SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS — 98.3%

Alabama — 4.1%

       

Alabama State, Port Authority, Ser A, AMT, RB, AGM

               

5.000%, 10/01/2026

  $ 1,000     $ 1,018  

Black Belt, Energy Gas District, RB

               

4.000%, 06/01/2051 (A)

    5,570       5,505  

Black Belt, Energy Gas District, Ser A, RB

               

5.250%, 05/01/2055 (A)

    4,550       4,795  

Black Belt, Energy Gas District, Ser A-1, RB

               

4.000%, 12/01/2049 (A)

    5,000       5,001  

Black Belt, Energy Gas District, Ser B, RB

               

5.250%, 12/01/2053 (A)

    290       307  

5.000%, 10/01/2055 (A)

    2,600       2,708  

Black Belt, Energy Gas District, Ser C-1, RB

               

5.250%, 02/01/2053 (A)

    1,000       1,041  

Black Belt, Energy Gas District, Ser D, RB

               

5.000%, 11/01/2034

    2,000       2,113  

Black Belt, Energy Gas District, Ser D-1, RB

               

5.500%, 06/01/2049 (A)

    2,500       2,617  

Jefferson County, Refunding Warrants, RB

               

5.000%, 09/15/2029

    3,400       3,498  

Jefferson County, Sewer Revenue Refunding Warrants, RB

               

5.250%, 10/01/2040

    2,000       2,106  

5.250%, 10/01/2041

    1,000       1,045  

5.250%, 10/01/2043

    1,500       1,544  

5.000%, 10/01/2032

    2,500       2,719  

5.000%, 10/01/2038

    5,345       5,598  

Lower Alabama, Gas District, RB

               

4.000%, 12/01/2050 (A)

    5,000       4,989  

Lower Alabama, Gas District, Ser A, RB

               

5.000%, 09/01/2028

    4,800       4,976  

5.000%, 09/01/2031

    640       672  

Southeast Alabama, Energy Authority, Cooperative District, Ser A-1, RB

               

5.500%, 01/01/2053 (A)

    4,920       5,189  

5.500%, 11/01/2053 (A)

    500       534  

Southeast Alabama, Energy Authority, Cooperative District, Ser B-1, RB

               

5.750%, 04/01/2054 (A)

    2,500       2,708  

Southeast Alabama, Gas Supply District, Ser A, RB

               

5.000%, 08/01/2054 (A)

    2,000       2,082  

Southeast Energy Authority A Cooperative District, Ser C, RB

               

5.000%, 05/01/2055 (A)

    1,500       1,571  
                 
              64,336  
                 

Alaska — 0.1%

       

Alaska State, International Airports System, Ser B, RB

               

5.000%, 10/01/2032

    700       768  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Northern Alaska, Tobacco Securitization, Ser A, RB

               

4.000%, 06/01/2036

  $ 615     $ 596  
                 
              1,364  
                 

Arizona — 2.4%

       

Arizona State, Board of Regents, Ser S, RB

               

5.000%, 07/01/2038

    5,500       5,931  

Arizona State, Industrial Development Authority, American Charter Schools Foundation Project, RB

               

6.000%, 07/01/2037 (B)

    1,635       1,674  

Arizona State, Industrial Development Authority, Equitable School Project, RB

               

4.000%, 11/01/2036

    4,570       4,347  

Arizona State, Industrial Development Authority, Equitable School Revolving Fund, RB

               

5.000%, 11/01/2040

    350       357  

5.000%, 11/01/2041

    925       938  

Arizona State, Industrial Development Authority, Legacy Cares Project, RB

               

7.750%, 07/01/2050 (B)(C)

    3,560       107  

Arizona State, Industrial Development Authority, Macombs Facility Project, Ser A-SUSTAIN, RB

               

4.000%, 07/01/2051

    750       615  

Arizona State, Industrial Development Authority, Municipal Certificates, Ser 2019-2, RB

               

3.625%, 05/20/2033

    2,779       2,628  

Chandler, Industrial Development Authority, AMT, RB

               

4.000%, 06/01/2049 (A)

    6,800       6,697  

Maricopa County, Industrial Development Authority, Banner Health Project, Ser A, RB

               

5.000%, 01/01/2031

    2,250       2,304  

Maricopa County, Industrial Development Authority, Christian Care Surprise Project, RB

               

5.750%, 01/01/2036 (B)

    1,560       1,395  

Maricopa County, Industrial Development Authority, Commercial Metals Company Project, AMT, RB

               

4.000%, 10/15/2047 (B)

    305       252  

Phoenix, Civic Improvement Authority, Junior Lien, Ser A, RB

               

5.000%, 07/01/2030

    500       501  

5.000%, 07/01/2032

    1,095       1,097  

Phoenix, Civic Improvement Authority, Junior Lien, Ser B, AMT, RB

               

5.000%, 07/01/2030

    2,100       2,202  

 

 

 

SEI Tax Exempt Trust

 

1

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Phoenix, Industrial Development Authority, Downtown Phoenix Student Housing, ASU Project, RB

               

5.000%, 07/01/2029

  $ 350     $ 358  

5.000%, 07/01/2032

    115       116  

5.000%, 07/01/2033

    355       359  

Salt Verde, Financial Corp, Gas Revenue, RB

               

5.000%, 12/01/2032

    2,500       2,629  

Tempe, Industrial Development Authority, Friendship Village Project, RB

               

4.000%, 12/01/2027

    355       353  

4.000%, 12/01/2028

    365       363  

4.000%, 12/01/2029

    385       381  

Tempe, Industrial Development Authority, Mirabella at ASU Project, Ser A, RB

               

6.000%, 10/01/2037 (B)

    1,200       887  

5.500%, 10/01/2027 (B)

    695       642  
                 
              37,133  
                 

Arkansas — 0.2%

       

Arkansas State, University of Central Arkansas, Auxiliary Project, Ser C, RB, AMBAC

               

6.125%, 04/01/2026

    345       353  

Arkansas State, University of Central Arkansas, Student Fee Project, Ser B, RB, AMBAC

               

6.125%, 04/01/2026

    345       352  

Fort Smith, Water & Sewer Revenue, RB

               

5.000%, 10/01/2035

    1,500       1,550  
                 
              2,255  
                 

California — 6.4%

       

Bay Area, Toll Authority, RB

               

2.270%, 04/01/2056 (A)

    1,115       1,091  

Bay Area, Toll Authority, Ser I, RB, TD BANK N.A.

               

0.750%, 04/01/2059 (A)(D)

    600       600  

Burbank-Glendale-Pasadena, Airport Authority Brick Campaign, Ser B, AMT, RB

               

5.000%, 07/01/2035

    2,000       2,120  

California County, Tobacco Securitization Agency, Ser A, RB

               

5.000%, 06/01/2025

    200       200  

California State, Community Choice Financing Authority, Clean Energy Project, RB

               

5.000%, 12/01/2053 (A)

    565       585  

5.000%, 02/01/2055 (A)

    5,640       5,972  

5.000%, 11/01/2055 (A)

    2,000       2,056  

5.000%, 01/01/2056 (A)

    2,760       2,936  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

California State, Community Choice Financing Authority, Clean Energy Project, Ser B-1, RB

               

4.000%, 02/01/2052 (A)

  $ 7,520     $ 7,431  

California State, Community Choice Financing Authority, Clean Energy Project, Ser D, RB

               

5.500%, 05/01/2054 (A)

    6,350       6,662  

California State, Community Choice Financing Authority, Clean Energy Project, Ser E, RB

               

5.000%, 02/01/2055 (A)

    5,000       5,249  

California State, Enterprise Development Authority, M@College Project, Ser A, RB

               

5.000%, 08/01/2045

    370       371  

California State, GO

               

5.000%, 08/01/2026

    2,000       2,052  

5.000%, 09/01/2028

    3,000       3,073  

5.000%, 09/01/2029

    1,500       1,535  

5.000%, 09/01/2030

    3,395       3,472  

5.000%, 03/01/2036

    430       482  

5.000%, 11/01/2042

    1,500       1,592  

3.000%, 03/01/2046

    2,000       1,536  

California State, Housing Finance Agency, Certificates, Ser 2021-1, RB

               

3.500%, 11/20/2035

    2,807       2,606  

California State, Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Sub-Ser B, AMT, RB

               

9.500%, 01/01/2065 (A)(B)

    2,500       2,422  

California State, Infrastructure & Economic Development Bank, Equitable School Revolving Fund, RB

               

5.000%, 11/01/2039

    410       423  

5.000%, 11/01/2042

    760       770  

California State, Municipal Finance Authority, Caritas Project, Ser A, RB

               

4.000%, 08/15/2037

    1,055       1,016  

California State, Municipal Finance Authority, Orchard Park Student Housing Project, RB, BAM

               

4.000%, 05/15/2034

    1,170       1,186  

California State, Public Finance Authority, Hoag Memorial Hospital Presbyterian, RB

               

4.000%, 07/15/2036

    370       376  

California State, Ser C, GO

               

5.000%, 09/01/2030

    5,015       5,037  

Cathedral, Redevelopment Agency, Successor Agency, TA, BAM

               

4.000%, 08/01/2033

    750       754  

 

 

 

2

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Golden State, Tobacco Securitization Project, Ser A, RB, ST APPROP

               

Pre-Refunded @ 100

               

5.000%, 06/01/2025 (E)

  $ 3,000     $ 3,000  

Golden State, Tobacco Securitization Project, Ser A1, RB

               

5.000%, 06/01/2026 (F)

    1,450       1,479  

Golden State, Tobacco Securitization Project, Ser A1, RB

               

Pre-Refunded @ 100

               

5.000%, 06/01/2028 (E)

    4,960       5,263  

Golden State, Tobacco Securitization Project, Sub-Ser B-2, RB

               

0.000%, 06/01/2066 (G)

    6,375       684  

Inland Empire, Tobacco Securitization, Ser E, RB

               

0.000%, 06/01/2057 (B)(G)

    68,900       4,235  

Los Angeles Department of Water & Power, Ser A, RB, BAM

               

5.250%, 07/01/2044

    1,300       1,365  

5.250%, 07/01/2046

    500       521  

5.000%, 07/01/2039

    750       794  

Los Angeles, Department of Airports, Los Angeles International Airport Project, Sub-Ser S, AMT, RB

               

5.000%, 05/15/2033

    535       565  

Los Angeles, Department of Water & Power, Ser E, RB

               

5.000%, 07/01/2034

    4,100       4,468  

Riverside County, Transportation Commission, RB

               

4.000%, 06/01/2038

    1,000       963  

San Francisco City & County, Airport Comm-San Francisco International Airport, Ser ES-, AMT, RB

               

5.000%, 05/01/2035

    2,500       2,672  

San Francisco City & County, Redevelopment Agency Successor Agency, Transbay Infrastructure Projects, TA, AGM

