800 | 1946 |
| &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 (A)(C) | 1000 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/01/2027 (A)(C) | 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 (C) | 155 | 124 |
|  |  | 2250 |
| **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 | 1746 |
| &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 | 1013 |
| &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 | 949 |
| &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 (C) | 700 | 515 |
| &nbsp;&nbsp;&nbsp;Nashville, Metropolitan Development & Housing Agency, TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2028 (A) | 340 | 344 |
| &nbsp;&nbsp;&nbsp;Tennessee State, Energy Acquisition, Ser C, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2027 | 4000 | 4086 |
|  |  | 8653 |
| **Texas — 7.1%** | **Texas — 7.1%** | **Texas — 7.1%** |
| &nbsp;&nbsp;&nbsp;Angelina & Neches, River Authority, Jefferson Enterprise Energy, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.000%, 12/01/2045 (A) | 3000 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 12/01/2045 (A) | 1750 | 175 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Arlington, Higher Education Finance, Basis Texas Charter Schools, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/15/2055 (A) | $1500 | $1467 |
| &nbsp;&nbsp;&nbsp;Austin Affordable PFC Inc, Multifamily Housing, Heritage Pointe Seniors Apartments, RB, FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, 05/01/2043 | 2750 | 2571 |
| &nbsp;&nbsp;&nbsp;Baytown, Municipal Development District, Baytown Convention Center Hotel, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/2050 (A) | 500 | 389 |
| &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 (A) | 3281 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 06/01/2042 (A)(B) | 1406 | 352 |
| &nbsp;&nbsp;&nbsp;Brazoria County, Industrial Development, Gladieux Metals Recycling Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000%, 03/01/2039 (A)(C) | 8910 | 2227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 03/01/2039 (C) | 480 | 120 |
| &nbsp;&nbsp;&nbsp;Calhoun County, Navigation Industrial Development Authority, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/01/2026 (A) | 2000 | 1939 |
| &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 | 970 |
| &nbsp;&nbsp;&nbsp;Denton, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2053 | 1500 | 1511 |
| &nbsp;&nbsp;&nbsp;Houston, Airport System Revenue, United Airlines Inc Terminal Improvement Projects, Ser B, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2035 | 4000 | 4273 |
| &nbsp;&nbsp;&nbsp;Liberty Hill, Independent School District, GO, PSF-GTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/2055 | 4000 | 4017 |
| &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 (C) | 1500 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2031 (C) | 250 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2046 | 2000 | 1682 |
| &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 | 1363 |
| &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 | 477 |
| &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 | 416 |
| &nbsp;&nbsp;&nbsp;North Fort Bend, Water Authority, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2044 | 6455 | 5610 |

---

SEI Tax Exempt Trust 65

**SCHEDULE OF INVESTMENTS**

August 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;North Texas, Municipal Water District, Water System Revenue, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/2047 | $| 5000 | $| 5101 |
| &nbsp;&nbsp;&nbsp;Northwest, Independent School District, GO, PSF-GTD |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2055 |  | 4000 |  | 4041 |
| &nbsp;&nbsp;&nbsp;Port Isabel, GO | &nbsp;&nbsp;&nbsp;Port Isabel, GO | &nbsp;&nbsp;&nbsp;Port Isabel, GO | &nbsp;&nbsp;&nbsp;Port Isabel, GO | &nbsp;&nbsp;&nbsp;Port Isabel, GO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 02/15/2049 (A) |  | 1000 |  | 901 |
| &nbsp;&nbsp;&nbsp;Texas State, Municipal Gas Acquisition & Supply I, Sub-Ser C, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.519%, 12/15/2026 (B) |  | 3000 |  | 3001 |
| &nbsp;&nbsp;&nbsp;Texas State, Water Development Board, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2058 |  | 3600 |  | 3623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 10/15/2048 |  | 10500 |  | 10593 |
|  |  |  |  | 58861 |
| **Utah — 0.8%** | **Utah — 0.8%** | **Utah — 0.8%** | **Utah — 0.8%** | **Utah — 0.8%** |
| &nbsp;&nbsp;&nbsp;Mida Mountain Village, Public Infrastructure District, Mountain Village Assesment, SAB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/01/2050 (A) |  | 1885 |  | 1503 |
| &nbsp;&nbsp;&nbsp;Mida Mountain Village, Public Infrastructure District, Sub-Ser 2, TA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/15/2054 (A) |  | 1000 |  | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/15/2039 (A) |  | 1790 |  | 1768 |
| &nbsp;&nbsp;&nbsp;Soleil Hills, Public Infrastructure District No. 1, Ser A, GO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 03/01/2055 (A) |  | 500 |  | 471 |
| &nbsp;&nbsp;&nbsp;UIPA Crossroads, Public Infrastructure District, TA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 06/01/2052 (A) |  | 1000 |  | 854 |
| &nbsp;&nbsp;&nbsp;Utah State, Charter School Finance Authority, Early Light Academy Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/15/2027 (A) |  | 200 |  | 200 |
| &nbsp;&nbsp;&nbsp;Utah State, Charter School Finance Authority, St George Campus Project, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2052 (A) |  | 1300 |  | 1028 |
|  |  |  |  | 6816 |
| **Virginia — 1.7%** | **Virginia — 1.7%** | **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 (A) |  | 2400 |  | 2257 |
| &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 |  | 375 |
| &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 |  | 934 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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;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 (C) |  | 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 |  | 1677 |
| &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 |  | 1022 |
| &nbsp;&nbsp;&nbsp;Virginia State, Small Business Financing Authority, Rixey Student Housing Project, Ser A, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2044 (A) |  | 6565 |  | 5477 |
| &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 |  | 2359 |
|  |  |  |  | 14196 |
| **Washington — 1.2%** | **Washington — 1.2%** | **Washington — 1.2%** | **Washington — 1.2%** | **Washington — 1.2%** |
| &nbsp;&nbsp;&nbsp;King County, Sewer Revenue, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.350%, 01/01/2042 (B) |  | 1500 |  | 1500 |
| &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 |  | 992 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Judson Park Project, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2033 (A) |  | 225 |  | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2028 (A) |  | 300 |  | 300 |
| &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 |  | 1872 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Social Certificates, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/20/2037 |  | 3047 |  | 2785 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Social Certificates, Ser 2, RB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.221%, 03/01/2050 (B) |  | 1989 |  | 1866 |
|  |  |  |  | 9541 |

---

66 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **West Virginia — 1.4%** | **West Virginia — 1.4%** | **West Virginia — 1.4%** |
| &nbsp;&nbsp;&nbsp;West Virginia State, Economic Development Authority, Core Natural Resources Inc Project, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 01/01/2055 (A)(B) | $2500 | $2543 |
| &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 | 2215 |
| &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 | 6512 |
|  |  | 11270 |
| **Wisconsin — 3.9%** | **Wisconsin — 3.9%** | **Wisconsin — 3.9%** |
| &nbsp;&nbsp;&nbsp;University of Wisconsin, Hospitals & Clinics, Ser 2018B, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 04/01/2048 (B) | 500 | 500 |
| &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 | 1797 |
| &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 | 2886 |
| &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 | 871 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Health & Educational Facilities Authority, Covenant Communities Inc Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2043 | 300 | 247 |
| &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 | 999 |
| &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 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/2028 | 610 | 612 |
| &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 | 2272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2048 | 1500 | 1212 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Delray Beach Radiation Therapy Project, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/01/2046 (A)(C) | 3500 | 1925 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Estancia Valley Classical, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/01/2051 (A) | 1000 | 680 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Georgia Express Lanes Project, Ser Senior 400, AMT, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/31/2065 | 4800 | 4689 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Irving Convention Center Hotel Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 01/01/2050 (A) | 3250 | 3315 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Lake Erie College, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 10/01/2054 (A) | 2770 | 1707 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Lariat Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/01/2029 (A)(G) | 721 | 541 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Marys Woods at Marylhurst Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/15/2052 (A) | 1750 | 1547 |
| &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 | 795 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Procure Proton Therapy Center Project, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 01/01/2048 (A) | 5070 | 2282 |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Public Finance Authority, Retirement Facilities First Mortgage, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/01/2055 (A) | 2500 | 2098 |
|  |  | 32190 |
| Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $663,084) ($ Thousands) |  | 589064 |
| **CORPORATE OBLIGATIONS — 21.2%** | **CORPORATE OBLIGATIONS — 21.2%** | **CORPORATE OBLIGATIONS — 21.2%** |
| **Financials — 20.9%** | **Financials — 20.9%** | **Financials — 20.9%** |
| &nbsp;&nbsp;&nbsp;Allianz | &nbsp;&nbsp;&nbsp;Allianz | &nbsp;&nbsp;&nbsp;Allianz |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, H15T5Y + 2.973%(A)(B)(I) | 2600 | 2576 |
| &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, H15T5Y + 2.854%(B)(I) | 6000 | 5855 |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group | &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group | &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, USISDA05 + 5.168%(A)(B)(I) | 6900 | 6991 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.375%, H15T5Y + 5.099%(B)(I) | 1200 | 1326 |
| &nbsp;&nbsp;&nbsp;Banco Santander | &nbsp;&nbsp;&nbsp;Banco Santander | &nbsp;&nbsp;&nbsp;Banco Santander |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.625%, H15T5Y + 5.306%(B)(I) | 3000 | 3321 |
| &nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;Bank of America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625%, H15T5Y + 2.684%(B)(I) | 2200 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, H15T5Y + 3.231%(B)(I) | 2800 | 2826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, H15T5Y + 2.760%(B)(I) | 2500 | 2442 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;&nbsp;Bank of Montreal |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.700%, H15T5Y + 3.452%, 05/26/2084 (B) | 2000 | 2085 |

---

SEI Tax Exempt Trust 67

**SCHEDULE OF INVESTMENTS**

August 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, H15T5Y + 2.976%, 11/26/2085 (B) | $800 | $805 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | &nbsp;&nbsp;&nbsp;Bank of New York Mellon | &nbsp;&nbsp;&nbsp;Bank of New York Mellon |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, H15T5Y + 2.630%(B)(I) | 4300 | 4168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, H15T5Y + 3.352%(B)(I) | 3500 | 3443 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, H15T5Y + 4.389%, 10/27/2082 (B) | 3200 | 3389 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;Barclays PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.625%, USISSO05 + 5.775%(B)(I) | 1200 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, H15T5Y + 3.410%(B)(I) | 3000 | 2828 |
| &nbsp;&nbsp;&nbsp;Benloch Ranch, Improvement Association No. 2 | &nbsp;&nbsp;&nbsp;Benloch Ranch, Improvement Association No. 2 | &nbsp;&nbsp;&nbsp;Benloch Ranch, Improvement Association No. 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, 12/01/2051 (A)(J) | 6000 | 4498 |
| &nbsp;&nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;&nbsp;BNP Paribas |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, H15T5Y + 4.969%(A)(B)(I) | 2400 | 2573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, H15T5Y + 4.354%(A)(B)(I) | 1400 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, H15T5Y + 4.899%(A)(B)(I) | 4290 | 4506 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets PLC | &nbsp;&nbsp;&nbsp;BP Capital Markets PLC | &nbsp;&nbsp;&nbsp;BP Capital Markets PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, H15T5Y + 1.924%(B)(I) | 2700 | 2753 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, H15T5Y + 3.157%(B)(I) | 5300 | 5193 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | &nbsp;&nbsp;&nbsp;Charles Schwab | &nbsp;&nbsp;&nbsp;Charles Schwab |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, H15T5Y + 3.168%(B)(I) | 6000 | 5910 |
| &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.950%, H15T5Y + 2.726%(B)(I) | 1250 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, H15T5Y + 3.417%(B)(I) | 4400 | 4349 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group | &nbsp;&nbsp;&nbsp;Citizens Financial Group | &nbsp;&nbsp;&nbsp;Citizens Financial Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, H15T5Y + 5.313%(B)(I) | 1500 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, H15T5Y + 3.215%(B)(I) | 2600 | 2541 |
| &nbsp;&nbsp;&nbsp;CoBank ACB | &nbsp;&nbsp;&nbsp;CoBank ACB | &nbsp;&nbsp;&nbsp;CoBank ACB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, US0003M + 4.660%(B)(I) | 500 | 500 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial | &nbsp;&nbsp;&nbsp;Corebridge Financial | &nbsp;&nbsp;&nbsp;Corebridge Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, H15T5Y + 3.846%, 12/15/2052 (B) | 1500 | 1551 |
| &nbsp;&nbsp;&nbsp;Credit Agricole | &nbsp;&nbsp;&nbsp;Credit Agricole | &nbsp;&nbsp;&nbsp;Credit Agricole |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, USSW5 + 6.185%(A)(B)(I) | 2000 | 2014 |
| &nbsp;&nbsp;&nbsp;Credit Agricole MTN | &nbsp;&nbsp;&nbsp;Credit Agricole MTN | &nbsp;&nbsp;&nbsp;Credit Agricole MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, H15T5Y + 3.237%(A)(B)(I) | 3000 | 2848 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | &nbsp;&nbsp;&nbsp;Goldman Sachs Group | &nbsp;&nbsp;&nbsp;Goldman Sachs Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, H15T5Y + 2.809%(B)(I) | 3300 | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, H15T5Y + 2.949%(B)(I) | 2000 | 1943 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;HSBC Holdings PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, USISDA05 + 3.746%(B)(I) | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares | &nbsp;&nbsp;&nbsp;Huntington Bancshares | &nbsp;&nbsp;&nbsp;Huntington Bancshares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, H15T7Y + 4.045%(B)(I) | 5648 | 5565 |
| &nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;ING Groep |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, H15T5Y + 4.342%(B)(I) | 4600 | 4607 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, H15T5Y + 2.737%(B)(I) | 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.152%(B)(I) | 1500 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, H15T5Y + 2.850%(B)(I) | 2300 | 2267 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;KeyCorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, TSFR3M + 3.868%(B)(I) | $3000 | $2966 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, H15T5Y + 3.913%(B)(I) | 4800 | 5156 |
| &nbsp;&nbsp;&nbsp;M&T Bank | &nbsp;&nbsp;&nbsp;M&T Bank | &nbsp;&nbsp;&nbsp;M&T Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.304%, H15T5Y + 3.174%(B)(I) | 1800 | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, H15T5Y + 2.679%(B)(I) | 2000 | 1933 |
| &nbsp;&nbsp;&nbsp;MetLife | &nbsp;&nbsp;&nbsp;MetLife | &nbsp;&nbsp;&nbsp;MetLife |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, H15T5Y + 3.576%(B)(I) | 1500 | 1495 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;NatWest Group PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T5Y + 3.752%(B)(I) | 2000 | 2214 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings | &nbsp;&nbsp;&nbsp;Nomura Holdings | &nbsp;&nbsp;&nbsp;Nomura Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T5Y + 3.084%(B)(I) | 1200 | 1230 |
| &nbsp;&nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;&nbsp;Northern Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, TSFR3M + 3.464%(B)(I) | 500 | 496 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;PNC Financial Services Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, H15T7Y + 2.808%(B)(I) | 2100 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, H15T5Y + 3.000%(B)(I) | 3400 | 3423 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | &nbsp;&nbsp;&nbsp;Prudential Financial | &nbsp;&nbsp;&nbsp;Prudential Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.404%, 03/15/2054 (B) | 2000 | 2102 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;Royal Bank of Canada |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, H15T5Y + 2.815%, 08/24/2085 (B) | 900 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.350%, H15T5Y + 2.257%, 11/24/2084 (B) | 500 | 485 |
| &nbsp;&nbsp;&nbsp;Societe Generale | &nbsp;&nbsp;&nbsp;Societe Generale | &nbsp;&nbsp;&nbsp;Societe Generale |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000%, H15T5Y + 5.448%(B)(I) | 200 | 220 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;Standard Chartered PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.014%, US0003M + 1.460%(A)(B)(I) | 4000 | 4143 |
| &nbsp;&nbsp;&nbsp;State Street | &nbsp;&nbsp;&nbsp;State Street | &nbsp;&nbsp;&nbsp;State Street |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.700%, H15T5Y + 2.628%(B)(I) | 1200 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.450%, H15T5Y + 2.135%(B)(I) | 2400 | 2441 |
| &nbsp;&nbsp;&nbsp;Toll Road Investors Partnership II | &nbsp;&nbsp;&nbsp;Toll Road Investors Partnership II | &nbsp;&nbsp;&nbsp;Toll Road Investors Partnership II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/15/2043 (A)(G) | 19266 | 6460 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T5Y + 4.075%, 10/31/2082 (B) | 4000 | 4213 |
| &nbsp;&nbsp;&nbsp;UBS Group | &nbsp;&nbsp;&nbsp;UBS Group | &nbsp;&nbsp;&nbsp;UBS Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, H15T5Y + 4.745%(A)(B)(I) | 2000 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.250%, H15T5Y + 4.758%(A)(B)(I) | 1000 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, H15T5Y + 3.313%(A)(B)(I) | 6000 | 5380 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;US Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, H15T5Y + 2.541%(B)(I) | 6200 | 5971 |
| &nbsp;&nbsp;&nbsp;Voya Financial | &nbsp;&nbsp;&nbsp;Voya Financial | &nbsp;&nbsp;&nbsp;Voya Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.758%, H15T5Y + 3.358%(B)(I) | 1700 | 1793 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;&nbsp;Wells Fargo |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, H15T5Y + 3.453%(B)(I) | 1500 | 1486 |
|  |  | 173639 |