               

5.000%, 08/01/2048

    425       435  

San Jose-Evergreen, Community College District, Ser C-ELECTION, GO

               

4.000%, 09/01/2041

    2,600       2,564  

Southern California, Water District, Ser A, RB

               

Pre-Refunded @ 100

               

5.000%, 07/01/2025 (E)

    3,000       3,005  

Stockton, Successor Agency, Redevelopment Agency, Ser A, TA, AGM

               

5.000%, 09/01/2030

    1,750       1,790  

5.000%, 09/01/2031

    1,815       1,854  
                 
              99,262  
                 

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Colorado — 2.4%

       

Broomfield, Special Revenue Refunding and Improvements, Ser A, GO, AGC

               

5.000%, 12/01/2030

  $ 190     $ 204  

5.000%, 12/01/2031

    420       456  

Colorado State, Bridge & Tunnel Enterprise, Ser A, RB, AGM

               

5.000%, 12/01/2043

    1,310       1,356  

Colorado State, Department of Transportation, COP

               

5.000%, 06/15/2030

    350       355  

5.000%, 06/15/2031

    500       508  

Colorado State, Educational & Cultural Facilities Authority, Ascent Classical Academy Project, RB

               

5.250%, 04/01/2039 (B)

    1,000       1,001  

Colorado State, Educational & Cultural Facilities Authority, Loveland Classical Schools Project, RB

               

5.000%, 07/01/2046 (B)

    500       469  

Colorado State, Health Facilities Authority, AdventHealth, RB

               

Pre-Refunded @ 100

               

5.000%, 11/19/2026 (A)(E)

    235       242  

Colorado State, Health Facilities Authority, Commonspirit Health Project, RB

               

5.250%, 11/01/2036

    1,135       1,220  

Colorado State, Health Facilities Authority, Commonspirit Health Project, Ser A, RB

               

5.000%, 08/01/2034

    1,500       1,567  

5.000%, 08/01/2037

    1,000       1,022  

Colorado State, Health Facilities Authority, Commonspirit Health Project, Ser A-, RB

               

4.000%, 08/01/2044

    2,550       2,211  

Colorado State, Health Facilities Authority, Covenant Living Communities Project, RB

               

4.000%, 12/01/2040

    205       187  

Colorado State, Health Facilities Authority, Intermountain Health, Ser A, RB

               

5.000%, 05/15/2036

    375       403  

5.000%, 05/15/2037

    230       246  

Colorado State, Health Facilities Authority, Intermountain Health, Ser B, RB

               

5.000%, 05/15/2034

    855       951  

Denver City & County, Airport System Revenue Authority, Ser A, AMT, RB

               

5.000%, 11/15/2030

    1,250       1,286  

Denver City & County, Airport System Revenue Authority, Ser A, RB

               

5.000%, 11/15/2031

    1,000       1,023  

 

 

 

SEI Tax Exempt Trust

 

3

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Denver City & County, Airport System Revenue Authority, Ser D, AMT, RB

               

5.500%, 11/15/2032

  $ 280     $ 313  

5.500%, 11/15/2033

    1,030       1,148  

Denver City & County, Airport System Revenue Authority, Sub-Ser A, AMT, RB

               

5.000%, 12/01/2031

    2,000       2,068  

Denver, Convention Center Hotel Authority, RB

               

5.000%, 12/01/2029

    400       405  

5.000%, 12/01/2031

    855       865  

5.000%, 12/01/2032

    1,200       1,213  

5.000%, 12/01/2034

    1,000       1,008  

5.000%, 12/01/2035

    800       805  

5.000%, 12/01/2036

    600       603  

Park Creek, Metropolitan District, Ser A, RB, AGM

               

4.000%, 12/01/2032

    1,000       1,011  

Regional Transportation District, COP

               

5.000%, 06/01/2033

    1,400       1,563  

Regional Transportation District, Eagle P3 Project, RB

               

5.000%, 01/15/2029

    600       628  

5.000%, 07/15/2031

    1,200       1,273  

5.000%, 07/15/2032

    1,020       1,078  

Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Ser A, GO

               

5.000%, 04/01/2035 (B)

    5,405       5,692  

University of Colorado, Enterprise Project, RB

               

2.000%, 06/01/2051 (A)

    270       268  

Vauxmont Metropolitan District, Sub-Ser, GO, AGM

               

5.000%, 12/15/2026

    220       226  

Weld County, School District No. RE-4, GO, ST AID WITHHLDG

               

5.000%, 12/01/2042

    2,000       2,093  
                 
              36,967  
                 

Connecticut — 1.5%

       

Connecticut State, Health & Educational Facilities Authority, Covenant Home Project, Ser B, RB

               

5.000%, 12/01/2036

    1,230       1,232  

Connecticut State, Health & Educational Facilities Authority, Ser A-3-YALE, RB

               

2.950%, 07/01/2049 (A)

    1,335       1,331  

Connecticut State, Housing Finance Authority, RB, GNMA/FNMA/FHLMC

               

4.000%, 05/15/2047

    130       130  

Connecticut State, Ser A, GO

               

4.000%, 01/15/2036

    1,105       1,110  

Connecticut State, Ser C, GO

               

5.000%, 06/15/2026

    2,460       2,511  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Connecticut State, Ser E, GO

               

5.000%, 09/15/2029

  $ 4,000     $ 4,246  

Connecticut State, Ser F, GO

               

5.000%, 11/15/2038

    4,460       4,851  

Connecticut State, Ser G, GO

               

5.000%, 11/15/2041

    1,500       1,595  

Connecticut State, Special Tax Obligation, Transportation Infrastructure, Ser A, RB

               

4.000%, 05/01/2036

    1,300       1,309  

University of Connecticut, Ser A, RB, ST APPROP

               

5.000%, 05/01/2038

    4,740       5,040  
                 
              23,355  
                 

District of Columbia — 0.9%

       

District of Columbia, Ser A, RB

               

5.000%, 07/01/2041

    4,000       4,166  

District of Columbia, Ser B, GO

               

5.000%, 06/01/2025

    1,150       1,150  

District of Columbia, Tobacco Settlement Financing, Ser A, RB

               

0.000%, 06/15/2046 (G)

    3,125       786  

Metropolitan Washington, Airports Authority, Sub-Ser, RB

               

4.000%, 10/01/2035

    1,000       995  

Metropolitan Washington, Transit Authority, Ser A, RB

               

4.000%, 07/15/2039

    3,000       2,847  

Metropolitan Washington, Transit Authority, Ser S, RB

               

5.000%, 07/15/2040

    3,250       3,432  
                 
              13,376  
                 

Florida — 5.9%

       

Alachua County, Health Facilities Authority, RB

               

5.000%, 12/01/2037 (A)

    4,000       4,054  

Broward County, Airport System Revenue, AMT, RB

               

5.000%, 10/01/2034

    1,300       1,315  

5.000%, 10/01/2035

    2,000       2,019  

Capital Projects Finance Authority, Florida University Project, Ser A-1, RB

               

5.000%, 10/01/2027

    365       375  

Central Florida, Expressway Authority, Ser D, RB, AGM

               

5.000%, 07/01/2035

    1,500       1,613  

Escambia County, Health Facilities Authority, RB

               

4.000%, 08/15/2045

    640       544  

4.000%, 08/15/2050

    1,900       1,542  

 

 

 

4

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Florida State, Capital Trust Agency, University Bridge, Student Housing Project, RB

               

5.250%, 12/01/2043 (B)

  $ 3,000     $ 2,942  

Florida State, Development Finance, Brightline Project, AMT, RB

               

12.000%, 07/15/2032 (A)(B)

    3,465       3,597  

8.250%, 07/01/2057 (A)(B)

    1,600       1,629  

5.500%, 07/01/2053

    2,075       1,948  

Florida State, Development Finance, Brightline Project, AMT, RB, AGM

               

5.250%, 07/01/2053

    3,625       3,562  

Florida State, Higher Educational Facilities Financial Authority, Ringling College Project, RB

               

5.000%, 03/01/2037

    1,295       1,301  

Florida State, Municipal Power Agency, Ser A, RB

               

5.000%, 10/01/2030

    1,500       1,530  

Florida State, Sunshine Skyway Bridge, Ser A, RB

               

4.000%, 07/01/2033

    2,930       2,957  

Greater Orlando, Aviation Authority, AMT, RB

               

5.000%, 10/01/2035

    1,000       1,069  

5.000%, 10/01/2036

    100       106  

Hillsborough County, Industrial Development Authority, RB

               

5.000%, 11/15/2029

    3,525       3,793  

Hillsborough County, Solid Waste & Resource Recovery Revenue, Ser A, AMT, RB

               

5.000%, 09/01/2031

    3,695       3,764  

JEA Electric System Revenue, Ser Three, RB

               

5.000%, 10/01/2034

    4,870       5,184  

5.000%, 10/01/2035

    3,000       3,172  

JEA Water & Sewer System Revenue, Ser A, RB

               

5.000%, 10/01/2035

    1,000       1,061  

5.000%, 10/01/2045

    1,000       1,034  

Lee County, Airport Revenue, AMT, RB

               

5.250%, 10/01/2049

    2,750       2,781  

Lee County, Industrial Development Authority, Shell Point, RB

               

4.125%, 11/15/2029

    120       120  

Miami-Dade County, Aviation Revenue, Ser A, AMT, RB

               

5.000%, 10/01/2034

    5,000       5,343  

5.000%, 10/01/2036

    920       966  

Miami-Dade County, Educational Facilities Authority, University of Miami Project, Ser A, RB

               

5.250%, 04/01/2047

    3,500       3,575  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Miami-Dade County, Seaport Department, Ser A, AMT, RB

               

5.000%, 10/01/2038

  $ 440     $ 449  

Miami-Dade County, Water & Sewer System Revenue, RB

               

4.000%, 10/01/2034

    1,750       1,780  

Miami-Dade County, Water & Sewer System Revenue, Ser B, RB

               

5.000%, 10/01/2041

    2,500       2,640  

Orange County, Convention Center, RB

               

5.000%, 10/01/2026

    755       760  

Orange County, Tourist Development Tax Revenue, Ser B, RB

               

5.000%, 10/01/2032

    3,270       3,325  

Osceola County, Transportation Revenue, Ser A-2, RB

               

0.000%, 10/01/2025 (G)

    125       123  

0.000%, 10/01/2026 (G)

    275       262  

0.000%, 10/01/2027 (G)

    360       330  

Palm Beach County, Health Facilities Authority, Retirement Life Community Project, RB

               

5.000%, 11/15/2032

    5,850       5,930  

Seminole County, Industrial Development Authority, Legacy Pointe at UCF Project, RB

               