---

68 SEI Tax Exempt Trust

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;Gladieux Metals Recycling | &nbsp;&nbsp;&nbsp;Gladieux Metals Recycling | &nbsp;&nbsp;&nbsp;Gladieux Metals Recycling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.360%, 10/19/2025 (J) | $1201 | $1201 |
| **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
| &nbsp;&nbsp;&nbsp;Dominion Energy | &nbsp;&nbsp;&nbsp;Dominion Energy | &nbsp;&nbsp;&nbsp;Dominion Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350%, H15T5Y + 3.195%(B)(I) | 1100 | 1079 |
| Total Corporate Obligations |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $176,062) ($ Thousands) |  | 175919 |

---

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **PREFERRED STOCK — 3.4%** | **PREFERRED STOCK — 3.4%** | **PREFERRED STOCK — 3.4%** |
| **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;AT&T | &nbsp;&nbsp;&nbsp;AT&T | &nbsp;&nbsp;&nbsp;AT&T |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 121800 | 2390 |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| &nbsp;&nbsp;&nbsp;Dairy Farmers of America | &nbsp;&nbsp;&nbsp;Dairy Farmers of America | &nbsp;&nbsp;&nbsp;Dairy Farmers of America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% | 15000 | 1440 |
| **Financials — 2.7%** | **Financials — 2.7%** | **Financials — 2.7%** |
| &nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;Allstate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 21234 | 429 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group | &nbsp;&nbsp;&nbsp;Arch Capital Group | &nbsp;&nbsp;&nbsp;Arch Capital Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450% | 10784 | 229 |
| &nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;Bank of America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.117%, TSFR3M + 0.912%(B) | 20730 | 425 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% | 70400 | 1388 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group | &nbsp;&nbsp;&nbsp;Citizens Financial Group | &nbsp;&nbsp;&nbsp;Citizens Financial Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 2.629%(B) | 46500 | 1173 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings | &nbsp;&nbsp;&nbsp;Equitable Holdings | &nbsp;&nbsp;&nbsp;Equitable Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 24094 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300% | 51362 | 891 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.267%, TSFR3M + 3.972%(B) | 49904 | 1275 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | &nbsp;&nbsp;&nbsp;Goldman Sachs Group | &nbsp;&nbsp;&nbsp;Goldman Sachs Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.158%, TSFR3M + 0.932%(B) | 4166 | 89 |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;KeyCorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, H15T5Y + 3.132%(B) | 15000 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, TSFR3M + 4.154%(B) | 4283 | 107 |
| &nbsp;&nbsp;&nbsp;M&T Bank | &nbsp;&nbsp;&nbsp;M&T Bank | &nbsp;&nbsp;&nbsp;M&T Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, TSOFRR3M + 4.280%(B) | 12841 | 318 |
| &nbsp;&nbsp;&nbsp;MetLife | &nbsp;&nbsp;&nbsp;MetLife | &nbsp;&nbsp;&nbsp;MetLife |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | 7914 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% | 174456 | 3548 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.279%, TSFR3M + 0.962%(B) | 133149 | 2903 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **PREFERRED STOCK (continued)** | **PREFERRED STOCK (continued)** | **PREFERRED STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Regions Financial | &nbsp;&nbsp;&nbsp;Regions Financial | &nbsp;&nbsp;&nbsp;Regions Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.950%, H15T5Y + 2.771%(B) | 5000 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, TSFR3M + 3.410%(B) | 16465 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450% | 48202 | 880 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200% | 55141 | 903 |
| &nbsp;&nbsp;&nbsp;Stifel Financial | &nbsp;&nbsp;&nbsp;Stifel Financial | &nbsp;&nbsp;&nbsp;Stifel Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500% | 41828 | 759 |
| &nbsp;&nbsp;&nbsp;UMB Financial | &nbsp;&nbsp;&nbsp;UMB Financial | &nbsp;&nbsp;&nbsp;UMB Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, H15T5Y + 3.743%(B) | 38600 | 1013 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;US Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.599%, TSFR3M + 1.282%(B) | 500 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% | 19936 | 475 |
| &nbsp;&nbsp;&nbsp;Voya Financial | &nbsp;&nbsp;&nbsp;Voya Financial | &nbsp;&nbsp;&nbsp;Voya Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, H15T5Y + 3.210%(B) | 94605 | 2235 |
| &nbsp;&nbsp;&nbsp;Webster Financial | &nbsp;&nbsp;&nbsp;Webster Financial | &nbsp;&nbsp;&nbsp;Webster Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500% | 33896 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% | 42631 | 857 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;Western Alliance Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, H15T5Y + 3.452%(B) | 21251 | 484 |
|  |  | 23232 |
| **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
| &nbsp;&nbsp;&nbsp;Entergy Texas | &nbsp;&nbsp;&nbsp;Entergy Texas | &nbsp;&nbsp;&nbsp;Entergy Texas |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% | 39700 | 930 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric | &nbsp;&nbsp;&nbsp;NSTAR Electric | &nbsp;&nbsp;&nbsp;NSTAR Electric |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.780% | 10708 | 835 |
|  |  | 1765 |
| Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $31,241) ($ Thousands) |  | 28827 |
|  | Face Amount <br> (Thousands) |  |
| **U.S. TREASURY OBLIGATIONS — 2.2%** | **U.S. TREASURY OBLIGATIONS — 2.2%** | **U.S. TREASURY OBLIGATIONS — 2.2%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.228%, 10/09/2025 (K) | $8800 | 8762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.220%, 10/14/2025 (K) | 5700 | 5673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.158%, 11/06/2025 (K) | 3900 | 3871 |
| Total U.S. Treasury Obligations | Total U.S. Treasury Obligations | Total U.S. Treasury Obligations |
| &nbsp;&nbsp;&nbsp;(Cost $18,303) ($ Thousands) |  | 18306 |
| **MORTGAGE-BACKED SECURITIES — 1.5%** | **MORTGAGE-BACKED SECURITIES — 1.5%** | **MORTGAGE-BACKED SECURITIES — 1.5%** |
| **Agency Mortgage-Backed Obligations — 1.5%** | **Agency Mortgage-Backed Obligations — 1.5%** | **Agency Mortgage-Backed Obligations — 1.5%** |
| &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.210%, 08/01/2040 | 3555 | 3786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 07/01/2039 | 4130 | 3852 |
| &nbsp;&nbsp;&nbsp;Freddie Mac, Multifamily ML Certificates, Ser ML17, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.084%, 04/25/2043(B) | 1968 | 1694 |

---

SEI Tax Exempt Trust 69

**SCHEDULE OF INVESTMENTS**

August 31, 2025

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

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Ser 1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.078%, 08/20/2063(B) | $2700 | $2478 |
| &nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Ser 1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.078%, 08/20/2063(B) | 600 | 533 |
| Total Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,916) ($ Thousands) |  | 12343 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | |
| **CASH EQUIVALENT — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.190%<sup>\*\*†</sup> | 566220 | 566 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $566) ($ Thousands) |  | 566 |
| Total Investments in Securities — 99.4% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $901,172) ($ Thousands) |  | $825025 |

---

Percentages are based on Net Assets of $829,947 ($ Thousands).

<sup>\*\*</sup> The rate reported is the 7-day effective yield as of August 31, 2025.

<sup>†</sup> Investment in Affiliated Security (see Note 3).

&nbsp;&nbsp;&nbsp;&nbsp;(A) Security, or a portion thereof, exempt from registration under
 Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified
 institutions. On August 31, 2025, the value of these securities amounted to $182,987 ($ Thousands), representing 22.0% of the Net Assets
 of the Fund.

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(J) Security is valued using significant unobservable inputs and
 is classified as Level 3 in the fair value hierarchy.

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

The following is a summary of the level of inputs used as of August 31, 2025, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1<br> ($)** | **Level 2<br> ($)** | **Level 3<sup>(1)</sup><br> ($)** | **Total<br> ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds |  | 589064 |  | 589064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Obligations |  | 170220 | 5699 | 175919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock | 13777 | 15050 |  | 28827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 18306 |  | 18306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |  | 12343 |  | 12343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Equivalent | 566 | – | – | 566 |
| Total Investments in Securities | 14343 | 804983 | 5699 | 825025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) A reconciliation of Level 3 investments and disclosures of significant
 unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to
 Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

70 SEI Tax Exempt Trust

The following is a summary of the Fund's transactions with affiliates for the year ended August 31, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 8/31/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 8/31/2025** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $588 | $67267 | $(67289) | $— | $— | $566 | $127 | $— |

---

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

See "Glossary" for abbreviations.

The accompanying notes are an integral part of the financial statements.

SEI Tax Exempt Trust 71

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

August 31, 2025

**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 Co.

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

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

H15T5Y — US Treasury Yield Curve Rate T Note Constant Maturity 5 Year

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

RB — Revenue Bond

SAB — Special Assessment Bond

Ser — Series

TA — Tax Allocation

TRAN — Tax Revenue Anticipation Note

US0003M — 3-Month USD LIBOR Rate

USISDA05 — 5-Year USD ICE Swap Rate

USISS005 — 5-Year USD SOFR Swap Rate

USSW5 — 5-Year USD Swap Rate

TSFR3M — Term Secured Overnight Financing Rate 3 Month

72 SEI Tax Exempt Trust

**STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)**

August 31, 2025

---

| | | |
|:---|:---|:---|
| | Intermediate-Term<br>Municipal Fund | Short Duration<br>Municipal Fund |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value <sup>†</sup> | $1520505 | $775984 |
| &nbsp;&nbsp;&nbsp;Affiliated investment, at value <sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 6420 | 2253 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 18131 | 8415 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 716 | 146 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 58 | 30 |
| &nbsp;&nbsp;&nbsp;Total Assets | 1545830 | 786828 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased | 3322 | 14539 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 824 | 476 |
| &nbsp;&nbsp;&nbsp;Income distribution payable | 558 | 292 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees payable | 287 | 153 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 252 | 130 |
| &nbsp;&nbsp;&nbsp;Administration fees payable | 201 | 152 |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 116 | 58 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees payable | 7 | 3 |
| &nbsp;&nbsp;&nbsp;Accrued expense payable | 88 | 47 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 5655 | 15850 |
| &nbsp;&nbsp;&nbsp;Net Assets | $1540175 | $770978 |
| &nbsp;&nbsp;&nbsp;<sup>†</sup> Cost of investments | $1565008 | $773924 |
| &nbsp;&nbsp;&nbsp;<sup>††</sup> Cost of affiliated investment |  |  |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital — (unlimited authorization — no par value) | $1636784 | $780236 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (96609) | (9258) |
| &nbsp;&nbsp;&nbsp;Net Assets | $1540175 | $770978 |
| **Net Asset Value, Offering and Redemption Price Per Share — Class F** | $10.92 | $10.05 |
|  | ($1,348,017,729 ÷<br>123,396,309 shares) | ($715,984,615 ÷<br>71,248,254 shares) |
| **Net Asset Value, Offering and Redemption Price Per Share — Class Y** | $10.93 | $10.04 |
|  | ($192,157,023 ÷<br>17,578,162 shares) | ($54,993,811 ÷<br>5,475,001 shares) |

---

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

The accompanying notes are an integral part of the financial statements.