5.250%, 11/15/2039

    3,660       3,520  

South Miami, Health Facilities Authority, Baptist Health South Florida, RB

               

5.000%, 08/15/2031

    3,000       3,095  

St. Johns County, Industrial Development Authority, Vicars Landing Project, RB

               

4.000%, 12/15/2046

    305       231  

St. Johns County, School Board, Ser A, COP, AGM

               

5.000%, 07/01/2041

    1,600       1,664  

Tampa, Cigarette Tax Allocation, Ser A, RB

               

0.000%, 09/01/2036 (G)

    305       184  

The Villages, Community Development District No. 13, Wildwood, SAB

               

3.000%, 05/01/2029

    765       736  

1.800%, 05/01/2026

    120       118  

The Villages, Community Development District No. 14, Leesburg, SAB

               

5.125%, 05/01/2037

    1,165       1,194  

4.750%, 05/01/2032

    190       195  

The Villages, Community Development District No. 15, Wildwood, SAB

               

4.200%, 05/01/2039 (B)

    1,000       934  

Wildwood, Utility Dependent District, South Sumter Utility Project, RB, BAM

               

5.000%, 10/01/2035

    550       589  
                 
              90,955  
                 

 

 

 

SEI Tax Exempt Trust

 

5

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Georgia — 2.5%

       

Atlanta, Department of Aviation, Ser B, AMT, RB

               

5.000%, 07/01/2035

  $ 1,500     $ 1,579  

5.000%, 07/01/2036

    1,000       1,045  

Atlanta, Water & Wastewater Revenue Authority, Sub-Ser, RB, BAM

               

5.000%, 11/01/2032

    7,850       8,794  

Bartow County, Development Authority, RB

               

3.950%, 12/01/2032 (A)

    930       942  

Fulton County, Development Authority, RB

               

5.000%, 04/01/2033

    1,000       1,022  

Gainesville & Hall County, Hospital Authority, RB

               

3.000%, 02/15/2051

    1,200       814  

George L Smith II, Georgia World Congress Center Authority, Convention Center Hotel, RB

               

5.000%, 01/01/2036 (B)

    710       711  

4.000%, 01/01/2054

    1,000       816  

Georgia State, Housing & Finance Authority, Single Family Mortgage, Ser A, RB

               

5.000%, 12/01/2042

    210       215  

Georgia State, Main Street Natural Gas, Ser A, RB

               

5.000%, 05/01/2054 (A)

    880       924  

5.000%, 06/01/2055 (A)

    665       699  

Georgia State, Main Street Natural Gas, Ser A1, RB

               

5.500%, 09/15/2028

    1,915       2,016  

Georgia State, Main Street Natural Gas, Ser B, RB

               

5.000%, 07/01/2053 (A)

    1,705       1,774  

5.000%, 12/01/2054 (A)

    675       711  

Georgia State, Main Street Natural Gas, Ser C, RB

               

5.000%, 09/01/2053 (A)

    1,665       1,740  

5.000%, 12/01/2054 (A)

    1,000       1,042  

4.000%, 03/01/2050 (A)

    6,640       6,654  

Georgia State, Main Street Natural Gas, Ser D, RB

               

5.000%, 04/01/2054 (A)

    90       94  

Georgia State, Main Street Natural Gas, Ser E-1, RB

               

5.000%, 12/01/2053 (A)

    1,225       1,282  

Georgia State, Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project, RB

               

5.000%, 01/01/2035

    1,500       1,556  

Georgia State, Municipal Electric Authority, Project One Subordinated, Sub-Ser, RB

               

5.000%, 01/01/2036

    2,955       3,214  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Monroe County, Development Authority, Georgie Power Company Project, Plant Scherer, RB

               

3.875%, 10/01/2048 (A)

  $ 260     $ 260  

1.000%, 07/01/2049 (A)

    730       697  
                 
              38,601  
                 

Guam — 0.3%

       

Guam, Power Authority, Ser A, RB

               

5.000%, 10/01/2032

    2,000       2,166  

5.000%, 10/01/2033

    2,205       2,393  
                 
              4,559  
                 

Hawaii — 0.2%

       

Hawaii State, Airports System Revenue, Ser A, AMT, RB

               

5.000%, 07/01/2032

    3,000       3,086  

Honolulu, City & County, Ser A, GO

               

5.000%, 07/01/2041

    250       266  
                 
              3,352  
                 

Idaho — 0.2%

       

Idaho State, Housing & Finance Association, Single Family Mortgage, Ser C, RB, GNMA/FNMA/FHLMC

               

5.750%, 01/01/2053

    2,380       2,553  
                 
                 

Illinois — 8.9%

       

Chicago, Board of Education, Dedicated Capital Improvement, RB

               

5.250%, 04/01/2035

    380       409  

5.250%, 04/01/2036

    645       690  

5.000%, 04/01/2033

    500       507  

5.000%, 04/01/2034

    620       628  

5.000%, 04/01/2036

    445       450  

Chicago, Board of Education, Ser A, GO

               

5.000%, 12/01/2032

    1,435       1,471  

Chicago, Board of Education, Ser B, GO

               

5.000%, 12/01/2027

    650       665  

5.000%, 12/01/2028

    100       103  

Chicago, Board of Education, Ser D, GO

               

5.000%, 12/01/2046

    640       582  

Chicago, Midway International Airport, Senior Lien Airport Revenue Refunding Bonds, Ser C, AMT, RB

               

5.000%, 01/01/2040

    2,000       2,015  

Chicago, O'Hare International Airport, AMT, RB

               

5.000%, 01/01/2036

    1,040       1,079  

Chicago, O'Hare International Airport, RB, AGM

               

5.000%, 01/01/2038

    1,890       2,008  

 

 

 

6

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Chicago, O'Hare International Airport, RB, BAM

               

5.000%, 01/01/2035

  $ 1,515     $ 1,646  

5.000%, 01/01/2037

    1,130       1,210  

Chicago, O'Hare International Airport, Ser A, AMT, RB

               

5.000%, 01/01/2036

    1,290       1,307  

5.000%, 07/01/2038

    1,500       1,511  

Chicago, O'Hare International Airport, Ser B, RB

               

5.000%, 01/01/2033

    1,665       1,701  

5.000%, 01/01/2035

    3,500       3,518  

Chicago, Ser A, GO

               

5.500%, 01/01/2035

    3,020       3,118  

5.250%, 01/01/2045

    2,750       2,688  

5.000%, 01/01/2044

    2,000       1,910  

4.000%, 01/01/2036

    5,550       5,198  

Chicago, Ser C, GO

               

5.000%, 01/01/2026 (F)

    1,130       1,142  

Chicago, Transit Authority, RB

               

5.000%, 12/01/2046

    1,500       1,447  

Chicago, Wastewater Transmission Revenue, RB, BAM

               

5.000%, 01/01/2041

    305       318  

5.000%, 01/01/2042

    1,750       1,811  

Chicago, Waterworks Revenue, RB

               

5.000%, 11/01/2026

    1,820       1,866  

Chicago, Waterworks Revenue, Ser 2017-2, RB, AGM

               

5.000%, 11/01/2035

    5,000       5,108  

Chicago, Waterworks Revenue, Ser A, RB

               

5.000%, 11/01/2039

    2,750       2,876  

Chicago, Waterworks Revenue, Ser B, RB, AGM

               

5.000%, 11/01/2037

    470       495  

5.000%, 11/01/2038

    1,150       1,203  

Cook County, Community College District No. 508, GO, BAM

               

5.000%, 12/01/2038

    100       104  

5.000%, 12/01/2039

    800       827  

Cook County, Ser A, GO

               

5.000%, 11/15/2033

    450       482  

Cook County, Tax Revenue Authority, RB

               

5.000%, 11/15/2035

    4,000       4,105  

Cook County, Tax Revenue Authority, Ser A, RB

               

5.000%, 11/15/2031

    60       65  

Illinois State, Finance Authority, Chicago International Charter School Project, RB

               

5.000%, 12/01/2037

    1,500       1,513  

Illinois State, Finance Authority, Health Care System Project, Ser A, RB

               

5.000%, 11/15/2029

    1,885       1,890  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Illinois State, Finance Authority, Northshore - Edward-Elhmhurst Health Credit Group, Ser A, RB

               

5.000%, 08/15/2047

  $ 2,000     $ 2,006  

Illinois State, Finance Authority, RB

               

4.000%, 02/15/2041

    2,080       1,895  

Illinois State, Finance Authority, RB

               

Pre-Refunded @ 100

               

4.000%, 02/15/2027 (E)

    65       66  

Illinois State, Finance Authority, University Medical Center Project, Ser B, RB

               

5.000%, 11/15/2034

    2,000       2,000  

Illinois State, Finance Authority, University of Chicago Project, Ser A, RB

               

5.250%, 04/01/2045

    1,550       1,606  

Illinois State, Finance Authority, University of Illinois Chicago Project, RB

               

5.000%, 02/15/2026

    500       502  

5.000%, 02/15/2027

    200       202  

5.000%, 02/15/2029

    400       405  

5.000%, 02/15/2031

    365       368  

Illinois State, GO

               

5.500%, 05/01/2030

    3,750       3,950  

5.000%, 11/01/2036

    2,970       2,993  

Illinois State, Housing Development Authority, Homeowner Mortgage, Ser C, RB

               

3.500%, 08/01/2046

    385       384  

Illinois State, Housing Development Authority, Ser D, RB, GNMA/FNMA/FHLMC

               

5.500%, 10/01/2053

    1,275       1,356  

Illinois State, Housing Development Authority, Ser E, RB, GNMA/FNMA/FHLMC

               

5.250%, 10/01/2052

    2,740       2,852  

Illinois State, Housing Development Authority, Ser H, RB, FNMA/GNMA/FHLMC

               

5.750%, 10/01/2053

    365       387  

Illinois State, Housing Development Authority, Ser I, RB, GNMA/FNMA/FHLMC

               

6.000%, 10/01/2055

    810       888  

Illinois State, Housing Development Authority, Ser K, RB, FNMA/GNMA/FHLMC

               

5.250%, 10/01/2043

    1,200       1,234  

4.950%, 10/01/2038

    1,100       1,112  

Illinois State, Municipal Electric Agency, Ser A, RB

               

4.000%, 02/01/2035

    3,000       2,954  

Illinois State, Rebuild Illinois Program, Ser B, GO

               

4.000%, 11/01/2035

    2,800       2,722  

Illinois State, Regional Transportation Authority, RB, NATL

               

6.500%, 07/01/2030

    1,500       1,663  

 

 

 

SEI Tax Exempt Trust

 

7

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Illinois State, Regional Transportation Authority, Ser A, RB, NATL

               

6.000%, 07/01/2031

  $ 1,000     $ 1,112  

Illinois State, Ser A, GO

               

5.500%, 03/01/2042

    670       701  

Illinois State, Ser B, GO

               

5.000%, 10/01/2030

    2,500       2,603  

5.000%, 03/01/2031

    2,000       2,139  

4.000%, 10/01/2035

    4,020       3,896  

Illinois State, Ser C, GO

               

5.000%, 12/01/2042

    2,850       2,894  

4.000%, 10/01/2037

    215       203  

4.000%, 10/01/2048

    4,265       3,549  

Illinois State, Ser D, GO

               

5.000%, 11/01/2025

    1,585       1,597  

5.000%, 11/01/2028

    1,000       1,033  

Illinois State, Sports Facilities Authority, RB, BAM

               

5.000%, 06/15/2029

    1,500       1,577  

Illinois State, Toll Highway Authority, Ser A, RB

               

5.250%, 01/01/2043

    2,090       2,201  

5.250%, 01/01/2045

    1,910       1,993  

5.000%, 01/01/2038

    340       366  

Kendall Kane & Will Counties, School District No. 308, Ser A, GO, AGM

               

5.000%, 02/01/2027

    1,055       1,088  

Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, RB

               

5.000%, 12/15/2031

    250       257  

5.000%, 12/15/2032

    255       262  

5.000%, 12/15/2033

    300       307  

5.000%, 12/15/2034

    400       409  

4.000%, 12/15/2042

    1,895       1,691  

Railsplitter, Tobacco Settlement Authority, RB

               

Pre-Refunded @ 100

               

5.000%, 06/01/2026 (E)

    2,500       2,551  

Rock Island County, School District No. 41, Ser A, GO, AGC

               

5.000%, 01/01/2032

    500       545  

5.000%, 01/01/2034

    650       715  

Sales Tax Securitization, RB

               

5.000%, 01/01/2034

    2,500       2,712  

Sales Tax Securitization, Ser A, RB

               

5.000%, 01/01/2026

    360       364  

5.000%, 01/01/2028

    380       396  

5.000%, 01/01/2033

    4,465       4,879  

5.000%, 01/01/2036

    4,500       4,726  

Sales Tax Securitization, Ser A, RB, BAM

               

5.000%, 01/01/2037

    200       208  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Sales Tax Securitization, Ser C, RB

               

5.000%, 01/01/2037

  $ 635     $ 666  
                 
              138,851  
                 

Indiana — 1.3%

       

Danville, Multi-School Building, RB, ST INTERCEPT

               

5.000%, 01/15/2031

    500       545  

5.000%, 01/15/2032

    800       878  

5.000%, 07/15/2032

    500       551  

5.000%, 01/15/2033

    500       552  

5.000%, 07/15/2033

    555       613  

Indiana State, Finance Authority, CHF - Tippecanoe, LLC, Student Housing Project, RB

               

5.000%, 06/01/2038

    200       204  

Indiana State, Finance Authority, Wastewater Utility Revenue, CWA Authority Project, Ser S, RB

               

4.000%, 10/01/2035

    2,725       2,748  

4.000%, 10/01/2036

    1,485       1,487  

Indiana State, Finance Authority, Water Utility Revenue, Citizens Energy Group Project, RB

               

5.000%, 10/01/2035

    2,585       2,854  

Indiana State, Housing & Community Development Authority, Ser B-1, RB, GNMA

               

3.250%, 07/01/2049

    210       208  

Indianapolis, Local Public Improvement Bond Bank, Indiana Convention Center Hotel, RB

               

5.500%, 03/01/2038

    1,400       1,476  

Northwest, Allen School Building, RB, ST INTERCEPT

               

5.000%, 07/15/2037

    460       500  

5.000%, 07/15/2041

    400       421  

Richmond, Hospital Authority, Reid Hospital Project, RB

               

5.000%, 01/01/2035

    3,400       3,401  

Westfield-Washington, Multi-School Building, Ser A, RB, BAM ST INTERCEPT

               

5.250%, 07/15/2037

    2,520       2,791  

Whiting, Industry Environmental Facilities, BP Products North America Project, AMT, RB

               

4.400%, 11/01/2045 (A)

    1,000       1,012  
                 
              20,241  
                 

Iowa — 0.4%

       

Iowa State, Finance Authority, Iowa Fertilizer Company Project, RB

               

Pre-Refunded @ 100

               

5.000%, 12/01/2032 (E)

    2,515       2,825  

 

 

 

8

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Iowa State, Finance Authority, Ser A, RB, GNMA/FNMA/FHLMC

               

5.250%, 07/01/2053

  $ 930     $ 967  

Iowa State, Student Loan Liquidity Corporation, Ser B, AMT, RB

               

5.000%, 12/01/2032

    1,130       1,190  

Iowa State, Tobacco Settlement Authority, Ser A-2, RB

               

4.000%, 06/01/2035

    500       491  

Iowa State, Tobacco Settlement Authority, Sub-Ser B-1, RB

               

4.000%, 06/01/2049

    60       60  

PEFA, Gas Project Revenue, RB

               

5.000%, 09/01/2049 (A)

    1,000       1,011  
                 
              6,544  
                 

Kentucky — 0.9%

       

Kentucky State, Public Energy Authority, Gas Supply, Ser C-1, RB

               

4.000%, 12/01/2049 (A)

    4,000       4,000  

Kentucky State, Public Energy Authority, Ser A, RB

               

5.250%, 06/01/2055 (A)

    500       524  

Kentucky State, Public Energy Authority, Ser A-1, RB

               

5.250%, 04/01/2054 (A)

    2,250       2,381  

4.000%, 08/01/2052 (A)

    2,945       2,919  

Kentucky State, Public Energy Authority, Ser B, RB

               

5.000%, 01/01/2055 (A)

    2,750       2,891  

Louisville & Jefferson County, Metropolitan Government & Health System, RB

               

5.000%, 10/01/2047 (A)

    1,175       1,198  
                 
              13,913  
                 

Louisiana — 0.8%

       

Louisiana State, Gasoline & Fuels Tax Revenue, Ser A, RB

               

3.545%, 05/01/2043 (A)

    380       379  

Louisiana State, Public Facilities Authority, Department of Public Safety Crime Lab Project, RB, AGC

               

5.000%, 08/01/2031

    400       440  

5.000%, 08/01/2032

    165       183  

Louisiana State, Public Facilities Authority, Lincoln Preparatory School Project, Ser A, RB

               

6.125%, 06/01/2037 (B)

    400       398  

Louisiana State, Public Facilities Authority, Tulane University Project, Ser A, RB

               

5.000%, 12/15/2030

    3,000       3,078  

New Orleans, Aviation Board, AMT, RB

               

5.000%, 01/01/2034

    2,250       2,389  

5.000%, 01/01/2036

    1,695       1,787  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New Orleans, Aviation Board, Consolidated Rental Car Facility Project, RB, AGM

               

5.000%, 01/01/2031

  $ 1,260     $ 1,305  

5.000%, 10/01/2036

    1,550       1,593  

St. John the Baptist Parish, Marathon Oil Project, RB

               

2.200%, 06/01/2037 (A)

    1,000       981  

St. John the Baptist Parish, Marathon Oil Project, Sub-Ser, RB

               

2.375%, 06/01/2037 (A)

    590       580  
                 
              13,113  
                 

Maine — 0.0%

       

Maine State, Health & Higher Educational Facilities Authority, Ser A, RB, AGM

               

4.000%, 07/01/2035

    195       193  

4.000%, 07/01/2037

    265       258  
                 
              451  
                 

Maryland — 1.5%

       

Maryland Economic Development, RB

               

5.000%, 07/01/2048 (A)(B)

    1,500       1,463  

Maryland State, Community Development Administration, RB, FNMA

               

4.000%, 08/01/2039

    1,935       1,842  

Maryland State, Community Development Administration, Ser C, RB

               

3.500%, 03/01/2050

    290       289  

Maryland State, Department of Transportation, AMT, RB, AGC

               

5.000%, 08/01/2031

    1,000       1,069  

Maryland State, Department of Transportation, RB

               

4.000%, 10/01/2032

    1,500       1,516  

Maryland State, Health & Higher Educational Facilities Authority, Adventist HealthCare, RB

               

5.500%, 01/01/2036

    2,000       2,028  

Maryland State, Health & Higher Educational Facilities Authority, University of Maryland Medical System, Ser B, RB

               

5.000%, 07/01/2032

    5,000       5,149  

Maryland State, Stadium Authority, RB

               

5.000%, 06/01/2036

    2,670       2,945  

Maryland State, Transportation Authority, Transportation Facilities Project, Ser S, RB

               

5.000%, 07/01/2034

    3,065       3,463  

Prince George's County, Episcopal Life Project, RB

               

5.000%, 04/01/2031

    2,000       1,995  

 

 

 

SEI Tax Exempt Trust

 

9

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Prince George's County, Ser A, GO

               

5.000%, 08/01/2042

  $ 2,000     $ 2,129  
                 
              23,888  
                 

Massachusetts — 1.8%

       

Massachusetts State, Development Finance Agency, Caregroup, Ser H, RB

               

5.000%, 07/01/2025

    415       415  

Massachusetts State, Development Finance Agency, Emerson College, RB

               

5.000%, 01/01/2026

    465       469  

5.000%, 01/01/2027

    145       148  

Massachusetts State, Development Finance Agency, Milford Regional Medical Center Project, Ser S, RB

               

5.000%, 07/15/2025 (F)

    120       120  

Massachusetts State, Development Finance Agency, Northeastern University, RB

               

5.000%, 10/01/2028

    300       320  

5.000%, 10/01/2029

    250       271  

Massachusetts State, Development Finance Agency, Partners Health Care System, RB

               

2.570%, 07/01/2049 (A)(B)

    550       550  

Massachusetts State, Development Finance Agency, RB

               

5.000%, 07/01/2029

    435       456  

Massachusetts State, Development Finance Agency, Suffolk University Project, RB

               

5.000%, 07/01/2035

    150       150  

Massachusetts State, Development Finance Agency, UMass Student Housing Project, RB

               

5.000%, 10/01/2027

    2,965       2,999  

Massachusetts State, Educational Financing Authority, AMT, RB

               

5.000%, 07/01/2030

    1,125       1,171  

5.000%, 07/01/2031

    1,500       1,580  

Massachusetts State, Educational Financing Authority, Ser B, AMT, RB

               

5.000%, 07/01/2027

    915       939  

5.000%, 07/01/2028

    1,750       1,812  

5.000%, 07/01/2029

    1,925       2,002  

Massachusetts State, Port Authority, Bosfuel Project, Ser A, AMT, RB

               

5.000%, 07/01/2030

    1,330       1,395  

Massachusetts State, Port Authority, Ser A, AMT, RB

               