73 SEI Tax Exempt Trust

**STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)**

August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| California Municipal<br>Bond Fund | Massachusetts<br>Municipal Bond Fund | New Jersey Municipal<br>Bond Fund | New York Municipal<br>Bond Fund | Pennsylvania<br>Municipal Bond Fund | Tax-Advantaged<br>Income Fund |
| $228584 | $59257 | $91008 | $107502 | $135716 | $824459 |
| 1574 | 337 | 198 | 1487 | 1106 | 566 |
|  |  |  |  |  | 866 |
| 2762 | 650 | 879 | 1322 | 1703 | 8472 |
| 41 | 50 | 23 | 1 | 6 | 306 |
| 9 | 6 | 3 | 4 | 5 | 28 |
| 232970 | 60300 | 92111 | 110316 | 138536 | 834697 |
|  |  |  |  |  | 3298 |
| 159 | 7 | 47 | 19 | 34 | 239 |
| 51 | 18 | 20 | 27 | 28 | 555 |
| 27 | 8 | 12 | 13 | 18 | 129 |
| 47 | 13 | 18 | 21 | 32 | 259 |
| 35 | 5 | 14 | 17 | 20 | 155 |
| 18 | 5 | 7 | 8 | 10 | 63 |
| 1 |  |  |  | 1 | 4 |
| 14 | 5 | 5 | 8 | 9 | 48 |
| 352 | 61 | 123 | 113 | 152 | 4750 |
| $232618 | $60239 | $91988 | $110203 | $138384 | $829947 |
| $235738 | $60737 | $93394 | $109196 | $138266 | $900606 |
| 1574 | 337 | 198 | 1487 | 1106 | 566 |
| $246012 | $62837 | $95251 | $113607 | $142408 | $947393 |
| (13394) | (2598) | (3263) | (3404) | (4024) | (117446) |
| $232618 | $60239 | $91988 | $110203 | $138384 | $829947 |
| $10.19 | $10.11 | $9.95 | $10.22 | $10.39 | $8.90 |
| ($211,531,884 ÷<br>20,756,630 shares) | ($60,092,453 ÷<br>5,941,250 shares) | ($91,712,299 ÷<br>9,216,283 shares) | ($100,985,794 ÷<br>9,879,857 shares) | ($138,132,848 ÷<br>13,296,697 shares) | ($608,823,599 ÷<br>68,391,282 shares) |
| $10.20 | $10.10 | $9.95 | $10.21 | $10.39 | $8.89 |
| ($21,085,659 ÷<br>2,067,098 shares) | ($146,644 ÷<br>14,522 shares) | ($275,623 ÷<br>27,712 shares) | ($9,217,073 ÷<br>903,051 shares) | ($251,320 ÷<br>24,196 shares) | ($221,123,680 ÷<br>24,862,795 shares) |

---

SEI Tax Exempt Trust 74

**STATEMENTS OF OPERATIONS ($ Thousands)**

For the year ended August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Intermediate-Term<br>Municipal Fund | Short Duration<br>Municipal Fund |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $58111 | $26400 |
| &nbsp;&nbsp;&nbsp;Dividend income |  |  |
| &nbsp;&nbsp;&nbsp;Income from Affiliated Investments | 332 |  |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 58443 | 26400 |
| &nbsp;&nbsp;&nbsp;**Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 5319 | 2699 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class F | 3529 | 1910 |
| &nbsp;&nbsp;&nbsp;Administration fees | 3198 | 1636 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 45 | 23 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 15 | 7 |
| &nbsp;&nbsp;&nbsp;Printing fees | 129 | 65 |
| &nbsp;&nbsp;&nbsp;Professional fees | 126 | 63 |
| &nbsp;&nbsp;&nbsp;Registration fees | 117 | 63 |
| &nbsp;&nbsp;&nbsp;Pricing fees | 107 | 61 |
| &nbsp;&nbsp;&nbsp;Proxy fees | 100 | 56 |
| &nbsp;&nbsp;&nbsp;Custodian/Wire Agent fees | 39 | 21 |
| &nbsp;&nbsp;&nbsp;Other expenses | 38 | 19 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 12762 | 6623 |
| &nbsp;&nbsp;&nbsp;Less, waiver of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | (2219) | (1083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | (744) | (442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class F |  |  |
| &nbsp;&nbsp;&nbsp;Net Expenses | 9799 | 5098 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 48644 | 21302 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain/(Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (9677) | (2417) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain/(Loss)** | (9677) | (2417) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation/(Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (28768) | 6225 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation/(Depreciation)** | (28768) | 6225 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss)** | (38445) | 3808 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $10199 | $25110 |

---

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

The accompanying notes are an integral part of the financial statements.

75 SEI Tax Exempt Trust

**STATEMENTS OF OPERATIONS ($ Thousands)**

For the year ended August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| California Municipal<br>Bond Fund | Massachusetts<br> Municipal Bond Fund | New Jersey Municipal<br>Bond Fund | New York Municipal<br>Bond Fund | Pennsylvania<br> Municipal Bond Fund | Tax-Advantaged<br> Income Fund |
| $6408 | $1489 | $2611 | $3040 | $3846 | $49148 |
|  |  |  |  |  | 1616 |
| 171 | 36 | 83 | 102 | 79 | 127 |
| 6579 | 1525 | 2694 | 3142 | 3925 | 50891 |
| 820 | 202 | 315 | 371 | 493 | 4499 |
| 569 | 153 | 237 | 258 | 352 | 1691 |
| 497 | 123 | 191 | 225 | 282 | 2699 |
| 7 | 3 | 3 | 3 | 4 | 25 |
| 2 | 1 | 1 | 1 | 1 | 8 |
| 20 | 6 | 8 | 9 | 11 | 68 |
| 19 | 13 | 7 | 9 | 11 | 58 |
| 18 | 6 | 7 | 8 | 10 | 72 |
| 16 | 8 | 9 | 9 | 13 | 65 |
| 22 | 11 | 13 | 14 | 15 | 64 |
| 6 | 3 | 3 | 3 | 4 | 21 |
| 6 | 2 | 2 | 3 | 3 | 22 |
| 2002 | 531 | 796 | 913 | 1199 | 9292 |
| (228) | (42) | (96) | (113) | (115) | (1203) |
| (58) | (26) | (17) | (18) | (37) | (807) |
| (227) | (61) | (95) | (103) | (141) | (14) |
| 1489 | 402 | 588 | 679 | 906 | 7268 |
| 5090 | 1123 | 2106 | 2463 | 3019 | 43623 |
| (2607) | (278) | (225) | (751) | (275) | (2233) |
| (2607) | (278) | (225) | (751) | (275) | (2233) |
| 1147 | 6 | (70) | 205 | 304 | (52073) |
| 1147 | 6 | (70) | 205 | 304 | (52073) |
| (1460) | (272) | (295) | (546) | 29 | (54306) |
| $3630 | $851 | $1811 | $1917 | $3048 | $(10683) |

---

SEI Tax Exempt Trust 76

**STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)**

For the years ended August 31,

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Intermediate-Term Municipal Fund | Intermediate-Term Municipal Fund | Short Duration Municipal Fund | Short Duration Municipal Fund |
| | 9/1/2024 to<br>8/31/2025 | 9/1/2023 to<br>8/31/2024 | 9/1/2024 to<br>8/31/2025 | 9/1/2023 to<br>8/31/2024 |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $48644 | $45485 | $21302 | $21808 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (9677) | (9016) | (2417) | (1696) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (28768) | 55949 | 6225 | 16719 |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | 10199 | 92418 | 25110 | 36831 |
| **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class F | (41442) | (39012) | (19757) | (20375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (6382) | (5723) | (1524) | (1335) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (47824) | (44735) | (21281) | (21710) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 350344 | 181162 | 134587 | 88809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends & distributions | 36833 | 34559 | 16695 | 17223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (372943) | (335109) | (220247) | (257611) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Class F Transactions | 14234 | (119388) | (68965) | (151579) |
| &nbsp;&nbsp;&nbsp;Class Y: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 46112 | 42677 | 17340 | 17565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends & distributions | 4683 | 4183 | 1185 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (45311) | (60426) | (11535) | (24661) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Class Y Transactions | 5484 | (13566) | 6990 | (5979) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets from Capital Share Transactions | 19718 | (132954) | (61975) | (157558) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets | (17907) | (85271) | (58146) | (142437) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1558082 | 1643353 | 829124 | 971561 |
| &nbsp;&nbsp;&nbsp;End of year | $1540175 | $1558082 | $770978 | $829124 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Note 7 in the Notes to Financial Statements.

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

The accompanying notes are an integral part of the financial statements.

77 SEI Tax Exempt Trust

**STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)**

For the years ended August 31,

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| California Municipal Bond Fund | California Municipal Bond Fund | Massachusetts Municipal Bond Fund | Massachusetts Municipal Bond Fund | New Jersey Municipal Bond Fund | New Jersey Municipal Bond Fund | New York Municipal Bond Fund | New York Municipal Bond Fund |
| 9/1/2024 to<br>8/31/2025 | 9/1/2023 to<br>8/31/2024 | 9/1/2024 to<br>8/31/2025 | 9/1/2023 to<br>8/31/2024 | 9/1/2024 to<br>8/31/2025 | 9/1/2023 to<br>8/31/2024 | 9/1/2024 to<br>8/31/2025 | 9/1/2023 to<br>8/31/2024 |
| $5090 | $4327 | $1123 | $949 | $2106 | $1856 | $2463 | $2013 |
| (2607) | (2075) | (278) | (298) | (225) | (198) | (751) | (561) |
| 1147 | 7719 | 6 | 1757 | (70) | 2161 | 205 | 3131 |
| 3630 | 9971 | 851 | 2408 | 1811 | 3819 | 1917 | 4583 |
| (4636) | (3990) | (1102) | (957) | (2084) | (1846) | (2239) | (1839) |
| (451) | (352) | (5) | (5) | (14) | (16) | (213) | (179) |
| (5087) | (4342) | (1107) | (962) | (2098) | (1862) | (2452) | (2018) |
| 47498 | 26627 | 10403 | 5865 | 28550 | 13418 | 36420 | 11431 |
| 3998 | 3461 | 928 | 810 | 1848 | 1643 | 1976 | 1613 |
| (58718) | (44993) | (9922) | (10464) | (30852) | (17542) | (33197) | (22245) |
| (7222) | (14905) | 1409 | (3789) | (454) | (2481) | 5199 | (9201) |
| 4502 | 10725 |  | 5 |  | 157 | 828 | 4452 |
| 366 | 289 |  |  | 11 | 14 | 190 | 157 |
| (3368) | (13007) | (133) | (70) | (468) | (194) | (909) | (5123) |
| 1500 | (1993) | (133) | (65) | (457) | (23) | 109 | (514) |
| (5722) | (16898) | 1276 | (3854) | (911) | (2504) | 5308 | (9715) |
| (7179) | (11269) | 1020 | (2408) | (1198) | (547) | 4773 | (7150) |
| 239797 | 251066 | 59219 | 61627 | 93186 | 93733 | 105430 | 112580 |
| $232618 | $239797 | $60239 | $59219 | $91988 | $93186 | $110203 | $105430 |

---

SEI Tax Exempt Trust 78

**STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)**

For the years ended August 31,

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Pennsylvania Municipal Bond Fund | Pennsylvania Municipal Bond Fund | Tax-Advantaged Income Fund | Tax-Advantaged Income Fund |
|  | 9/1/2024 to<br>8/31/2025 | 9/1/2023 to<br>8/31/2024 | 9/1/2024 to<br>8/31/2025 | 9/1/2023 to<br>8/31/2024 |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3019 | $2651 | $43623 | $53291 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (275) | (825) | (2233) | (9910) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 304 | 4148 | (52073) | 60169 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | 3048 | 5974 | (10683) | 103550 |
| **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class F | (2969) | (2627) | (30594) | (38833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | (5) | (5) | (10650) | (10428) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2974) | (2632) | (41244) | (49261) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 28565 | 14128 | 106568 | 86395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends & distributions | 2649 | 2327 | 25500 | 32864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (26475) | (29037) | (286511) | (210077) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Class F Transactions | 4739 | (12582) | (154443) | (90818) |
| &nbsp;&nbsp;&nbsp;Class Y: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 6 | 2 | 38614 | 44295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends & distributions | 5 | 5 | 8083 | 7405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (7) | (3) | (36545) | (44805) |
| &nbsp;&nbsp;&nbsp;Net Increase from Class Y Transactions | 4 | 4 | 10152 | 6895 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets from Capital Share Transactions | 4743 | (12578) | (144291) | (83923) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets | 4817 | (9236) | (196218) | (29634) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 133567 | 142803 | 1026165 | 1055799 |
| &nbsp;&nbsp;&nbsp;End of year | $138384 | $133567 | $829947 | $1026165 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) See Note 7 in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