5.000%, 07/01/2029

    1,855       1,907  

Massachusetts State, Port Authority, Ser A, RB

               

5.000%, 07/01/2031

    1,250       1,251  

Massachusetts State, Ser A, GO

               

5.000%, 01/01/2037

    2,500       2,609  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Massachusetts State, Ser D, GO

               

4.000%, 05/01/2034

  $ 6,500     $ 6,603  
                 
              27,167  
                 

Michigan — 2.1%

       

Detroit, Downtown Development Authority, Catalyst Development Project, TA

               

5.000%, 07/01/2040

    2,000       2,091  

5.000%, 07/01/2048

    825       831  

Detroit, Regional Convention Facility Authority, Ser C, RB

               

5.000%, 10/01/2036

    1,355       1,441  

5.000%, 10/01/2037

    215       227  

Gerald R Ford International Airport Authority, AMT, RB

               

5.000%, 01/01/2040

    1,245       1,286  

Great Lakes, Water Authority, Sewage Disposal System, RB

               

5.000%, 07/01/2038

    1,750       1,886  

Great Lakes, Water Authority, Water Supply System, Ser A, RB

               

5.000%, 07/01/2037

    430       468  

Great Lakes, Water Authority, Water Supply System, Ser C, RB

               

5.000%, 07/01/2031

    3,665       3,724  

Imlay, Community Schools, Ser I, GO, Q-SBLF

               

5.000%, 05/01/2029

    420       454  

Michigan State, Finance Authority, Beaumont-Spectrum Consolidation, RB

               

5.000%, 04/15/2033

    3,610       3,946  

Michigan State, Finance Authority, Hospital Trinity Health Credit, RB

               

5.000%, 12/01/2034

    2,000       2,053  

Michigan State, Finance Authority, McLaren Health Care, RB

               

0.750%, 10/15/2025

    235       233  

Michigan State, Finance Authority, RB

               

5.250%, 02/28/2041

    450       467  

5.250%, 02/28/2042

    2,200       2,268  

5.250%, 02/28/2043

    800       823  

4.125%, 02/29/2044

    600       549  

Michigan State, Hospital Finance Authority, Ascension Health Care Project, Ser Senior CR, RB

               

5.000%, 11/15/2047

    345       348  

Michigan State, Housing Development Authority, Ser B, RB

               

5.750%, 06/01/2054

    1,995       2,117  

3.750%, 06/01/2050

    120       120  

Michigan State, Housing Development Authority, Ser D, RB

               

3.400%, 06/01/2030

    640       629  

 

 

 

10

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Michigan State, Strategic Fund, I-75 Improvement Project, AMT, RB

               

5.000%, 12/31/2031

  $ 3,500     $ 3,614  

Michigan State, Strategic Fund, Various Consumer Energy Companies, AMT, RB

               

3.350%, 10/01/2049 (A)

    345       338  

Wayne County, Airport Authority, Ser D, RB

               

5.000%, 12/01/2030

    1,300       1,303  

5.000%, 12/01/2031

    1,800       1,805  
                 
              33,021  
                 

Minnesota — 1.2%

       

Apple Valley, Senior Living Project, RB

               

5.500%, 01/01/2029

    1,320       1,320  

5.500%, 01/01/2031

    1,085       1,085  

5.250%, 01/01/2037

    475       274  

Cass Lake-Bena, Independent School District No. 115, Ser A, GO, SD CRED PROG

               

4.000%, 02/01/2040

    2,395       2,319  

Minneapolis & St. Paul, Metropolitan Airports Commission, Ser C, RB

               

5.000%, 01/01/2029

    300       309  

5.000%, 01/01/2031

    300       308  

Minneapolis & St. Paul, Metropolitan Airports Commission, Sub-Ser B, AMT, RB

               

4.000%, 01/01/2038

    915       872  

Minneapolis & St. Paul, Metropolitan Airports Commission, Sub-Ser, AMT, RB

               

5.000%, 01/01/2036

    3,355       3,537  

Minneapolis, Fairview Health Services, Ser A, RB

               

5.000%, 11/15/2035

    2,845       2,902  

Minnesota State, Agricultural & Economic Development Board, RB

               

5.000%, 01/01/2037

    1,530       1,625  

Minnesota State, Higher Education Facilities Authority, St. Olaf College, RB

               

3.000%, 10/01/2038

    250       209  

3.000%, 10/01/2041

    1,000       784  

Minnesota State, Municipal Power Agency, Ser A, RB

               

5.000%, 10/01/2027

    600       602  

Minnesota State, Public Facilities Authority State Revolving Fund, Ser A, RB

               

5.000%, 03/01/2033

    3,000       3,035  
                 
              19,181  
                 

Mississippi — 0.2%

       

Mississippi State, ABC Warehouse Construction, RB

               

5.000%, 10/01/2034

    145       162  

5.000%, 10/01/2036

    265       290  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Mississippi State, Gaming Tax Revenue, Ser A, RB

               

5.000%, 10/15/2029

  $ 300     $ 313  

5.000%, 10/15/2030

    850       885  

Mississippi State, Gaming Tax Revenue, Ser E, RB

               

5.000%, 10/15/2029

    1,000       1,005  
                 
              2,655  
                 

Missouri — 0.4%

       

Missouri State, Health & Educational Facilities Authority, CoxHealth, Ser A, RB

               

5.000%, 11/15/2034

    3,000       3,010  

Missouri State, Health & Educational Facilities Authority, SSM Health Care Project, Ser A, RB

               

5.000%, 06/01/2032

    720       785  

Missouri State, Housing Development Commission, RB, GNMA/FNMA/FHLMC

               

3.875%, 05/01/2050

    475       475  

St Louis, Industrial Development Authority, Confluence Academy Project, RB

               

5.500%, 06/15/2042 (B)

    2,350       2,133  
                 
              6,403  
                 

Nebraska — 1.0%

       

Central Plains, Energy Project, Ser A, RB

               

5.000%, 09/01/2036

    4,860       5,127  

5.000%, 09/01/2042

    730       747  

5.000%, 05/01/2054 (A)

    1,020       1,051  

Nebraska State, Investment Finance Authority, Ser G, RB, GNMA/FNMA/FHLMC

               

5.150%, 09/01/2043

    1,100       1,125  

4.950%, 09/01/2038

    550       564  

Omaha, Airport Authority, AMT, RB, AGC

               

5.000%, 12/15/2032

    1,335       1,433  

5.000%, 12/15/2033

    2,050       2,200  

5.000%, 12/15/2034

    1,000       1,072  

Omaha, Public Power District, Ser A, RB

               

5.000%, 02/01/2041

    1,700       1,782  

Washington County, Waste Water Authority, AMT, RB

               

0.900%, 09/01/2030 (A)

    700       695  
                 
              15,796  
                 

Nevada — 0.4%

       

Clark County, School District, Ser A, GO

               

5.000%, 06/15/2039

    2,115       2,218  

Las Vegas, Ser B, GO

               

5.000%, 06/01/2038

    2,000       2,172  

Reno, Sales Tax Revenue, First Lien, RB

               

5.000%, 06/01/2037

    590       608  

 

 

 

SEI Tax Exempt Trust

 

11

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Reno, Sales Tax Revenue, Second Lien, RB, AGM

               

5.000%, 06/01/2033

  $ 400     $ 418  
                 
              5,416  
                 

New Hampshire — 0.1%

       

New Hampshire State, National Finance Authority, Springpoints Senior Living Project, RB

               

4.000%, 01/01/2029

    300       296  

4.000%, 01/01/2030

    285       280  

4.000%, 01/01/2031

    290       283  
                 
              859  
                 

New Jersey — 4.0%

       

New Jersey Institute of Technology, Ser A, RB, BAM

               

5.000%, 07/01/2041

    2,000       2,118  

New Jersey State, COVID-19 Emergency Bonds, GO

               

4.000%, 06/01/2032

    3,070       3,227  

New Jersey State, COVID-19 Emergency Bonds, GO

               

4.000%, 06/01/2031

    1,000       1,049  

New Jersey State, Economic Development Authority, Continental Airlines Project, AMT, RB

               

5.625%, 11/15/2030

    1,160       1,161  

New Jersey State, Economic Development Authority, Provident Group Montclair Project, RB, AGM

               

5.000%, 06/01/2027

    995       1,028  

New Jersey State, Economic Development Authority, School Facilities Construction, Ser GGG, RB

               

5.250%, 09/01/2025 (B)

    2,000       2,010  

New Jersey State, Educational Facilities Authority, Montclair State University, RB, AGM

               

5.000%, 07/01/2037

    810       885  

New Jersey State, Educational Facilities Authority, Ser A, RB

               

5.000%, 07/01/2064 (A)

    2,000       2,210  

New Jersey State, Health Care Facilities Financing Authority, Inspira Health Obligated Group, RB

               

5.000%, 07/01/2036

    2,250       2,291  

New Jersey State, Health Care Facilities Financing Authority, Valley Health System Obligated Group, RB

               

5.000%, 07/01/2033

    2,590       2,734  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New Jersey State, Higher Education Student Assistance Authority, Ser A, AMT, RB

               

5.000%, 12/01/2030

  $ 1,400     $ 1,473  

New Jersey State, Higher Education Student Assistance Authority, Ser B, AMT, RB

               

5.000%, 12/01/2028

    1,450       1,512  

New Jersey State, Tobacco Settlement Financing, Ser A, RB

               

5.000%, 06/01/2035

    10,000       10,149  

New Jersey State, Transportation Trust Fund Authority, Federal Highway Reimbursement Notes, RB

               

5.000%, 06/15/2028

    2,000       2,035  

5.000%, 06/15/2029

    3,500       3,557  

New Jersey State, Transportation Trust Fund Authority, RB

               

5.250%, 06/15/2039

    2,500       2,644  

5.000%, 06/15/2038

    1,000       1,048  

New Jersey State, Transportation Trust Fund Authority, Ser A, RB

               

5.250%, 06/15/2039

    3,000       3,210  

5.000%, 06/15/2032

    2,305       2,525  

New Jersey State, Transportation Trust Fund Authority, Ser AA, RB

               

5.250%, 06/15/2041

    2,000       2,109  

5.000%, 06/15/2038

    1,250       1,313  

New Jersey State, Transportation Trust Fund Authority, Ser BB, RB

               

5.000%, 06/15/2038

    3,000       3,160  

New Jersey State, Transportation Trust Fund Authority, Ser CC, RB

               

5.000%, 06/15/2034

    710       780  

New Jersey State, Transportation Trust Fund Authority, Ser S, RB

               

5.000%, 06/15/2032

    1,250       1,306  

New Jersey State, Turnpike Authority, Ser A, RB

               

5.000%, 01/01/2033

    2,230       2,282  

New Jersey State, Turnpike Authority, Ser C, RB

               