SEI Tax Exempt Trust 79

**FINANCIAL HIGHLIGHTS**

For the years ended August 31,

For a share outstanding throughout each year

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income\* | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End<br>of Year | Total<br>Return<sup>†</sup> | Net Assets<br>End of Year<br>($ Thousands) | Ratio of Net<br>Expenses<br>to Average<br>Net Assets | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of Net<br>Investment<br>Income<br>to Average<br>Net Assets | Portfolio<br>Turnover<br>Rate<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** | &nbsp;&nbsp;&nbsp;**Intermediate-Term Municipal Fund** |
| &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
| &nbsp;&nbsp;&nbsp;2025 | $11.18 | $0.33 | $(0.27) | $0.06 | $(0.32) | $— | $(0.32) | $10.92 | 0.58% | $1348018 | 0.64%<sup>(1)</sup> | 0.82% | 2.98% | 25% |
| &nbsp;&nbsp;&nbsp;2024 | 10.84 | 0.31 | 0.34 | 0.65 | (0.31) |  | (0.31) | 11.18 | 6.07 | 1366706 | 0.63 | 0.82 | 2.85 | 24 |
| &nbsp;&nbsp;&nbsp;2023 | 11.00 | 0.28 | (0.16) | 0.12 | (0.28) |  | (0.28) | 10.84 | 1.11 | 1443612 | 0.63 | 0.81 | 2.60 | 18 |
| &nbsp;&nbsp;&nbsp;2022 | 12.29 | 0.25 | (1.26) | (1.01) | (0.25) | (0.03) | (0.28) | 11.00 | (8.31) | 1755076 | 0.63 | 0.80 | 2.16 | 24 |
| &nbsp;&nbsp;&nbsp;2021 | 12.09 | 0.26 | 0.22 | 0.48 | (0.26) | (0.02) | (0.28) | 12.29 | 3.98 | 2033780 | 0.63 | 0.80 | 2.15 | 11 |
| &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** |
| &nbsp;&nbsp;&nbsp;2025 | $11.19 | $0.36 | $(0.27) | $0.09 | $(0.35) | $— | $(0.35) | $10.93 | 0.83% | $192157 | 0.39%<sup>(2)</sup> | 0.57% | 3.23% | 25% |
| &nbsp;&nbsp;&nbsp;2024 | 10.85 | 0.34 | 0.34 | 0.68 | (0.34) |  | (0.34) | 11.19 | 6.33 | 191376 | 0.38 | 0.57 | 3.10 | 24 |
| &nbsp;&nbsp;&nbsp;2023 | 11.01 | 0.31 | (0.16) | 0.15 | (0.31) |  | (0.31) | 10.85 | 1.37 | 199741 | 0.38 | 0.56 | 2.85 | 18 |
| &nbsp;&nbsp;&nbsp;2022 | 12.30 | 0.28 | (1.26) | (0.98) | (0.28) | (0.03) | (0.31) | 11.01 | (8.07) | 174307 | 0.38 | 0.55 | 2.41 | 24 |
| &nbsp;&nbsp;&nbsp;2021 | 12.10 | 0.29 | 0.22 | 0.51 | (0.29) | (0.02) | (0.31) | 12.30 | 4.23 | 189210 | 0.38 | 0.55 | 2.40 | 11 |
| &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** | &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** | &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** | &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** | &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** | &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** | &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** | &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** | &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** | &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** | &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** | &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** | &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** | &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** | &nbsp;&nbsp;&nbsp;**Short Duration Municipal Fund** |
| &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
| &nbsp;&nbsp;&nbsp;2025 | $10.00 | $0.26 | $0.05 | $0.31 | $(0.26) | $— | $(0.26) | $10.05 | 3.12% | $715984 | 0.64%<sup>(1)</sup> | 0.83% | 2.59% | 31% |
| &nbsp;&nbsp;&nbsp;2024 | 9.83 | 0.24 | 0.17 | 0.41 | (0.24) |  | (0.24) | 10.00 | 4.24 | 781433 | 0.63 | 0.82 | 2.45 | 37 |
| &nbsp;&nbsp;&nbsp;2023 | 9.83 | 0.18 |  | 0.18 | (0.18) |  | (0.18) | 9.83 | 1.87 | 918844 | 0.63 | 0.81 | 1.85 | 40 |
| &nbsp;&nbsp;&nbsp;2022 | 10.13 | 0.06 | (0.30) | (0.24) | (0.06) |  | (0.06) | 9.83 | (2.33) | 1094787 | 0.63 | 0.80 | 0.65 | 35 |
| &nbsp;&nbsp;&nbsp;2021 | 10.13 | 0.08 |  | 0.08 | (0.08) |  | (0.08) | 10.13 | 0.77 | 1188974 | 0.63 | 0.81 | 0.77 | 30 |
| &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** |
| &nbsp;&nbsp;&nbsp;2025 | $9.99 | $0.28 | $0.05 | $0.33 | $(0.28) | $— | $(0.28) | $10.04 | 3.38% | $54994 | 0.39%<sup>(2)</sup> | 0.58% | 2.84% | 31% |
| &nbsp;&nbsp;&nbsp;2024 | 9.82 | 0.27 | 0.17 | 0.44 | (0.27) |  | (0.27) | 9.99 | 4.50 | 47691 | 0.38 | 0.57 | 2.70 | 37 |
| &nbsp;&nbsp;&nbsp;2023 | 9.82 | 0.21 |  | 0.21 | (0.21) |  | (0.21) | 9.82 | 2.12 | 52717 | 0.38 | 0.56 | 2.10 | 40 |
| &nbsp;&nbsp;&nbsp;2022 | 10.12 | 0.09 | (0.30) | (0.21) | (0.09) |  | (0.09) | 9.82 | (2.10) | 63199 | 0.38 | 0.55 | 0.90 | 35 |
| &nbsp;&nbsp;&nbsp;2021 | 10.12 | 0.10 |  | 0.10 | (0.10) |  | (0.10) | 10.12 | 1.01 | 62824 | 0.38 | 0.56 | 1.02 | 30 |
| &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**California Municipal Bond Fund** |
| &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
| &nbsp;&nbsp;&nbsp;2025 | $10.24 | $0.21 | $(0.05) | $0.16 | $(0.21) | $— | $(0.21) | $10.19 | 1.55% | $211532 | 0.61%<sup>(3)</sup> | 0.83% | 2.03% | 28% |
| &nbsp;&nbsp;&nbsp;2024 | 9.99 | 0.18 | 0.25 | 0.43 | (0.18) |  | (0.18) | 10.24 | 4.37 | 220137 | 0.60 | 0.82 | 1.80 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 10.10 | 0.16 | (0.09) | 0.07 | (0.16) | (0.02) | (0.18) | 9.99 | 0.73 | 229828 | 0.60 | 0.82 | 1.60 | 11 |
| &nbsp;&nbsp;&nbsp;2022 | 11.13 | 0.15 | (1.00) | (0.85) | (0.15) | (0.03) | (0.18) | 10.10 | (7.71) | 267060 | 0.60 | 0.81 | 1.44 | 9 |
| &nbsp;&nbsp;&nbsp;2021 | 11.18 | 0.16 | (0.01) | 0.15 | (0.16) | (0.04) | (0.20) | 11.13 | 1.31 | 329000 | 0.60 | 0.81 | 1.42 | 8 |
| &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** |
| &nbsp;&nbsp;&nbsp;2025 | $10.24 | $0.22 | $(0.05) | $0.17 | $(0.21) | $— | $(0.21) | $10.20 | 1.74% | $21086 | 0.46%<sup>(4)</sup> | 0.58% | 2.18% | 28% |
| &nbsp;&nbsp;&nbsp;2024 | 10.00 | 0.20 | 0.24 | 0.44 | (0.20) |  | (0.20) | 10.24 | 4.42 | 19660 | 0.45 | 0.57 | 1.95 | 26 |
| &nbsp;&nbsp;&nbsp;2023 | 10.09 | 0.17 | (0.07) | 0.10 | (0.17) | (0.02) | (0.19) | 10.00 | 1.00 | 21238 | 0.45 | 0.57 | 1.75 | 11 |
| &nbsp;&nbsp;&nbsp;2022 | 11.12 | 0.17 | (1.00) | (0.83) | (0.17) | (0.03) | (0.20) | 10.09 | (7.58) | 35948 | 0.45 | 0.56 | 1.60 | 9 |
| &nbsp;&nbsp;&nbsp;2021 | 11.17 | 0.17 | (0.01) | 0.16 | (0.17) | (0.04) | (0.21) | 11.12 | 1.46 | 29632 | 0.45 | 0.56 | 1.57 | 8 |
| &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Massachusetts Municipal Bond Fund** |
| &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
| &nbsp;&nbsp;&nbsp;2025 | $10.16 | $0.18 | $(0.05) | $0.13 | $(0.18) | $— | $(0.18) | $10.11 | 1.32% | $60092 | 0.65%<sup>(5)</sup> | 0.86% | 1.83% | 20% |
| &nbsp;&nbsp;&nbsp;2024 | 9.91 | 0.16 | 0.25 | 0.41 | (0.16) |  | (0.16) | 10.16 | 4.18 | 58938 | 0.64 | 0.83 | 1.58 | 21 |
| &nbsp;&nbsp;&nbsp;2023 | 9.96 | 0.14 | (0.05) | 0.09 | (0.14) |  | (0.14) | 9.91 | 0.92 | 61290 | 0.63 | 0.82 | 1.40 | 14 |
| &nbsp;&nbsp;&nbsp;2022 | 10.98 | 0.13 | (0.97) | (0.84) | (0.13) | (0.05) | (0.18) | 9.96 | (7.78) | 72934 | 0.63 | 0.82 | 1.21 | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 11.06 | 0.13 | (0.03) | 0.10 | (0.13) | (0.05) | (0.18) | 10.98 | 0.93 | 83982 | 0.63 | 0.82 | 1.21 | 9 |
| &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** |
| &nbsp;&nbsp;&nbsp;2025 | $10.14 | $0.20 | $(0.04) | $0.16 | $(0.20) | $— | $(0.20) | $10.10 | 1.57% | $147 | 0.50%<sup>(6)</sup> | 0.61% | 1.98% | 20% |
| &nbsp;&nbsp;&nbsp;2024 | 9.90 | 0.17 | 0.25 | 0.42 | (0.18) |  | (0.18) | 10.14 | 4.24 | 281 | 0.49 | 0.58 | 1.73 | 21 |
| &nbsp;&nbsp;&nbsp;2023 | 9.94 | 0.15 | (0.03) | 0.12 | (0.16) |  | (0.16) | 9.90 | 1.17 | 337 | 0.48 | 0.57 | 1.55 | 14 |
| &nbsp;&nbsp;&nbsp;2022 | 10.97 | 0.14 | (0.98) | (0.84) | (0.14) | (0.05) | (0.19) | 9.94 | (7.74) | 882 | 0.48 | 0.57 | 1.36 | 5 |
| &nbsp;&nbsp;&nbsp;2021 | 11.04 | 0.15 | (0.02) | 0.13 | (0.15) | (0.05) | (0.20) | 10.97 | 1.18 | 862 | 0.48 | 0.57 | 1.36 | 9 |

---

\* Per share calculated using average shares.

&nbsp;&nbsp;&nbsp;&nbsp;† Total return and portfolio turnover
 rate are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder
 would pay on Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(1) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.63%.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.38%.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.60%.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.45%.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.63%.

80 SEI Tax Exempt Trust

**FINANCIAL HIGHLIGHTS**

For the years ended August 31,

For a share outstanding throughout each year

&nbsp;&nbsp;&nbsp;&nbsp;(6) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.48%.

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

The accompanying notes are an integral part of the financial statements.