5.000%, 01/01/2042

    1,015       1,060  

South Jersey Port, Marine Terminal, Sub-Ser B, AMT, RB

               

5.000%, 01/01/2032

    900       923  

5.000%, 01/01/2033

    425       435  

5.000%, 01/01/2034

    570       582  

5.000%, 01/01/2036

    570       578  

South Jersey, Transportation Authority, Ser A, RB, BAM

               

4.000%, 11/01/2039

    1,500       1,405  
                 
              62,799  
                 

 

 

 

12

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New Mexico — 0.4%

       

New Mexico State, Hospital Equipment Loan Council, Ser A, RB

               

5.000%, 08/01/2044

  $ 5,000     $ 4,945  

Santa Fe, Retirement Facilities Revenue, El Castillo Retirement Project, RB

               

5.000%, 05/15/2034

    600       608  
                 
              5,553  
                 

New York — 8.4%

       

Build NYC Resource, Kipp Public School, Canal West Project, RB

               

5.000%, 07/01/2029

    450       473  

5.000%, 07/01/2031

    525       558  

Long Island, Power Authority, Ser A, RB

               

4.000%, 09/01/2037

    1,980       1,979  

Long Island, Power Authority, Ser B, RB

               

0.850%, 09/01/2050 (A)

    1,500       1,488  

Metropolitan New York, Transportation Authority, Ser A-2, RB

               

5.000%, 11/15/2045 (A)

    500       521  

Metropolitan New York, Transportation Authority, Ser C-1, RB

               

5.000%, 11/15/2031

    4,000       4,137  

4.000%, 11/15/2032

    1,500       1,503  

Metropolitan New York, Transportation Authority, Ser D-1, RB

               

5.000%, 11/15/2029

    1,000       1,004  

Metropolitan New York, Transportation Authority, Ser E, RB

               

5.000%, 11/15/2032

    2,190       2,359  

Metropolitan Transportation Authority, RB

               

5.250%, 11/15/2043

    1,000       1,043  

5.000%, 11/15/2033

    3,000       3,315  

Monroe County, Industrial Development Authority, University of Rochester Project, Ser A, RB

               

5.000%, 07/01/2028

    1,325       1,381  

Nassau County, Local Economic Assistance, Catholic Health Services of Long Island Project, RB

               

5.000%, 07/01/2029

    1,000       1,001  

New York & New Jersey, Port Authority, AMT, RB

               

5.000%, 09/01/2035

    5,000       5,149  

5.000%, 01/15/2036

    1,000       1,047  

5.000%, 08/01/2039

    605       617  

New York & New Jersey, Port Authority, Ser 246, AMT, RB

               

5.000%, 09/01/2030

    2,000       2,128  

New York City, Housing Development Authority, RB

               

4.000%, 12/15/2031

    500       508  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New York City, Housing Development Authority, RB, FHA

               

4.600%, 08/01/2048

  $ 1,090     $ 1,034  

New York City, Industrial Development Agency, Queens Baseball Stadium Project, RB, AGM

               

3.000%, 01/01/2033

    330       310  

3.000%, 01/01/2034

    740       681  

New York City, Industrial Development Agency, Yankee Stadium Project, RB, AGM

               

5.000%, 03/01/2028

    110       116  

5.000%, 03/01/2030

    100       107  

New York City, Ser A, GO

               

5.000%, 08/01/2035

    1,000       1,111  

5.000%, 08/01/2036

    200       220  

New York City, Ser A-1, GO

               

4.000%, 08/01/2037

    4,000       3,947  

New York City, Ser C, GO

               

4.000%, 08/01/2036

    2,750       2,734  

New York City, Ser F-1, GO

               

4.000%, 03/01/2038

    1,500       1,474  

New York City, Sub-Ser B, GO

               

5.250%, 10/01/2041

    6,240       6,620  

5.000%, 10/01/2033

    280       310  

New York City, Sub-Ser C-SUB, GO

               

5.000%, 09/01/2038

    2,000       2,147  

New York City, Sub-Ser G-SUBSER, GO

               

5.000%, 02/01/2039

    985       1,059  

New York City, Transitional Finance Authority, Building Aid Revenue, Sub-Ser S1A, RB, ST AID WITHHLDG

               

5.000%, 07/15/2035

    1,650       1,743  

New York City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser B-1, RB

               

4.000%, 11/01/2043

    1,350       1,235  

New York City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser, RB

               

5.000%, 05/01/2038

    1,040       1,121  

5.000%, 05/01/2041

    1,000       1,050  

New York City, Transitional Finance Authority, Sub-Ser D, RB

               

5.500%, 05/01/2052

    2,000       2,119  

New York City, Transitional Finance Authority, Sub-Ser D-1, RB

               

5.000%, 11/01/2041

    3,000       3,149  

New York City, Water & Sewer System Authority, RB

               

1.400%, 06/15/2049 (A)

    2,000       2,000  

New York City, Water & Sewer System, Finance Authority, RB

               

1.500%, 06/15/2044 (A)

    1,200       1,200  

 

 

 

SEI Tax Exempt Trust

 

13

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New York City, Water & Sewer System, Finance Authority, Sub-Ser, RB

               

3.000%, 06/15/2040

  $ 1,800     $ 1,447  

New York State, Dormitory Authority, Pace University, Ser A, RB

               

5.250%, 05/01/2043

    560       569  

New York State, Dormitory Authority, Prefunded School Districts, RB, AGM

               

Pre-Refunded @ 100

               

5.000%, 10/01/2028 (E)

    5       5  

New York State, Dormitory Authority, RB

               

4.000%, 03/15/2038

    4,840       4,702  

New York State, Dormitory Authority, RB

               

Pre-Refunded @ 100

               

4.000%, 03/15/2032 (E)

    5       5  

New York State, Dormitory Authority, RB, AGC

               

5.250%, 10/01/2040

    1,000       1,074  

New York State, Dormitory Authority, Ser 2015B-B, RB

               

5.000%, 03/15/2032

    2,500       2,510  

5.000%, 03/15/2033

    2,500       2,508  

New York State, Dormitory Authority, Ser A, RB

               

5.250%, 07/01/2039

    760       806  

5.000%, 03/15/2041

    1,000       1,051  

New York State, Dormitory Authority, Ser E, RB

               

3.000%, 03/15/2041

    1,500       1,185  

New York State, Liberty Development Authority, 1 World Trade Center Project, Ser 1WTC, RB

               

2.750%, 02/15/2044

    610       424  

New York State, Liberty Development Authority, 4 World Trade Center Project, RB

               

2.875%, 11/15/2046

    1,170       801  

1.200%, 11/15/2028

    1,355       1,215  

New York State, Thruway Authority, Ser A-1-GROUP, RB

               

4.000%, 03/15/2036

    2,895       2,895  

3.000%, 03/15/2049

    5,000       3,504  

New York State, Transportation Development Corporation, Delta Air Lines Inc, AMT, RB

               

5.000%, 01/01/2034

    4,000       4,023  

5.000%, 10/01/2040

    2,625       2,595  

New York State, Transportation Development Corporation, Delta Air Lines Inc, LaGuardia Airport Terminals C&D Redevelopment Project, AMT, RB

               

4.000%, 10/01/2030

    4,550       4,456  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB

               

5.500%, 06/30/2039

  $ 1,000     $ 1,045  

5.500%, 06/30/2041

    850       879  

5.375%, 06/30/2060

    1,250       1,242  

5.250%, 06/30/2043

    2,500       2,514  

5.000%, 12/01/2025

    115       116  

5.000%, 12/01/2036

    4,000       4,115  

5.000%, 12/01/2037

    3,000       3,061  

New York State, Transportation Development Corporation, JFK International Airport Project, AMT, RB, AGM

               

5.500%, 06/30/2043

    1,200       1,246  

5.250%, 06/30/2039

    250       265  

4.250%, 06/30/2042

    4,000       3,758  

New York State, Utility Debt Securitization Authority, Ser B, RB

               

5.000%, 12/15/2035

    1,825       1,856  

Suffolk Regional Off-Track Betting, RB

               

5.750%, 12/01/2044

    1,750       1,791  

Triborough, Bridge & Tunnel Authority, RB

               

5.250%, 12/01/2054

    2,500       2,588  

0.000%, 11/15/2036 (G)

    905       559  

TSASC, Tobacco Settlement Bonds, Ser A, RB

               

5.000%, 06/01/2030

    525       533  

5.000%, 06/01/2031

    525       532  

Westchester County, Local Development, Westchester Medical Center Project, RB, AGM

               

5.000%, 11/01/2047

    750       763  

Westchester, Tobacco Asset Securitization, Ser B, RB

               

5.000%, 06/01/2031

    2,000       2,028  
                 
              130,364  
                 

North Carolina — 1.0%

       

Charlotte, Airport Revenue, Douglas International Airport, AMT, RB

               

5.000%, 07/01/2037

    2,250       2,336  

Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, RB

               

5.000%, 01/15/2049 (A)

    5,000       5,454  

Cumberland County, Industrial Facilities & Pollution Control Financing Authority, AMT, RB

               

3.750%, 12/01/2027 (A)

    1,750       1,750  

Greater Asheville, Regional Airport Authority, Ser A, AMT, RB, AGM

               

5.000%, 07/01/2031

    445       475  

 

 

 

14

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

North Carolina State, Housing Finance Agency, RB, GNMA/FNMA/FHLMC

               

3.750%, 07/01/2052

  $ 1,355     $ 1,355  

North Carolina State, Housing Finance Agency, Ser 5, RB, GNMA/FNMA/FHLMC

               

6.250%, 01/01/2056

    485       539  

North Carolina State, Medical Care Commission, Penick Village Project, Ser A, RB

               

5.500%, 09/01/2044

    1,380       1,335  

North Carolina State, Medical Care Commission, Retirement Facilities First Mortgage, RB

               

5.000%, 01/01/2029

    285       284  

North Carolina State, Medical Care Commission, The Forest at Duke Project, RB

               

4.000%, 09/01/2041

    830       717  

North Carolina State, Medical Care Commission, Twin Lakes Community, Ser A, RB

               

5.000%, 01/01/2038

    605       602  

North Carolina State, Medical Care Commission, United Methodist Retirement Homes, RB

               

4.250%, 10/01/2028

    265       265  

North Carolina State, Turnpike Authority, RB, AGM

               

5.000%, 01/01/2034

    1,000       1,048  
                 
              16,160  
                 

North Dakota — 0.1%

       

North Dakota State, Housing Finance Agency, Home Mortgage Finance Program, RB

               

4.500%, 07/01/2043

    760       740  

3.550%, 07/01/2033

    380       367  

North Dakota State, Housing Finance Agency, Home Mortgage Finance Program, Ser D, RB

               

5.500%, 01/01/2031

    990       1,090  
                 
              2,197  
                 

Ohio — 2.5%

       

Buckeye, Tobacco Settlement Financing Authority, Ser A-2, RB

               

5.000%, 06/01/2032

    4,325       4,515  

Buckeye, Tobacco Settlement Financing Authority, Ser B, RB

               

5.000%, 06/01/2055

    1,850       1,601  

Cuyahoga County, Hospital Revenue, Metrohealth System, RB

               

5.000%, 02/15/2037

    3,000       2,977  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Hamilton County, Tax Revenue Authority, Ser A, RB

               

4.000%, 12/01/2032

  $ 1,600     $ 1,609  

Ohio State, Air Quality Development Authority, RB

               

4.000%, 09/01/2030 (A)

    990       997  

Ohio State, Higher Educational Facility Commission, Cleveland Health System Project, RB

               

1.300%, 01/01/2039 (A)

    2,000       2,000  

Ohio State, Hospital Facility Authority, Childrens Hospital Center, RB

               

5.000%, 08/15/2054 (A)

    2,000       2,170  

Ohio State, Hospital Facility Authority, Cleveland Clinic Health Project, RB

               

5.000%, 01/01/2031

    1,250       1,300  

2.750%, 01/01/2052 (A)

    480       471  

Ohio State, Portsmouth Bypass Project, AMT, RB, AGM

               

5.000%, 12/31/2027

    655       656  

Ohio State, Water Development Authority, Fresh Water Bonds, Ser A, RB

               

5.000%, 12/01/2040

    5,545       5,952  

Ohio State, Water Development Authority, Water Pollution Control Loan Fund, Ser A, RB

               

5.000%, 12/01/2041

    4,000       4,273  

Ohio State, Water Development Authority, Water Pollution Control Loan Fund, Ser B, RB

               

5.000%, 12/01/2042

    7,000       7,371  

Port of Greater Cincinnati, Development Authority, RB

               

5.000%, 12/01/2038

    495       532  

5.000%, 12/01/2041

    1,000       1,050  

Warren County, Healthcare Facilities, Otterbein Homes Obligated Group, RB

               

5.000%, 07/01/2037

    1,015       1,060  

5.000%, 07/01/2038

    775       800  
                 
              39,334  
                 

Oklahoma — 0.1%

       

Canadian County, Educational Facilities Authority, Mustang Public Schools Project, RB

               

5.000%, 09/01/2033

    930       1,022  

Grand River, Dam Authority, Ser A, RB

               

5.000%, 06/01/2041

    405       424  

Oklahoma State, Turnpike Authority, Ser B, RB

               

5.000%, 01/01/2039

    410       440  
                 
              1,886  
                 

 

 

 

SEI Tax Exempt Trust

 

15

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Oregon — 0.6%

       

Marion & Polk County, Salem-Keizer School District No. 24J, Ser B, GO, SCH BD GTY

               

5.000%, 06/15/2025

  $ 275     $ 275  

Oregon State, Facilities Authority, Legacy Health Project, Ser A, RB

               

5.000%, 06/01/2035

    2,500       2,517  

5.000%, 06/01/2046

    2,500       2,449  

Oregon State, GO

               

5.000%, 05/01/2040

    1,970       2,105  

Port of Portland, Airport Revenue, Portland International Airport, Ser THIRT, AMT, RB

               

5.250%, 07/01/2040

    1,250       1,310  

Umatilla County, School District No. 8R Hermiston, Ser A, GO, SCH BD GTY

               

0.000%, 06/15/2027 (G)

    1,000       930  
                 
              9,586  
                 

Pennsylvania — 8.9%

       

Allegheny County, Hospital Development Authority, Allegheny Health Network Project, RB

               

5.000%, 04/01/2030

    5,000       5,187  

Allentown, Neighborhood Improvement Zone Development Authority, City Center Project, RB

               

5.000%, 05/01/2042 (B)

    1,850       1,780  

Bucks County, Industrial Development Authority, Lane Charter School Project, RB

               

5.125%, 03/15/2036

    2,000       2,007  

Coatesville School District, RB, AG ST AID WITHHLDG

               

5.250%, 11/15/2040

    1,420       1,502  

Doylestown, Hospital Authority, RB

               

5.000%, 07/01/2031 (B)

    835       874  

Lancaster County, Hospital Authority, Penn State Health, RB

               

5.000%, 11/01/2046

    2,000       1,992  

Lancaster, School District, Ser A, GO, BAM ST AID WITHHLDG

               

5.000%, 06/01/2031

    550       603  

5.000%, 06/01/2032

    750       829  

Luzerne County, Industrial Development Authority, America Water Project, AMT, RB

               

2.450%, 12/01/2039 (A)

    2,500       2,210  

Montgomery County, Higher Education & Health Authority, Thomas Jefferson University Project, RB

               

5.000%, 09/01/2033

    2,815       2,913  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Montgomery County, Industrial Development Authority, Retirement Communities Revenue, RB

               

5.000%, 11/15/2036

  $ 4,485     $ 4,516  

Moon Township, Industrial Development Authority, Presbyterian Health Care Project, RB

               

5.625%, 07/01/2030

    1,810       1,662  

Pennsylvania State, Commonwealth Financing Authority, Tobacco Master Settlement, RB

               

5.000%, 06/01/2026

    2,995       3,040  

5.000%, 06/01/2032

    2,150       2,224  

5.000%, 06/01/2033

    3,500       3,609  

Pennsylvania State, Economic Development Financing Authority, PENNDOT Major Bridges Project, AMT, RB

               

5.000%, 06/30/2034

    8,235       8,670  

Pennsylvania State, Economic Development Financing Authority, RB, AGM

               

5.000%, 01/01/2039

    540       553  

Pennsylvania State, Economic Development Financing Authority, University of Pittsburgh Medical Center, Ser A, RB

               

5.000%, 10/15/2033

    2,300       2,454  

Pennsylvania State, Economic Development Financing Authority, UPMC, RB

               

5.000%, 05/15/2031

    5,855       6,277  

Pennsylvania State, GO

               

5.000%, 08/15/2033

    12,395       13,944  

Pennsylvania State, GO, BAM

               

4.000%, 03/01/2035

    2,000       2,004  

Pennsylvania State, Higher Education Assistance Agency, Ser A, AMT, RB

               

5.000%, 06/01/2031

    1,450       1,530  

Pennsylvania State, Higher Educational Facilities Authority, RB

               

5.250%, 11/01/2039

    3,000       3,187  

Pennsylvania State, Housing Finance Agency, RB

               

5.125%, 10/01/2041

    1,030       1,056  

Pennsylvania State, Housing Finance Agency, Ser 142-A, RB

               

5.500%, 10/01/2053

    1,035       1,087  

4.850%, 10/01/2043

    4,650       4,573  

Pennsylvania State, Turnpike Commission, Motor License Fund Enhanced, Sub-Ser, RB

               

5.000%, 12/01/2033

    3,000       3,093  

Pennsylvania State, Turnpike Commission, Ser B, RB

               

5.000%, 12/01/2039

    250       265  

 

 

 

16

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Philadelphia, Airport Revenue, AMT, RB, AGM

               

4.000%, 07/01/2040

  $ 500     $ 467  

Philadelphia, Airport Revenue, Ser B, AMT, RB

               

5.000%, 07/01/2031

    1,000       1,018  

Philadelphia, Gas Works, RB

               

5.000%, 08/01/2036

    2,170       2,363  

Philadelphia, Hospitals & Higher Education Facilities Authority, Temple University Health System Project, RB, AGM

               

5.000%, 07/01/2036

    700       737  

Philadelphia, Industrial Development Authority, RB

               

5.000%, 05/01/2040

    5,655       5,945  

Philadelphia, Industrial Development Authority, University Square Apartments Project, RB

               

Pre-Refunded @ 100

               

5.000%, 12/01/2026 (E)

    4,445       4,568  

Philadelphia, School District, Ser A, GO, ST AID WITHHLDG

               

5.000%, 09/01/2029

    1,500       1,597  

5.000%, 09/01/2034

    1,410       1,506  

5.000%, 09/01/2036

    2,000       2,063  

4.000%, 09/01/2035

    5,000       4,949  

4.000%, 09/01/2038

    3,000       2,818  

Philadelphia, School District, Ser F, GO, ST AID WITHHLDG

               

5.000%, 09/01/2028

    3,390       3,450  

5.000%, 09/01/2030

    7,975       8,119  

Philadelphia, Ser A, GO

               

5.000%, 05/01/2032

    2,405       2,612  

Philadelphia, Water & Wastewater Revenue, Ser B, RB, AGM

               

5.000%, 09/01/2040

    4,520       4,758  

Philadelphia, Water & Wastewater Revenue, Ser C, RB, AGC

               

5.000%, 09/01/2034

    4,350       4,894  

Southeastern Pennsylvania, Transportation Authority, RB

               

5.250%, 06/01/2039

    2,250       2,421  
                 
              137,926  
                 

Puerto Rico — 2.8%

       

Puerto Rico, Electric Power Authority, Ser CCC, RB

               

5.250%, 07/01/2027 (C)(H)

    2,990       1,633  

Puerto Rico, Electric Power Authority, Ser TT, RB

               

5.000%, 07/01/2032 (C)(H)

    1,000       546  

Puerto Rico, Electric Power Authority, Ser WW, RB

               

5.250%, 07/01/2033 (C)(H)

    3,035       1,658  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Puerto Rico, Electric Power Authority, Ser XX, RB

               

5.250%, 07/01/2040 (C)

  $ 2,940     $ 1,606  

Puerto Rico, GDB Debt Recovery Authority, RB

               

7.500%, 08/20/2040

    1,247       1,198  

Puerto Rico, Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authourity, AMT, RB

               

6.500%, 01/01/2042

    2,000       2,216  

Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A1, RB

               

4.750%, 07/01/2053

    1,000       914  

0.000%, 07/01/2046 (G)

    18,823       6,006  

Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-1, RB

               

4.550%, 07/01/2040

    8,625       8,219  

0.000%, 07/01/2029 (G)

    1,500       1,273  

Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-2, RB

               

4.329%, 07/01/2040

    5,750       5,361  

Puerto Rico, Ser A1, GO

               

5.625%, 07/01/2027

    3,400       3,489  

4.000%, 07/01/2046

    3,600       2,957  

Puerto Rico, Sub-Ser CW, Notes

               

0.000%, 11/01/2043 (A)(I)

    9,644       5,786  

Puerto Rico, Sub-Ser Senior, Notes

               

0.000%, 11/01/2051 (A)(I)

    815       499  
                 
              43,361  
                 

Rhode Island — 0.8%

       

Providence, Public Building Authority, RB, AGC

               