SEI Tax Exempt Trust 81

**FINANCIAL HIGHLIGHTS**

For the years ended August 31,

For a share outstanding throughout each year

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income\* | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Distributions<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total<br>Distributions | Net<br>Asset<br>Value,<br>End<br>of Year | Total<br>Return<sup>†</sup> | Net Assets<br>End of Year<br>($ Thousands) | Ratio of Net<br>Expenses<br>to Average<br>Net Assets | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of Net<br>Investment<br>Income<br>to Average<br>Net Assets | Portfolio<br>Turnover<br>Rate<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New Jersey Municipal Bond Fund** |
| &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
| &nbsp;&nbsp;&nbsp;2025 | $9.98 | $0.22 | $(0.03) | $0.19 | $(0.22) | $— | $(0.22) | $9.95 | 1.91% | $91712 | 0.62%<sup>(1)</sup> | 0.83% | 2.20% | 25% |
| &nbsp;&nbsp;&nbsp;2024 | 9.78 | 0.20 | 0.20 | 0.40 | (0.20) |  | (0.20) | 9.98 | 4.12 | 92445 | 0.61 | 0.82 | 2.01 | 21 |
| &nbsp;&nbsp;&nbsp;2023 | 9.84 | 0.19 | (0.06) | 0.13 | (0.19) |  | (0.19) | 9.78 | 1.33 | 92987 | 0.60 | 0.82 | 1.90 | 19 |
| &nbsp;&nbsp;&nbsp;2022 | 10.73 | 0.17 | (0.89) | (0.72) | (0.17) |  | (0.17) | 9.84 | (6.78) | 108363 | 0.60 | 0.82 | 1.63 | 12 |
| &nbsp;&nbsp;&nbsp;2021 | 10.77 | 0.19 | (0.03) | 0.16 | (0.19) | (0.01) | (0.20) | 10.73 | 1.44 | 121735 | 0.60 | 0.81 | 1.74 | 6 |
| &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** |
| &nbsp;&nbsp;&nbsp;2025 | $9.98 | $0.23 | $(0.03) | $0.20 | $(0.23) | $— | $(0.23) | $9.95 | 2.06% | $276 | 0.47%<sup>(2)</sup> | 0.58% | 2.33% | 25% |
| &nbsp;&nbsp;&nbsp;2024 | 9.77 | 0.21 | 0.21 | 0.42 | (0.21) |  | (0.21) | 9.98 | 4.39 | 741 | 0.46 | 0.57 | 2.16 | 21 |
| &nbsp;&nbsp;&nbsp;2023 | 9.84 | 0.20 | (0.07) | 0.13 | (0.20) |  | (0.20) | 9.77 | 1.38 | 746 | 0.45 | 0.57 | 2.05 | 19 |
| &nbsp;&nbsp;&nbsp;2022 | 10.73 | 0.18 | (0.89) | (0.71) | (0.18) |  | (0.18) | 9.84 | (6.64) | 1052 | 0.45 | 0.57 | 1.79 | 12 |
| &nbsp;&nbsp;&nbsp;2021 | 10.77 | 0.20 | (0.03) | 0.17 | (0.20) | (0.01) | (0.21) | 10.73 | 1.59 | 1077 | 0.45 | 0.56 | 1.89 | 6 |
| &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**New York Municipal Bond Fund** |
| &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
| &nbsp;&nbsp;&nbsp;2025 | $10.28 | $0.22 | $(0.06) | $0.16 | $(0.22) | $— | $(0.22) | $10.22 | 1.59% | $100986 | 0.61%<sup>(1)</sup> | 0.83% | 2.18% | 40% |
| &nbsp;&nbsp;&nbsp;2024 | 10.02 | 0.19 | 0.26 | 0.45 | (0.19) |  | (0.19) | 10.28 | 4.52 | 96269 | 0.61 | 0.82 | 1.85 | 19 |
| &nbsp;&nbsp;&nbsp;2023 | 10.07 | 0.17 | (0.04) | 0.13 | (0.17) | (0.01) | (0.18) | 10.02 | 1.31 | 102989 | 0.60 | 0.82 | 1.67 | 23 |
| &nbsp;&nbsp;&nbsp;2022 | 11.07 | 0.15 | (0.89) | (0.74) | (0.15) | (0.11) | (0.26) | 10.07 | (6.80) | 122816 | 0.60 | 0.82 | 1.45 | 11 |
| &nbsp;&nbsp;&nbsp;2021 | 11.03 | 0.16 | 0.09 | 0.25 | (0.16) | (0.05) | (0.21) | 11.07 | 2.26 | 147951 | 0.60 | 0.81 | 1.46 | 17 |
| &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** |
| &nbsp;&nbsp;&nbsp;2025 | $10.27 | $0.24 | $(0.06) | $0.18 | $(0.24) | $— | $(0.24) | $10.21 | 1.74% | $9217 | 0.46%<sup>(2)</sup> | 0.58% | 2.33% | 40% |
| &nbsp;&nbsp;&nbsp;2024 | 10.00 | 0.20 | 0.27 | 0.47 | (0.20) |  | (0.20) | 10.27 | 4.78 | 9161 | 0.46 | 0.57 | 2.00 | 19 |
| &nbsp;&nbsp;&nbsp;2023 | 10.05 | 0.18 | (0.04) | 0.14 | (0.18) | (0.01) | (0.19) | 10.00 | 1.46 | 9591 | 0.45 | 0.57 | 1.82 | 23 |
| &nbsp;&nbsp;&nbsp;2022 | 11.05 | 0.17 | (0.89) | (0.72) | (0.17) | (0.11) | (0.28) | 10.05 | (6.68) | 18421 | 0.45 | 0.57 | 1.60 | 11 |
| &nbsp;&nbsp;&nbsp;2021 | 11.01 | 0.18 | 0.09 | 0.27 | (0.18) | (0.05) | (0.23) | 11.05 | 2.42 | 20785 | 0.45 | 0.56 | 1.61 | 17 |
| &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** | &nbsp;&nbsp;&nbsp;**Pennsylvania Municipal Bond Fund** |
| &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $10.38 | $0.22 | $0.01 | $0.23 | $(0.22) | $— | $(0.22) | $10.39 | 2.22% | $138133 | 0.64%<sup>(3)</sup> | 0.85% | 2.14% | 18% |
| &nbsp;&nbsp;&nbsp;2024 | 10.14 | 0.20 | 0.24 | 0.44 | (0.20) |  | (0.20) | 10.38 | 4.36 | 133321 | 0.64 | 0.84 | 1.94 | 20 |
| &nbsp;&nbsp;&nbsp;2023 | 10.25 | 0.18 | (0.11) | 0.07 | (0.18) |  | (0.18) | 10.14 | 0.68 | 142567 | 0.63 | 0.84 | 1.75 | 7 |
| &nbsp;&nbsp;&nbsp;2022 | 11.29 | 0.17 | (1.02) | (0.85) | (0.17) | (0.02) | (0.19) | 10.25 | (7.66) | 165277 | 0.63 | 0.84 | 1.55 | 6 |
| &nbsp;&nbsp;&nbsp;2021 | 11.34 | 0.17 |  | 0.17 | (0.17) | (0.05) | (0.22) | 11.29 | 1.53 | 180465 | 0.63 | 0.83 | 1.54 | 7 |
| &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** |
| &nbsp;&nbsp;&nbsp;2025 | $10.38 | $0.24 | $— | $0.24 | $(0.23) | $— | $(0.23) | $10.39 | 2.38% | $251 | 0.49%<sup>(4)</sup> | 0.60% | 2.30% | 18% |
| &nbsp;&nbsp;&nbsp;2024 | 10.13 | 0.21 | 0.25 | 0.46 | (0.21) |  | (0.21) | 10.38 | 4.60 | 246 | 0.48 | 0.59 | 2.10 | 20 |
| &nbsp;&nbsp;&nbsp;2023 | 10.25 | 0.19 | (0.12) | 0.07 | (0.19) |  | (0.19) | 10.13 | 0.73 | 236 | 0.48 | 0.59 | 1.90 | 7 |
| &nbsp;&nbsp;&nbsp;2022 | 11.29 | 0.18 | (1.02) | (0.84) | (0.18) | (0.02) | (0.20) | 10.25 | (7.52) | 866 | 0.48 | 0.59 | 1.70 | 6 |
| &nbsp;&nbsp;&nbsp;2021 | 11.34 | 0.19 |  | 0.19 | (0.19) | (0.05) | (0.24) | 11.29 | 1.67 | 951 | 0.48 | 0.58 | 1.69 | 7 |
| &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** | &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** | &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** | &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** | &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** | &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** | &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** | &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** | &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** | &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** | &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** | &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** | &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** | &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** | &nbsp;&nbsp;&nbsp;**Tax-Advantaged Income Fund** |
| &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
| &nbsp;&nbsp;&nbsp;2025 | $9.44 | $0.44 | $(0.56) | $(0.12) | $(0.42) | $— | $(0.42) | $8.90 | (1.37)% | $608823 | 0.87%<sup>(5)</sup> | 1.09% | 4.78% | 20% |
| &nbsp;&nbsp;&nbsp;2024 | 8.94 | 0.47 | 0.47 | 0.94 | (0.44) |  | (0.44) | 9.44 | 10.77 | 802059 | 0.86 | 1.08 | 5.19 | 23 |
| &nbsp;&nbsp;&nbsp;2023 | 9.36 | 0.44 | (0.45) | (0.01) | (0.41) |  | (0.41) | 8.94 | (0.07) | 849722 | 0.86 | 1.08 | 4.84 | 27 |
| &nbsp;&nbsp;&nbsp;2022 | 10.87 | 0.38 | (1.45) | (1.07) | (0.37) | (0.07) | (0.44) | 9.36 | (10.01) | 1006757 | 0.86 | 1.08 | 3.72 | 24 |
| &nbsp;&nbsp;&nbsp;2021 | 10.39 | 0.38 | 0.52 | 0.90 | (0.36) | (0.06) | (0.42) | 10.87 | 8.93 | 1189304 | 0.86 | 1.08 | 3.53 | 17 |
| &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** |
| &nbsp;&nbsp;&nbsp;2025 | $9.43 | $0.46 | $(0.56) | $(0.10) | $(0.44) | $— | $(0.44) | $8.89 | (1.13)% | $221124 | 0.62%<sup>(6)</sup> | 0.84% | 5.03% | 20% |
| &nbsp;&nbsp;&nbsp;2024 | 8.93 | 0.50 | 0.46 | 0.96 | (0.46) |  | (0.46) | 9.43 | 11.05 | 224106 | 0.62 | 0.84 | 5.43 | 23 |
| &nbsp;&nbsp;&nbsp;2023 | 9.35 | 0.46 | (0.45) | 0.01 | (0.43) |  | (0.43) | 8.93 | 0.18 | 206077 | 0.61 | 0.83 | 5.09 | 27 |
| &nbsp;&nbsp;&nbsp;2022 | 10.86 | 0.40 | (1.44) | (1.04) | (0.40) | (0.07) | (0.47) | 9.35 | (9.80) | 171151 | 0.61 | 0.83 | 3.98 | 24 |
| &nbsp;&nbsp;&nbsp;2021 | 10.38 | 0.40 | 0.53 | 0.93 | (0.39) | (0.06) | (0.45) | 10.86 | 9.20 | 185211 | 0.61 | 0.83 | 3.78 | 17 |

---

\* Per share calculated using average shares.

&nbsp;&nbsp;&nbsp;&nbsp;† Total return and portfolio turnover
 rate are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder
 would pay on Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(1) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.60%.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.45%.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.63%.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.48%.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.86%.

82 SEI Tax Exempt Trust

**FINANCIAL HIGHLIGHTS**

For the years ended August 31,

For a share outstanding throughout each year

&nbsp;&nbsp;&nbsp;&nbsp;(6) The expense ratio includes a proxy
 fee expense. Had this expense been excluded the ratio would have been 0.61%.

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

The accompanying notes are an integral part of the financial statements.

SEI Tax Exempt Trust 83

**NOTES TO FINANCIAL STATEMENTS** 

August 31, 2025

1. ORGANIZATION

SEI Tax Exempt Trust (the "Trust") was organized as a Massachusetts business trust under a Declaration of Trust dated March 15, 1982.

The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment management company with eight operational funds: the Intermediate-Term Municipal, Short Duration Municipal, California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond, Pennsylvania Municipal Bond and Tax-Advantaged Income (each a "Fund", collectively the "Funds"). The California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond and New York Municipal Bond Funds are non-diversified. The Trust is registered to offer Class F and Class Y shares of each Fund. On May 1, 2015, Class Y shares commenced operations in the Intermediate-Term Municipal, Short Duration Municipal and Tax-Advantaged Income Funds. On October 30, 2015, Class Y shares commenced operations in the California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond, New York Municipal Bond and Pennsylvania Municipal Bond Funds.

The Trust's prospectuses provide a description of each Fund's investment objective, policies and strategies. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held.

2. SIGNIFICANT ACCOUNTING POLICIES

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB").

**Use of Estimates** — The preparation of financial statements, in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Security Valuation** — Pursuant to the requirements of the 1940 Act and Rule 2a-5, the administrator, as delegated by the Board of Trustees (the "Board"), has the responsibility for the valuation of Fund investments with readily available market quotations in accordance with the Funds' Valuation and Pricing Policy. The Trust's

Board of Trustees has designated SEI Investments Management Corporation ("SIMC") as the Valuation Designee for the Funds pursuant to Rule 2a-5 (the "Rule") under the 1940 Act. The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board's designation, has appointed a valuation committee of SIMC persons to function as the Valuation Designee (the "Committee") and has established a Valuation and Pricing Policy to implement the Rule and the Fund's' Valuation and Pricing Policy (together with SIMC's Valuation and Pricing Policy, the "Procedures").

As discussed in detail below, the Committee will typically first seek to fair value investments with valuations received from an independent, third-party pricing agent (a "Pricing Service"). If such valuations are not available or are unreliable, the Committee will seek to obtain a bid price from at least one independent broker or dealer. If a broker or dealer quote is unavailable, the Committee will convene, subject to the Fair Value Procedures, to establish a fair value for the fair value investments.

When valuing portfolio securities, a Fund values securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations ("NASDAQ") or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. A Fund values securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities. Redeemable securities issued by open-end investment companies are valued at the investment company's applicable NAV per share, with the exception of exchange-traded funds, which are priced as equity securities. These open-end investment companies' shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company's NAV is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security's price cannot be obtained, as noted above, or in the case of an equity tranche of a CDO/CLO, the Fund will value the securities using a bid price from at least one independent broker.

84 SEI Tax Exempt Trust

On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Funds' Fair Value Pricing Policies and Procedures (Fair Value Procedures) until an independent source can be secured. Debt securities held by a Fund with remaining maturities of 60 days or less will be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or lower than the price a Fund would receive if it sold the instrument, and the value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SIMC or a Sub-Adviser, as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service's prices will be reliable. SIMC, through the Committee, or a Sub-Adviser, as applicable, will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds' administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds' administrator, in turn, will notify the Committee if it receives such notification from SIMC or a Sub-Adviser, as applicable, or if the Funds' administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

The Funds' Fair Value Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund's net assets or involve a material departure in pricing methodology from that of the Fund's

existing pricing agent or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Procedures. The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event (as defined below). When a security is valued in accordance with the Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding. The determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

SEI Tax Exempt Trust 85

**NOTES TO FINANCIAL STATEMENTS (Continued)**

August 31, 2025

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

**Level 1** — quoted prices in active markets for identical investments

**Level 2** — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

**Level 3** — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, warrants, swaps and forward contracts.

When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

The valuation techniques used by the Funds to measure fair value during the year ended August 31, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended August 31, 2025, there have been no significant changes to the Trust's fair valuation methodologies.

For details of the investment classification, reference the Schedules of Investments.

**Classes** — Class-specific expenses are borne by that class of shares. Income, expenses, and realized and unrealized gains/losses and non-class specific expenses are allocated to the respective class on the basis of relative daily net assets.

**Expenses** — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Funds are prorated to the Funds on the basis of relative net assets.

**Security Transactions and Investment Income** — Security transactions are recorded on the trade date. Cost used in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.

**Cash and Cash Equivalents** — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash equivalents on the Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

**Futures Contracts** — To the extent consistent with its investment objective and strategies, a Fund may use interest rate futures contracts for tactical hedging purposes as well as to enhance the Fund's returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction. Refer to each Fund's Schedule of Investments, for details regarding open futures contracts as of August 31, 2025, if applicable.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, are reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in its Schedule of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from its counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance.

86 SEI Tax Exempt Trust

**Discount and Premium Amortization** — All amortization is calculated using the effective interest method. Amortization of premiums and discounts is included in interest income.

**Dividends and Distributions to Shareholders** — Dividends from net investment income are declared daily and paid monthly. Any net realized capital gains on sales of securities after capital loss carryover are distributed at least annually by the Funds.

3. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUBADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

**Investment Advisory, Administration and Distribution Agreements** — SIMC serves as the Investment Adviser (the "Adviser") to each Fund. In connection with serving as Adviser to the Funds, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each Fund.

SEI Investments Global Funds Services (the "Administrator") serves as administrator to the Funds. The Administrator provides the Trust with administrative and transfer agent services. For its services, the Administrator is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each Fund.

SEI Investments Distribution Co. (the "Distributor"), a wholly owned subsidiary of SEI Investments Company ("SEI") is the Distributor of the shares of the Funds under a Distribution Agreement. The Funds have adopted a shareholder services plan and agreement (the "Service Plan") with respect to Class F Shares that allows such shares to pay service providers a fee based on average daily net assets of such Class F Shares, in connection with the ongoing servicing of shareholder accounts owning such shares. The Service Plan provides that shareholder service fees on Class F Shares will be paid to the Distributor, which may then be used by the Distributor to compensate financial intermediaries for providing shareholder services with respect to Class F Shares.

The Adviser, Administrator and/or Distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions and prime broker fees, taxes, costs associated with litigation- or tax-related services, Trustee fees, interest

and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds' business) at a specified level. The voluntary waivers by the Funds' Adviser, Administrator and/or Distributor are limited to the Funds' direct operating expenses and, therefore, do not apply to indirect expense incurred by the Funds, such as acquired fund fees and expenses. The waivers are voluntary and the Funds' Adviser, Administrator and/or Distributor may discontinue all or part of these waivers at any time.

SEI Tax Exempt Trust 87

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

August 31, 2025

The following is a summary of annual fees payable to the Adviser and Distributor and the voluntary expense limitations for each fund:

---

| | | | |
|:---|:---|:---|:---|
| | Advisory <br> Fees | Shareholder <br> Servicing <br> Fees | Voluntary <br> Expense <br> Limitations |
| Intermediate-Term Municipal Fund | Intermediate-Term Municipal Fund | Intermediate-Term Municipal Fund | Intermediate-Term Municipal Fund |
| Class F | 0.33% | 0.25% | 0.63% |
| Class Y | 0.33% | 0.00% | 0.38% |
| Short Duration Municipal Fund | Short Duration Municipal Fund | Short Duration Municipal Fund | Short Duration Municipal Fund |
| Class F | 0.33% | 0.25% | 0.63% |
| Class Y | 0.33% | 0.00% | 0.38% |
| California Municipal Bond Fund | California Municipal Bond Fund | California Municipal Bond Fund | California Municipal Bond Fund |
| Class F | 0.33% | 0.25% | 0.60% |
| Class Y | 0.33% | 0.00% | 0.45% |
| Massachusetts Municipal Bond Fund | Massachusetts Municipal Bond Fund | Massachusetts Municipal Bond Fund | Massachusetts Municipal Bond Fund |
| Class F | 0.33% | 0.25% | 0.63% |
| Class Y | 0.33% | 0.00% | 0.48% |
| New Jersey Municipal Bond Fund | New Jersey Municipal Bond Fund | New Jersey Municipal Bond Fund | New Jersey Municipal Bond Fund |
| Class F | 0.33% | 0.25% | 0.60% |
| Class Y | 0.33% | 0.00% | 0.45% |
| New York Municipal Bond Fund | New York Municipal Bond Fund | New York Municipal Bond Fund | New York Municipal Bond Fund |
| Class F | 0.33% | 0.25% | 0.60% |
| Class Y | 0.33% | 0.00% | 0.45% |
| Pennsylvania Municipal Bond Fund | Pennsylvania Municipal Bond Fund | Pennsylvania Municipal Bond Fund | Pennsylvania Municipal Bond Fund |
| Class F | 0.35% | 0.25% | 0.63% |
| Class Y | 0.35% | 0.00% | 0.48% |
| Tax-Advantaged Income Fund | Tax-Advantaged Income Fund | Tax-Advantaged Income Fund | Tax-Advantaged Income Fund |
| Class F | 0.50% | 0.25% | 0.86% |
| Class Y | 0.50% | 0.00% | 0.61% |

---

The following is a summary of annual fees payable to the Administrator:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | First $1.5 Billion of<br>Assets | Next $500 Million of<br>Assets | Next $500 Million of<br>Assets | Next $500 Million of<br>Assets | Over $3 Billion of<br>Assets |
| Intermediate-Term Municipal Fund | 0.2000% | 0.1775% | 0.1550% | 0.1325% | 0.1100% |
| Short Duration Municipal Fund | 0.2000% | 0.1775% | 0.1550% | 0.1325% | 0.1100% |
| California Municipal Bond Fund | 0.2000% | 0.1775% | 0.1550% | 0.1325% | 0.1100% |
| Massachusetts Municipal Bond Fund | 0.2000% | 0.1775% | 0.1550% | 0.1325% | 0.1100% |
| New Jersey Municipal Bond Fund | 0.2000% | 0.1775% | 0.1550% | 0.1325% | 0.1100% |
| New York Municipal Bond Fund | 0.2000% | 0.1775% | 0.1550% | 0.1325% | 0.1100% |
| Pennsylvania Municipal Bond Fund | 0.2000% | 0.1775% | 0.1550% | 0.1325% | 0.1100% |
| Tax-Advantaged Income Fund | 0.3000% | 0.2550% | 0.2100% | 0.1650% | 0.1200% |

---

As of August 31, 2025, SIMC has entered into investment sub-advisory agreements with the following parties and pays the sub-advisers out of the fee that it receives from the Funds:

---

| |
|:---|
| Investment Sub-Adviser |
| **Intermediate-Term Municipal Fund** |
| Delaware Investments Fund Advisers, a series of |
| Macquarie Investment Management Business Trust |
| Insight North America LLC |
| Wellington Management Company LLP |
| **Short Duration Municipal Fund** |
| Allspring Global Investments, LLC |
| Neuberger Berman Investment Advisers LLC |

---

---

| |
|:---|
| Investment Sub-Adviser |
| **California Municipal Bond Fund** |
| Insight North America LLC |
| **Massachusetts Municipal Bond Fund** |
| Insight North America LLC |
| **New Jersey Municipal Bond Fund** |
| Insight North America LLC |
| **New York Municipal Bond Fund** |
| Insight North America LLC |
| **Pennsylvania Municipal Bond Fund** |
| Insight North America LLC |
| **Tax-Advantaged Income Fund** |
| Allspring Global Investments, LLC |

---

88 SEI Tax Exempt Trust

<u>Investment Sub-Adviser </u> <br> Pacific Investment Management Company LLC <br> Spectrum Asset Management, Inc.

**Payment to Affiliates** — Certain Officers and Trustees of the Trust are also Officers and/or Directors of the Administrator, the Distributor, and/or SIMC. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The Administrator or the Adviser pays compensation of Officers and affiliated Trustees. A portion of the services provided by the Chief Compliance Officer ("CCO") and his staff, whom are employees of the administrator, are paid for by the Trust as incurred.

**Investment in Affiliated Security** — The Funds may invest in the SEI Daily Income Trust Government Fund, an affiliated money market fund, to manage excess cash or to serve as margin or collateral for derivative positions. Refer to each Fund's Schedule of Investments for details regarding transactions with affiliated securities for the year ended August 31, 2025, if applicable.

**Interfund Lending** — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (the "Program") with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the "SEI Funds"). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes.

Participation in the Program is voluntary for both borrowing and lending funds.

Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements ("Repo Rate"), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings ("Bank Loan Rate"). The Bank Loan Rate will be determined using a formula reviewed annually by the Trust's Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. For the year ended August 31, 2025, the Trust has not participated in the Program.

4. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than short-term investments and U.S. Government securities, for the year ended August 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | U.S. Gov't<br>($ Thousands) | Other<br>($ Thousands) | Total<br>($ Thousands) |
| **Intermediate-Term Municipal Fund** | **Intermediate-Term Municipal Fund** | **Intermediate-Term Municipal Fund** | **Intermediate-Term Municipal Fund** |
| Purchases | $&nbsp;&nbsp;&nbsp;&nbsp; — | $420805 | $420805 |
| Sales |  | 389859 | 389859 |
| **Short Duration Municipal Fund** | **Short Duration Municipal Fund** | **Short Duration Municipal Fund** | **Short Duration Municipal Fund** |
| Purchases |  | 228846 | 228846 |
| Sales |  | 329920 | 329920 |
| **California Municipal Bond Fund** | **California Municipal Bond Fund** | **California Municipal Bond Fund** | **California Municipal Bond Fund** |
| Purchases |  | 67255 | 67255 |
| Sales |  | 67798 | 67798 |
| **Massachusetts Municipal Bond Fund** | **Massachusetts Municipal Bond Fund** | **Massachusetts Municipal Bond Fund** | **Massachusetts Municipal Bond Fund** |
| Purchases |  | 14227 | 14227 |
| Sales |  | 12048 | 12048 |
| **New Jersey Municipal Bond Fund** | **New Jersey Municipal Bond Fund** | **New Jersey Municipal Bond Fund** | **New Jersey Municipal Bond Fund** |
| Purchases |  | 23171 | 23171 |
| Sales |  | 22911 | 22911 |
| **New York Municipal Bond Fund** | **New York Municipal Bond Fund** | **New York Municipal Bond Fund** | **New York Municipal Bond Fund** |
| Purchases |  | 51101 | 51101 |
| Sales |  | 43687 | 43687 |
| **Pennsylvania Municipal Bond Fund** | **Pennsylvania Municipal Bond Fund** | **Pennsylvania Municipal Bond Fund** | **Pennsylvania Municipal Bond Fund** |
| Purchases |  | 31073 | 31073 |
| Sales |  | 25048 | 25048 |
| **Tax-Advantaged Income Fund** | **Tax-Advantaged Income Fund** | **Tax-Advantaged Income Fund** | **Tax-Advantaged Income Fund** |
| Purchases |  | 160171 | 160171 |
| Sales | 89 | 272552 | 272641 |

---

5. FEDERAL TAX INFORMATION

It is each Fund's intention to continue to qualify as a regulated investment company, under Sub-chapter M of the Internal Revenue Code, and to distribute all of its taxable income and net capital gains. Accordingly, no provision for Federal income taxes is required.

Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years and has concluded that as of August 31, 2025, no provision for income tax would be required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended August 31, 2025, the Funds did not incur any interest or penalties.

**Reclassification of components of net assets** — The timing and characterization of certain income and capital gains distributions are determined annually in accordance with Federal tax regulations, which may differ from U.S. GAAP. As a result, the net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such periods. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital and distributable earnings, as appropriate, in the period that the differences arise. The permanent differences primarily consist of market discount adjustments, defaulted bond adjustments, perpetual bond adjustments, gains and losses on paydowns of mortgage and asset-backed securities for tax purposes and distribution reclassifications. There are no permanent differences credited or charged to paid-in capital and distributable earnings as of August 31, 2025.

SEI Tax Exempt Trust 89

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

August 31, 2025

The tax character of dividends and distributions paid during the last two fiscal years were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | Tax-Exempt Income<br> ($ Thousands) | Ordinary Income<br> ($ Thousands) | Long-Term<br> Capital Gain <br> ($ Thousands) | Total <br> ($ Thousands) |
| Intermediate-Term Municipal Fund | 2025 | $47332 | $492 | $– $| 47824 |
|  | 2024 | 44341 | 394 | – | 44735 |
| Short Duration Municipal Fund | 2025 | 21228 | 53 | – | 21281 |
|  | 2024 | 21626 | 84 | – | 21710 |
| California Municipal Bond Fund | 2025 | 4940 | 147 | – | 5087 |
|  | 2024 | 4226 | 116 | – | 4342 |
| Massachusetts Municipal Bond Fund | 2025 | 1076 | 31 | – | 1107 |
|  | 2024 | 930 | 32 | – | 962 |
| New Jersey Municipal Bond Fund | 2025 | 2026 | 72 | – | 2098 |
|  | 2024 | 1814 | 48 | – | 1862 |
| New York Municipal Bond Fund | 2025 | 2364 | 88 | – | 2452 |
|  | 2024 | 1956 | 62 | – | 2018 |
| Pennsylvania Municipal Bond Fund | 2025 | 2907 | 67 | – | 2974 |
|  | 2024 | 2586 | 46 | – | 2632 |
| Tax-Advantaged Income Fund | 2025 | 26082 | 15162 | – | 41244 |
|  | 2024 | 30828 | 18433 | – | 49261 |

---

As of August 31, 2025 the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Undistributed Tax-Exempt Income <br> ($ Thousands) | Undistributed Ordinary Income <br> ($ Thousands) | Undistributed Long-Term Capital Gain <br> ($ Thousands) | Capital Loss Carryforwards <br> ($ Thousands) | Post October Losses <br> ($ Thousands) | Unrealized Appreciation (Depreciation) <br> ($ Thousands) | Other Temporary Differences <br> ($ Thousands) | Total Distributable Earnings (Accumulated Losses) <br> ($ Thousands) |
| Intermediate-Term Municipal Fund | $3976 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $(53873) | $&nbsp;&nbsp;&nbsp;&nbsp; — | $(42760) | $(3952) | $(96609) |
| Short Duration Municipal Fund | 1805 |  |  | (11431) |  | 2165 | (1797) | (9258) |
| California Municipal Bond Fund | 387 |  |  | (6260) |  | (7154) | (367) | (13394) |
| Massachusetts Municipal Bond Fund | 102 |  |  | (1121) |  | (1480) | (99) | (2598) |
| New Jersey Municipal Bond Fund | 178 |  |  | (877) |  | (2385) | (179) | (3263) |
| New York Municipal Bond Fund | 228 |  |  | (1716) |  | (1694) | (222) | (3404) |
| Pennsylvania Municipal Bond Fund | 258 |  |  | (1537) |  | (2494) | (251) | (4024) |
| Tax-Advantaged Income Fund | 4187 |  |  | (42727) |  | (75944) | (2962) | (117446) |

---

Post-October losses represent losses realized on investment transactions from November 1, 2024 through August 31, 2025, that, in accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal year.

The Funds have capital losses carried forward as follows:

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| | | | |
|:---|:---|:---|:---|
| | Short-Term <br> ($ Thousands) | Long-Term <br> ($ Thousands) | Total Capital Loss Carryforwards 8/31/25 <br> ($ Thousands) |
| Intermediate-Term Municipal Fund | $21363 | $32510 | $53873 |
| Short Duration Municipal Fund | 697 | 10734 | 11431 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Short-Term<br> ($ Thousands) | Long-Term <br> ($ Thousands) | Total Capital Loss Carryforwards 8/31/25 <br> ($ Thousands) |
| California Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; – | 6260 | 6260 |
| Massachusetts Municipal Bond Fund | 9 | 1112 | 1121 |

---

90 SEI Tax Exempt Trust

---

| | | | |
|:---|:---|:---|:---|
| | Short-Term <br> ($ Thousands) | Long-Term <br> ($ Thousands) | Total Capital Loss Carryforwards 8/31/25<br> ($ Thousands) |
| New Jersey Municipal Bond Fund | 97 | 780 | 877 |
| New York Municipal Bond Fund |  | 1716 | 1716 |
| Pennsylvania Municipal Bond Fund | 16 | 1521 | 1537 |
| Tax-Advantaged Income Fund | 13985 | 28742 | 42727 |

---

During the year ended August 31, 2025, Tax-Advantaged Income Fund utilized $1,921 ($ Thousands) in capital loss carryforwards to offset capital gains.

At August 31, 2025, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation on total investments (including foreign currency and derivatives, if applicable) held by the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Federal Tax Cost<br>($ Thousands) | Aggregate Gross<br> Unrealized<br> Appreciation <br> ($ Thousands) | Aggregate Gross<br> Unrealized<br> Depreciation <br> ($ Thousands) | Net Unrealized<br> Appreciation/<br> (Depreciation) <br> ($ Thousands) |
| Intermediate-Term Municipal Fund | $1563262 | $10745 | $(53505) | $(42760) |
| Short Duration Municipal Fund | 773819 | 4646 | (2481) | 2165 |
| California Municipal Bond Fund | 237312 | 1092 | (8246) | (7154) |
| Massachusetts Municipal Bond Fund | 61074 | 269 | (1749) | (1480) |
| New Jersey Municipal Bond Fund | 93592 | 212 | (2597) | (2385) |
| New York Municipal Bond Fund | 110683 | 447 | (2141) | (1694) |
| Pennsylvania Municipal Bond Fund | 139315 | 877 | (3371) | (2494) |
| Tax-Advantaged Income Fund | 900970 | 26302 | (102246) | (75944) |

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6. CONCENTRATIONS/RISK

In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust's maximum exposure under these arrangements is dependent on the future claims that may be made against the Trust and, therefore, cannot be estimated; however, Management believes that, based on experience, the risk of loss from such claims is considered remote.

To the extent consistent with its investment strategy a Fund may have one or more of the following principle risks:

Municipal Securities Risk — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest

payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities.

Market Risk — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

SEI Tax Exempt Trust 91

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

August 31, 2025

California Investment Risk — The Fund's performance will be affected by the fiscal and economic health of the State of California, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting California municipal issuers.

Massachusetts Investment Risk - The Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Massachusetts, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Massachusetts municipal issuers.

New Jersey Investment Risk — The Fund's performance will be affected by the fiscal and economic health of the State of New Jersey, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New Jersey municipal issuers.

New York Investment Risk - The Fund's performance will be affected by the fiscal and economic health of the State of New York, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New York municipal issuers.

Pennsylvania Investment Risk — The Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Pennsylvania, its political subdivisions, municipalities, agencies and authorities

and political and regulatory developments affecting Pennsylvania municipal issuers.

Non-Diversification — The California Municipal Bond, Massachusetts Municipal Bond, New Jersey Municipal Bond and New York Municipal Bond Funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, these Funds may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Funds intend to satisfy the asset diversification requirements under the Internal Revenue Code of 1986, as amended, for classification as a regulated investment company. The Intermediate-Term Municipal, Tax-Advantaged Income, Short Duration Municipal and Pennsylvania Municipal Bond Funds are diversified.

Credit Risk — The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price.

Interest Rate Risk — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

92 SEI Tax Exempt Trust

Call Risk — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances.

Current Market Conditions Risk — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. As a means to fight inflation, which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates and expect to continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. U.S. regulators have proposed several changes to market and issuer regulations that could directly impact the Funds, and any regulatory changes could adversely impact the Funds' ability to achieve its investment strategies or make certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund's investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds.

Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

Duration Risk — Longer-term securities in which the Fund may invest are more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative.

Taxation Risk — The Fund will rely on the opinion of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-Advisers will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities. The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Tax advantages of municipal bond funds are not applicable for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan.

Convertible and Preferred Securities Risk — Convertible and preferred securities generally have less potential for gain or loss than common stocks. In addition, convertible and preferred securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible and preferred securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible and preferred securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. Convertible and preferred securities are also subject to credit risk and are often lower-quality securities.

SEI Tax Exempt Trust 93

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

August 31, 2025

Investment Company Risk — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another

investor is willing to pay rather than on the market value of the securities in the fund.

Private Placements Risk — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

The foregoing is not intended to be a complete discussion of the risks associated with investing in a Fund. Please review each Fund's current prospectus for additional disclosures regarding the principal risks associated with investing in a Fund.

7. SHARE TRANSACTIONS:

Capital share transactions for the Funds were as follows (Thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Intermediate-Term<br> Municipal Fund** | **Intermediate-Term<br> Municipal Fund** | **Short Duration<br> Municipal Fund** | **Short Duration<br> Municipal Fund** | **California Municipal<br> Bond Fund** | **California Municipal<br> Bond Fund** |
| | 09/01/2024 to<br>08/31/2025 | 09/01/2023 to<br>08/31/2024 | 09/01/2024 to<br>08/31/2025 | 09/01/2023 to<br>08/31/2024 | 09/01/2024 to<br>08/31/2025 | 09/01/2023 to<br>08/31/2024 |
| Shares Issued and Redeemed: | Shares Issued and Redeemed: | Shares Issued and Redeemed: | Shares Issued and Redeemed: | Shares Issued and Redeemed: | Shares Issued and Redeemed: | Shares Issued and Redeemed: |
| &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: |
| &nbsp;&nbsp;&nbsp;Shares Issued | 31684 | 16484 | 13490 | 8985 | 4671 | 2631 |
| &nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Dividends and Distributions | 3344 | 3147 | 1671 | 1742 | 395 | 343 |
| &nbsp;&nbsp;&nbsp;Redeemed | (33875) | (30549) | (22070) | (26083) | (5816) | (4469) |
| &nbsp;&nbsp;&nbsp;Total Class F Transactions | 1153 | (10918) | (6909) | (15356) | (750) | (1495) |
| &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: |
| &nbsp;&nbsp;&nbsp;Shares Issued | 4168 | 3895 | 1741 | 1788 | 443 | 1050 |
| &nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Dividends and Distributions | 425 | 381 | 119 | 113 | 36 | 29 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4122) | (5582) | (1157) | (2496) | (332) | (1284) |
| &nbsp;&nbsp;&nbsp;Total Class Y Transactions | 471 | (1306) | 703 | (595) | 147 | (205) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in Share Transactions | 1624 | (12224) | (6206) | (15951) | (603) | (1700) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Massachusetts<br> Municipal Bond Fund** | **Massachusetts<br> Municipal Bond Fund** | **New Jersey<br> Municipal Bond Fund** | **New Jersey<br> Municipal Bond Fund** | **New York Municipal<br> Bond Fund** | **New York Municipal<br> Bond Fund** |
| | 09/01/2024 to<br>08/31/2025 | 09/01/2023 to<br>08/31/2024 | 09/01/2024 to<br>08/31/2025 | 09/01/2023 to<br>08/31/2024 | 09/01/2024 to<br>08/31/2025 | 09/01/2023 to<br>08/31/2024 |
| Shares Issued and Redeemed: | Shares Issued and Redeemed: | Shares Issued and Redeemed: | Shares Issued and Redeemed: | Shares Issued and Redeemed: | Shares Issued and Redeemed: | Shares Issued and Redeemed: |
| &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: |
| &nbsp;&nbsp;&nbsp;Shares Issued | 1035 | 585 | 2886 | 1357 | 3583 | 1120 |
| &nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Dividends and Distributions | 92 | 81 | 186 | 167 | 194 | 159 |
| &nbsp;&nbsp;&nbsp;Redeemed | (988) | (1046) | (3115) | (1777) | (3260) | (2195) |
| &nbsp;&nbsp;&nbsp;Total Class F Transactions | 139 | (380) | (43) | (253) | 517 | (916) |
| &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: |
| &nbsp;&nbsp;&nbsp;Shares Issued |  | 1 |  | 16 | 81 | 436 |
| &nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Dividends and Distributions |  |  | 1 | 1 | 19 | 15 |
| &nbsp;&nbsp;&nbsp;Redeemed | (13) | (7) | (47) | (19) | (89) | (518) |
| &nbsp;&nbsp;&nbsp;Total Class Y Transactions | (13) | (6) | (46) | (2) | 11 | (67) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in Share Transactions | 126 | (386) | (89) | (255) | 528 | (983) |

---

94 SEI Tax Exempt Trust

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pennsylvania<br> Municipal Bond Fund** | **Pennsylvania<br> Municipal Bond Fund** | **Tax-Advantaged<br> Income Fund** | **Tax-Advantaged<br> Income Fund** |
| | 09/01/2024 to<br>08/31/2025 | 09/01/2023 to<br>08/31/2024 | 09/01/2024 to<br>08/31/2025 | 09/01/2023 to<br>08/31/2024 |
| Shares Issued and Redeemed: | Shares Issued and Redeemed: | Shares Issued and Redeemed: | Shares Issued and Redeemed: | Shares Issued and Redeemed: |
| &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: | &nbsp;&nbsp;&nbsp;Class F: |
| &nbsp;&nbsp;&nbsp;Shares Issued | 2774 | 1377 | 11497 | 9482 |
| &nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Dividends and Distributions | 257 | 227 | 2770 | 3608 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2573) | (2831) | (30883) | (23122) |
| &nbsp;&nbsp;&nbsp;Total Class F Transactions | 458 | (1227) | (16616) | (10032) |
| &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: | &nbsp;&nbsp;&nbsp;Class Y: |
| &nbsp;&nbsp;&nbsp;Shares Issued | 1 |  | 4179 | 4850 |
| &nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Dividends and Distributions |  | 1 | 881 | 813 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1) |  | (3971) | (4959) |
| &nbsp;&nbsp;&nbsp;Total Class Y Transactions |  | 1 | 1089 | 704 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in Share Transactions | 458 | (1226) | (15527) | (9328) |

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8. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company ("SPTC") and SIMC are subsidiaries of SEI Investments Company. As of August 31, 2025, SPTC held of record the following percentage of outstanding shares of each Fund:

---

| | |
|:---|:---|
| Intermediate-Term Municipal Fund | Intermediate-Term Municipal Fund |
| Class F | 95.08% |
| Class Y | 85.02% |
| Short Duration Municipal Fund | Short Duration Municipal Fund |
| Class F | 96.09% |
| Class Y | 78.15% |
| California Municipal Bond Fund | California Municipal Bond Fund |
| Class F | 94.10% |
| Class Y | 97.96% |
| Massachusetts Municipal Bond Fund | Massachusetts Municipal Bond Fund |
| Class F | 97.45% |
| Class Y | 87.25% |
| New Jersey Municipal Bond Fund | New Jersey Municipal Bond Fund |
| Class F | 97.91% |
| Class Y | 59.25% |
| New York Municipal Bond Fund | New York Municipal Bond Fund |
| Class F | 96.48% |
| Class Y | 95.71% |
| Pennsylvania Municipal Bond Fund | Pennsylvania Municipal Bond Fund |
| Class F | 94.87% |
| Class Y | 43.60% |
| Tax-Advantaged Income Fund | Tax-Advantaged Income Fund |
| Class F | 94.80% |
| Class Y | 91.02% |

---

SPTC is not a direct service provider to the SEI Funds. However, SPTC performs a role in the comprehensive investment solution that SEI provides to investors. SPTC holds the shares in the Funds as custodian for shareholders that are clients of independent registered investment advisers, financial planners, bank trust departments and other financial advisers. SPTC

maintains omnibus accounts at the Fund's transfer agent.

9. SEGMENT REPORTING

In this reporting period, the Funds adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) – "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. SIMC acts as the Funds' CODM. The CODM has determined that the Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of the Funds' schedules of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

SEI Tax Exempt Trust 95

**NOTES TO FINANCIAL STATEMENTS (Concluded)** 

August 31, 2025

10. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements.

96 SEI Tax Exempt Trust

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of the Funds and Board of Trustees

SEI Tax Exempt Trust:

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of SEI Tax Exempt Trust, comprised of the Intermediate-Term Municipal Fund, Short Duration Municipal Fund, California Municipal Bond Fund, Massachusetts Municipal Bond Fund, New Jersey Municipal Bond Fund, New York Municipal Bond Fund, Pennsylvania Municipal Bond Fund, and Tax-Advantaged Income Fund (the Funds), including the schedules of investments, as of August 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more SEI Funds investment companies since 2005.

Philadelphia, Pennsylvania

October 28, 2025

SEI Tax Exempt Trust 97

**NOTICE TO SHAREHOLDERS (Unaudited)**

For shareholders that do not have an August 31, 2025 taxable year end this notice is for information purposes only. For shareholders with an August 31, 2025 taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended August 31, 2025, the Funds are designating the following with regard to distributions paid during the year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | (A)<br> Long-Term<br> Capital Gain<br> Distribution | (B)<br> Ordinary<br> Income<br> Distributions<br> (Tax Basis) | (C)<br> Tax Exempt<br> Income<br> Distributions<sup>(6)</sup> | Total<br> Distributions | (D)<br> Dividends<br> Received<br> Deduction<sup>(1)</sup> |
| Intermediate-Term Municipal Fund<sup>(6)(7)</sup> | 0.00% | 1.03% | 98.97% | 100.00% | 0.00% |
| Short Duration Municipal Fund<sup>(6)(7)</sup> | 0.00% | 0.25% | 99.75% | 100.00% | 0.00% |
| California Municipal Bond Fund<sup>(7)</sup> | 0.00% | 2.97% | 97.03% | 100.00% | 0.00% |
| Massachusetts Municipal Bond Fund<sup>(6)</sup> | 0.00% | 2.78% | 97.22% | 100.00% | 0.00% |
| New Jersey Municipal Bond Fund<sup>(7)</sup> | 0.00% | 3.41% | 96.59% | 100.00% | 0.00% |
| New York Municipal Bond Fund<sup>(7)</sup> | 0.00% | 3.66% | 96.34% | 100.00% | 0.00% |
| Pennsylvania Municipal Bond Fund<sup>(6)(7)</sup> | 0.00% | 2.28% | 97.72% | 100.00% | 0.00% |
| Tax-Advantaged Income Fund<sup>(6)(7)</sup> | 0.00% | 35.23% | 64.77% | 100.00% | 0.00% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | (E)<br> Qualifying<br> Dividend<br> Income<sup>(2)</sup> | (F)<br> U.S. Government<br> Interest<br> (Tax Basis)<sup>(3)</sup> | (G)<br> Interest<br> Related<br> Dividends<sup>(4)</sup> | (H)<br> Short-Term<br> Capital Gains<br> Dividends<sup>(5)</sup> |
| Intermediate-Term Municipal Fund<sup>(6)(7)</sup> | 0.00% | 0.00% | 0.00% | 0.00% |
| Short Duration Municipal Fund<sup>(6)(7)</sup> | 0.00% | 0.00% | 0.00% | 0.00% |
| California Municipal Bond Fund<sup>(7)</sup> | 0.00% | 0.00% | 0.00% | 0.00% |
| Massachusetts Municipal Bond Fund<sup>(6)</sup> | 0.00% | 0.00% | 0.00% | 0.00% |
| New Jersey Municipal Bond Fund<sup>(7)</sup> | 0.00% | 0.00% | 0.00% | 0.00% |
| New York Municipal Bond Fund<sup>(7)</sup> | 0.00% | 0.00% | 0.00% | 0.00% |
| Pennsylvania Municipal Bond Fund<sup>(6)(7)</sup> | 0.00% | 0.00% | 0.00% | 0.00% |
| Tax-Advantaged Income Fund<sup>(6)(7)</sup> | 0.00% | 5.52% | 0.00% | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "Dividends
 Received Deduction" represent dividends which qualify for the corporate dividends received deduction.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "Qualifying

 intention of the Funds to designate the max amount permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "U.S.
 Government Interest" represents the amount of interest that was derived from U.S. Government obligations and distributed during
 the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders
 who are residents of California, Connecticut or New York, the statutory threshold requirements were not satisfied to permit exemption
 of these amounts from state income.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 percentage in this column represents the amount of "Interest Related Dividends" and is reflected as a percentage of ordinary
 income distribution for calendar year ended 2025. Interest related dividends are exempted from U.S. withholding tax when paid to foreign
 investors.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The
 percentage of this column represents the amount of "Short Term Capital Gain Dividends" is reflected as a percentage of short-term
 capital gain distribution for calendar year ended 2025 that is exempted from U.S. withholding tax when paid to foreign investors.

&nbsp;&nbsp;&nbsp;&nbsp;(6) "Exempt-Interest
 Dividends" represent the amount of interest that was derived from state exempt obligations and distributed during the fiscal year.
 This amount is reflected as a percentage of total distributions. Generally, interest from state obligations is exempt from state income
 tax. However, for shareholders of these funds who are residents of California, Connecticut, New Jersey and New York, the statutory threshold
 requirements were not satisfied to permit exemption of these amounts from state income tax.

&nbsp;&nbsp;&nbsp;&nbsp;(7) For California
 income tax purposes, for the fiscal year ended August 31, 2025, the Intermediate-Term Municipal, the Short Duration Municipal, the California
 Municipal, the Massachusetts Municipal, the New Jersey Municipal, the New York Municipal, the Pennsylvania Municipal and the Tax Advantaged
 Income Funds designated 6.59%, 4.31%, 98.58%, 0.00%, 0.00%, 0.00%, 0.00% and 0.00% respectively, of their distributions paid from net
 investment income as exempt-interest dividends under Section 17145 of the California Revenue and Taxation Code.

Items (A), (B) and (C) are based on the percentage of each fund's total distribution.

Items (D) and (E) are based on the percentage of "Ordinary Income Distributions".

Item (F) is based on the percentage of gross income of each Fund.

Item (G) is based on the percentage of net investment income distributions.

Item (H) is based on the percentage of short-term capital gain distributions.

Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.

98 SEI Tax Exempt Trust

**OTHER INFORMATION (FORM N-CSR ITEMS 8-11) (Unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

At a Special Meeting of Shareholders held on December 18, 2024, shareholders of the SEI Tax Exempt Trust elected Trustees. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. In addition to the Trustees elected below, William M. Doran continued to serve as a Trustee until his retirement on May 31, 2025.

Proposal 1 - To elect a Board of Trustees

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Director** | **Votes For** | **Votes Withheld** | **Abstained** | **Broker**<br> **Non-Votes** |
| Robert A. Nesher | 134084690 | 3912434 | N/A | N/A |
| Nina Lesavoy | 134260151 | 3736974 | N/A | N/A |
| James M. Williams | 134105169 | 3891956 | N/A | N/A |
| James B. Taylor | 134174756 | 3822372 | N/A | N/A |
| Susan C. Cote | 134263160 | 3733966 | N/A | N/A |
| Christine Reynolds | 134281787 | 3715340 | N/A | N/A |
| Thomas Melendez | 134243787 | 3753341 | N/A | N/A |
| Dennis J. McGonigle | 134262709 | 3734419 | N/A | N/A |
| Eli Powell Niepoky | 134168805 | 3828321 | N/A | N/A |
| Kimberly Walker | 134248210 | 3748916 | N/A | N/A |

---

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The remuneration paid by the company during the period covered by the report to the Trustees on the company's Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

SEI Tax Exempt Trust (the "Trust") and SEI Investments Management Corporation ("SIMC") have entered into an investment advisory agreement (the "Advisory Agreement"), pursuant to which SIMC provides investment advisory services to the series of the Trust (the "Funds"). Pursuant to separate sub-advisory agreements with SIMC (the "Sub-Advisory Agreements" and, together with the Advisory Agreement, the "Investment Advisory Agreements"), and under the supervision of SIMC and the Trust's Board of Trustees (each member, a "Trustee" and, collectively, the "Trustees" or the "Board"), the sub-advisers (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers' skills and investment results in managing assets for specific asset classes, investment styles and strategies.

The Investment Company Act of 1940, as amended (the "1940 Act"), requires that the initial approval of a Fund's Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or "interested persons" of any party (the "Independent Trustees") cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In connection with their consideration of such renewals, the Funds' Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund's fees, mutual fund boards are required to evaluate the material factors applicable to a decision to renew an Investment Advisory Agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC's and the Sub-Advisers' affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to renew the Trust's Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

SEI Tax Exempt Trust 99

**OTHER INFORMATION (FORM N-CSR ITEMS 8-11) (Unaudited) (Continued)**

Specifically, during the course of the Trust's fiscal year, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (i) the quality of SIMC's and the Sub-Advisers' investment management and other services; (ii) SIMC's and the Sub-Advisers' investment management personnel; (iii) SIMC's and the Sub-Advisers' operations and financial condition; (iv) SIMC's and the Sub-Advisers' brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Advisers, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds' overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data that was engaged to prepare an assessment of the Funds in connection with the renewal of the Investment Advisory Agreements (the "Broadridge Report"); (vii) the level of SIMC's and the Sub-Advisers' profitability from their Fund-related operations; (viii) SIMC's and the Sub-Advisers' compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC's potential economies of scale; (x) SIMC's and the Sub-Advisers' policies on and compliance procedures for personal securities transactions; (xi) SIMC's and the Sub-Advisers' expertise and resources in domestic and/or international financial markets; and (xii) the Funds' performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds' benchmark indexes.

At the December 2-4, 2024 meeting of the Board, the Board approved a brief extension of the Advisory Agreement and Sub-Advisory Agreements to accommodate a revised Spring meeting schedule. Typically, the Trustees renew the Advisory Agreement and Sub-Advisory Agreements at the first quarterly in-person meeting of the calendar year in March. Agreements regularly renewed at the March meeting expire on April 1 of the following year. Because the first quarterly in-person meeting of the Board in calendar year 2025 was held on April 1-3, the Advisory Agreement and Sub-Advisory Agreements would have expired prior to the meeting, without the extension. Accordingly, the Board voted in-person at the December 2-4, 2024 meeting to extend the Advisory Agreement and Sub-Advisory Agreements until the April 1-3, 2025 meeting. In evaluating whether to approve the extension of the Advisory Agreement and Sub-Advisory Agreements, the Board considered the information made available to it throughout the course of the year by representatives of the SEI investment and compliance teams. At the April 1-3, 2025 meeting, the Board evaluated the Advisory Agreement and Sub-Advisory Agreements in accordance with the renewal process that it typically applies during the annual contract renewal each Spring. The Board's approvals were based on its consideration and evaluation of the factors described above. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Advisory Agreement and Sub-Advisory Agreements.

**Nature, Extent and Quality of Services**

The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC's and each Sub-Adviser's personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support the renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or its affiliates.

100 SEI Tax Exempt Trust

**Performance**

In determining whether to renew SIMC's Advisory Agreement, the Trustees considered the Funds' performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund's performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered the Broadridge Report. The Broadridge Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meeting, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the renewal of Sub-Advisory Agreements, the Board considered the performance of the Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of SIMC's Advisory Agreement, and the performance of each Sub-Adviser was sufficient to support the renewal of the Sub-Advisory Agreement.

**Fees**

With respect to the Funds' expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds' net operating expense ratios in comparison to those of the Funds' respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various asset levels, actual management fees (including transfer agent expenses), and actual total expenses for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meeting, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC's and its affiliates' voluntary waivers of management and other fees to prevent total Fund operating expenses from exceeding any applicable cap and concluded that SIMC, through waivers, has maintained the Funds' net operating expenses at competitive levels for its distribution channels. In determining the appropriateness of fees, the Board also took into consideration the impact of fees incurred indirectly by the Funds as a result of investments into underlying funds, including funds from which SIMC or its affiliates earn fees. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported the renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

**Profitability**

With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the renewal of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC's advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of SIMC and the Sub-Advisers is reasonable and supported the renewal of the Investment Advisory Agreements.

**Economies of Scale**

With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds' shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

SEI Tax Exempt Trust 101

**OTHER INFORMATION (FORM N-CSR ITEMS 8-11) (Unaudited) (Concluded)**

Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees' counsel, unanimously approved the renewal of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

102 SEI Tax Exempt Trust

**SEI Tax Exempt Trust / Annual Financials and Other Information / August 31, 2025**

**Trustees**

Robert A. Nesher, Chairman

Dennis McGonigle

Nina Lesavoy

James M. Williams

Susan C. Cote

James B. Taylor

Christine Reynolds

Thomas Melendez

Kimberly Walker

Eli Powell Niepoky

**Officers**

Robert A. Nesher

*President and Chief Executive Officer*

Glenn R. Kurdziel

*Controller and Chief Financial Officer*

Stephen Panner

*Chief Compliance Officer*

Timothy D. Barto

*Vice President, Secretary*

David F. McCann

*Vice President, Assistant Secretary*

Katherine Mason

*Vice President, Assistant Secretary*

Stephen G. MacRae

*Vice President*

Bridget Sudall

*Anti-Money Laundering Compliance Officer*

*Privacy Officer*

**Investment Adviser** 

SEI Investments Management Corporation

**Administrator**

SEI Investments Global Funds Services

**Distributor**

SEI Investments Distribution Co.

**Legal Counsel**

Morgan, Lewis & Bockius LLP

**Independent Registered Public Accounting Firm**

KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

**For more information call**

**1 800 DIAL SEI**

**(1 800 342 5734)**

---

| | |
|:---|:---|
| ![](fp0095886_01.jpg) | 1 Freedom Valley Drive<br> P.O. Box 1100<br> Oaks, Pennsylvania 19456 |

---

SEI-F-024 (8/25)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under Item 7.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies**

Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees (the "Board"). The Registrant has a standing Governance Committee (the "Committee") currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee's Charter, adopted on June 18, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant's office.

**Item 16.** **Controls and Procedures.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "1940 Act")) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19.** **Exhibits.**

[(a)(1) Code of Ethics attached hereto.](fp0095886-1_ex99code.htm)

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are filed herewith.](fp0095886-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.](fp0095886-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | SEI Tax Exempt Trust |
| By |  | /s/ Robert A. Nesher |
|  |  | Robert A. Nesher |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: | November 6, 2025 |  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| By |  | /s/ Robert A. Nesher |
|  |  | Robert A. Nesher |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: | November 6, 2025 |  |
|  |  | /s/ Glenn R. Kurdziel |
| By |  | Glenn R. Kurdziel |
|  |  | Controller and Chief Financial Officer |
|  |  | (Principal Financial Officer) |
| Date: | November 6, 2025 |  |

---

## Ex-99.Code

**SEI TAX EXEMPT TRUST**

**SEI DAILY INCOME TRUST**

**SEI INSTITUTIONAL MANAGED TRUST**

**SEI INSTITUTIONAL INTERNATIONAL TRUST**

**SEI ASSET ALLOCATION TRUST**

**SEI INSTITUTIONAL INVESTMENTS TRUST**

**ADVISER MANAGED TRUST**

**NEW COVENANT FUNDS**

**SEI CATHOLIC VALUES TRUST**

**SEI EXCHANGE TRADED FUNDS**

**SEI CAYMAN FOREIGN CORPORATIONS**

**Financial Officer Code of Ethics**

1. <u>Introduction</u> 

The reputation and integrity of SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Cayman Foreign Corporations (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

2. <u>Purposes of the Code</u> 

The purposes of this Code are:

To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

To promote compliance with applicable laws, rules and regulations;

To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

To establish accountability for adherence to this Code.

3. <u>Questions about this Code</u> 

Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

4. <u>Conduct Guidelines</u> 

Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) **Ethical and honest conduct is of paramount importance.** Each Trust's SFOs must act with
 honesty and integrity and avoid violations of this Code, including the avoidance of actual
 or apparent conflicts of interest with the Trust in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must
 disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO
 may have with the Trust that reasonably could be expected to give rise to any violations
 of this Code. Such conflicts of interest may arise as a result of material transactions
 or business or personal relationships to which the SFO may be a party. If it is not possible
 to disclose the matter to the Compliance Officer, it should be disclosed to the Trust's
 Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition
 to disclosing any actual or apparent conflicts of interest in which an SFO is personally
 involved, the Trusts' SFOs have an obligation to report any other actual or apparent
 conflicts which they discover or of which they otherwise become aware. If you are unsure
 whether a particular fact pattern gives rise to a conflict of interest, or whether a
 particular transaction or relationship is "material," you should bring the
 matter to the attention of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) **Standards for quality of information shared with service providers of the Trusts.** Each Trust's
 SFOs must at all times seek to provide information to the Trust's service providers
 (adviser, administrator, outside auditor, outside counsel, custodian, *etc.*) that
 is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) **Standards for quality of information included in periodic reports.** Each Trust's SFOs
 must at all times endeavor to ensure full, fair, timely, accurate, and understandable
 disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) **Compliance with laws.** Each Trust's SFOs must comply with the federal securities laws and
 other laws and rules applicable to the Trusts, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) **Standard of care.** Each Trust's SFOs must at all times act in good faith and with due
 care, competence and diligence, without misrepresenting material facts or allowing your
 independent judgment to be subordinated. Each Trust's SFOs must conduct the affairs
 of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) **Confidentiality of information.** Each Trust's SFOs must respect and protect the confidentiality
 of information acquired in the course of their professional duties, except when authorized
 by the Trust to disclose it or where disclosure is otherwise legally mandated. You may
 not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) **Sharing of information and educational standards.** Each Trust's SFOs should share information
 with relevant parties to keep them informed of the business affairs of the Trust, as
 appropriate, and maintain skills important and relevant to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) **Promote ethical conduct.** Each Trust's SFOs should at all times proactively promote
 ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) **Standards for recordkeeping.** Each Trust's SFOs must at all times endeavor to ensure that
 the Trust's financial books and records are thoroughly and accurately maintained
 to the best of their knowledge in a manner consistent with applicable laws and this Code.

5. <u>Waivers of this Code</u> 

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders to the extent required by SEC rules.

6. <u>Affirmation of the Code</u> 

Upon adoption of the Code, each Trust's SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

7. <u>Reporting Violations</u> 

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO must immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his discretion, consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

8. <u>Violations of the Code</u> 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

Dated: October 2022

## Ex-99.Cert

Certification

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002

I, Robert A. Nesher, certify that:

1. I have reviewed this report on Form N-CSR of SEI Tax Exempt Trust (Registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: November 6, 2025

---

| |
|:---|
| /s/ Robert A. Nesher |
| Robert A. Nesher |
| President & Chief Executive Officer |
| (Principal Executive Officer) |

---

Certification

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002

I, Glenn R. Kurdziel, certify that:

1. I have reviewed this report on Form N-CSR of SEI Tax Exempt Trust (Registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: November 6, 2025

---

| |
|:---|
| /s/ Glenn R. Kurdziel |
| Glenn R. Kurdziel |
| Controller & Chief Financial Officer |
| (Principal Financial Officer) |

---

## Exhibit 99.906

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the President & CEO of SEI Tax Exempt Trust (the "Trust"), with respect to the Trust's Report on Form N-CSR for the period ended August 31, 2025 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Dated: November 6, 2025

---

| |
|:---|
| /s/ Robert A. Nesher |
| Robert A. Nesher |
| President & CEO |
| (Principal Executive Officer) |

---

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the Controller & CFO of SEI Tax Exempt Trust (the "Trust"), with respect to the Trust's Report on Form N-CSR for the period ended August 31, 2025 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Dated: November 6, 2025

---

| |
|:---|
| /s/ Glenn R. Kurdziel |
| Glenn R. Kurdziel |
| Controller & CFO |
| (Principal Financial Officer) |

---