5.000%, 09/15/2038

    335       359  

5.000%, 09/15/2039

    1,000       1,061  

Rhode Island State, Health & Educational Building Authority, Central Falls Public School Projects, RB, ST APPROP

               

4.000%, 05/15/2041

    5,420       4,994  

Rhode Island State, Health & Educational Building, City of Pawtucket, Ser C, RB, AGM ST AID WITHHLDG

               

5.000%, 05/15/2035

    315       345  

Rhode Island State, Health & Educational Building, City of Providence, Ser G, RB, BAM ST AID WITHHLDG

               

5.000%, 05/15/2034

    415       463  

5.000%, 05/15/2035

    500       554  

Rhode Island State, Health & Educational Building, Lifespan Obligation Group, RB

               

5.250%, 05/15/2049

    1,650       1,665  

5.000%, 05/15/2039

    550       570  

5.000%, 05/15/2044

    600       606  

 

 

 

SEI Tax Exempt Trust

 

17

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Rhode Island State, Housing & Mortgage Finance, Homeownership Opportunity, Ser 81-A, RB, GNMA

               

5.250%, 10/01/2043

  $ 1,750     $ 1,794  

Rhode Island State, Student Loan Authority, Ser B, AMT, RB

               

5.000%, 12/01/2031

    535       558  
                 
              12,969  
                 

South Carolina — 1.7%

       

Patriots Energy Group, Financing Agency, RB

               

5.250%, 02/01/2054 (A)

    600       635  

Piedmont, Municipal Power Agency, Ser B, RB

               

4.000%, 01/01/2033

    5,125       5,152  

South Carolina State, Housing Finance & Development Authority, Ser A, RB

               

5.750%, 01/01/2054

    1,575       1,688  

South Carolina State, Housing Finance & Development Authority, Ser B, RB

               

3.750%, 01/01/2050

    370       370  

South Carolina State, Jobs-Economic Development Authority, High Point Academy Project, Ser A, RB

               

5.750%, 06/15/2039 (B)

    1,000       911  

South Carolina State, Jobs-Economic Development Authority, Novant Health Obligated Group, RB

               

5.000%, 11/01/2035

    885       959  

5.000%, 11/01/2037

    655       696  

South Carolina State, Port Authority, AMT, RB

               

5.000%, 07/01/2030

    1,500       1,552  

4.000%, 07/01/2035

    1,160       1,137  

South Carolina State, Public Service Authority, Santee Cooper, Ser A, RB

               

5.000%, 12/01/2036

    2,750       2,909  

4.000%, 12/01/2038

    175       167  

South Carolina State, Public Service Authority, Santee Cooper, Ser B, RB

               

5.000%, 12/01/2036

    2,445       2,642  

South Carolina State, Public Service Authority, Santee Cooper, Ser E, RB, AGM

               

5.250%, 12/01/2038

    2,500       2,673  

South Carolina State, Public Service Authority, Ser A, RB

               

5.000%, 12/01/2040

    1,220       1,271  

4.000%, 12/01/2034

    2,000       1,998  

4.000%, 12/01/2036

    2,250       2,198  
                 
              26,958  
                 

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

South Dakota — 0.1%

       

South Dakota State, Health & Educational Facilities Authority, Sanford Obligated Group, RB

               

5.000%, 11/01/2035

  $ 1,005     $ 1,008  

South Dakota State, Housing Development Authority, Ser A, RB, GNMA/FNMA/FHLMC

               

6.000%, 05/01/2054

    255       271  

South Dakota State, Housing Development Authority, Ser B, RB

               

4.000%, 11/01/2049

    470       471  
                 
              1,750  
                 

Tennessee — 0.7%

       

Knox County, Health Educational & Housing Facility Board, University of Tennesee Project, Ser A-1, RB, BAM

               

5.000%, 07/01/2037

    300       317  

Knox County, Health Educational & Housing Facility Board, University of Tennesee Project, Ser B-1, RB, BAM

               

5.000%, 07/01/2044

    2,200       2,222  

Nashville & Davidson County, Metropolitan Government, GO

               

4.000%, 07/01/2033

    3,000       3,013  

Nashville & Davidson County, Metropolitan Government, Health & Educational Facilities Board, Belmont University, RB

               

5.000%, 05/01/2038

    705       733  

Nashville & Davidson County, Metropolitan Government, Sports Authority, Stadium Project, Ser A, RB, AGM

               

5.000%, 07/01/2043

    1,300       1,342  

Tennergy, Ser A, RB

               

4.000%, 12/01/2051 (A)

    2,500       2,496  

Tennessee State, Housing Development Agency, AMT, RB

               

4.000%, 07/01/2045

    105       105  
                 
              10,228  
                 

Texas — 9.3%

       

Arlington, Higher Education Finance, Riverwalk Education Foundation, RB, PSF-GTD

               

5.000%, 08/15/2038

    810       852  

5.000%, 08/15/2040

    695       726  

Austin, Electric Utility Revenue, RB

               

5.000%, 11/15/2032

    1,535       1,566  

5.000%, 11/15/2039

    800       854  

5.000%, 11/15/2041

    1,100       1,159  

Austin, Independent School District, GO

               

5.000%, 08/01/2025

    1,500       1,505  

 

 

 

18

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Austin, Texas Airport System Revenue, Ser B, AMT, RB

               

5.000%, 11/15/2037

  $ 900     $ 902  

Austin-Bergstrom, Landhost Enterprises, RB

               

5.000%, 10/01/2026 (C)

    465       473  

Boerne, Independent School District, GO, PSF-GTD

               

4.000%, 02/01/2054 (A)

    225       230  

3.125%, 02/01/2053 (A)

    915       911  

Cedar Hill, Independent School District, GO, PSF-GTD

               

5.000%, 02/15/2040

    2,000       2,134  

Central Texas, Regional Mobility Authority, Senior Lien, Ser D, RB

               

4.000%, 01/01/2037

    770       757  

Central Texas, Regional Mobility Authority, Ser B, RB

               

5.000%, 01/01/2036

    200       212  

Central Texas, Turnpike System, Ser A, RB

               

5.000%, 08/15/2037

    1,750       1,891  

5.000%, 08/15/2038

    1,360       1,454  

Central Texas, Turnpike System, Ser C, RB

               

5.000%, 08/15/2037

    5,000       5,371  

Clear Creek, Independent School District, Ser B-REMK, GO, PSF-GTD

               

3.600%, 02/15/2035 (A)

    1,060       1,060  

Clifton, Higher Education Finance, International Leadership, RB, PSF-GTD

               

5.000%, 08/15/2035

    900       980  

Clifton, Higher Education Finance, Public Schools Project, RB, PSF-GTD

               

5.000%, 08/15/2037

    1,000       1,068  

4.000%, 08/15/2032

    1,000       1,019  

Collin County, Community College District, Ser A, GO

               

4.000%, 08/15/2034

    2,500       2,536  

Corpus Christi, Utility System Revenue, Ser A, RB

               

5.000%, 07/15/2033

    1,500       1,613  

Dallas City, Hotel Occupancy Tax Revenue, RB

               

4.000%, 08/15/2034

    500       489  

Dallas City, Independent School District, Ser C, GO, PSF-GTD

               

5.000%, 02/15/2033

    375       420  

Dallas City, Love Field, Airport Modernization, AMT, RB

               

5.000%, 11/01/2030

    1,000       1,015  

5.000%, 11/01/2031

    1,250       1,265  

5.000%, 11/01/2032

    2,500       2,525  

5.000%, 11/01/2033

    1,175       1,185  

5.000%, 11/01/2034

    1,000       1,007  

5.000%, 11/01/2035

    1,000       1,006  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Dallas-Fort Worth, International Airport Revenue, Ser C, AMT, RB

               

5.000%, 11/01/2031

  $ 3,000     $ 3,212  

Dayton, Independent School District, GO, PSF-GTD

               

4.000%, 02/15/2040

    2,400       2,261  

Denton, Utility System Revenue, RB

               

5.000%, 12/01/2032

    7,500       7,639  

East Montgomery County, Improvement District Sales Tax Revenue, RB, AGC

               

5.000%, 08/15/2033

    1,000       1,101  

El Paso, GO

               

5.000%, 08/15/2034

    2,050       2,083  

Garland, Electric Utility System Revenue, RB, AGC

               

5.000%, 03/01/2031

    250       273  

5.000%, 03/01/2032

    520       574  

Garland, Independent School District, Ser A, GO, PSF-GTD

               

5.000%, 02/15/2039

    2,000       2,140  

5.000%, 02/15/2042

    2,500       2,614  

Georgetown, Utility System Revenue, RB, AGM

               

5.000%, 08/15/2037

    1,705       1,802  

Harris County, Cultural Education Facilities Finance, Memorial Herman Health System, RB

               

5.000%, 12/01/2025

    2,000       2,019  

Harris County, Houston Sports Authority, Ser A, RB, AGC

               

5.000%, 11/15/2026

    2,000       2,057  

Harris County, Houston Sports Authority, Ser B, RB, AGC

               

5.000%, 11/15/2031

    1,600       1,734  

5.000%, 11/15/2033

    370       404  

Harris County, Industrial Development, RB

               

4.050%, 11/01/2050 (A)

    390       381  

Hidalgo County, Regional Mobility Authority, Ser A, RB

               

5.000%, 12/01/2031

    260       275  

5.000%, 12/01/2032

    300       316  

Houston, Airport System Revenue, Sub-Ser C, AMT, RB

               

5.000%, 07/01/2029

    2,450       2,542  

5.000%, 07/01/2032

    1,500       1,541  

Houston, Airport System Revenue, Sub-Ser, RB, AGM

               

5.000%, 07/01/2032

    1,500       1,676  

Lamar, Consolidated Independent School District, GO

               

5.000%, 02/15/2039

    2,000       2,119  

Lamar, Consolidated Independent School District, Ser A, GO, PSF-GTD

               

5.000%, 02/15/2030

    3,000       3,264  

 

 

 

SEI Tax Exempt Trust

 

19

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Melissa, Independent School District, GO, PSF-GTD

               

5.000%, 02/01/2037

  $ 945     $ 1,036  

Midland, Independent School District, RB, PSF-GTD

               

5.000%, 02/15/2038

    5,000       5,382  

New Hope, Cultural Education Facilities Finance, Children's Health System, Ser A, RB

               

5.000%, 08/15/2030

    1,645       1,702  

New Hope, Cultural Education Facilities Finance, Sanctuary LTC Project, RB

               

5.500%, 01/01/2057

    750       688  

North Texas, Tollway Authority, Ser B, RB

               

5.000%, 01/01/2037

    4,000       4,344  

Northwest, Independent School District, GO, PSF-GTD

               

4.000%, 02/15/2043

    7,000       6,569  

Pasadena, Independent School District, GO, PSF-GTD

               

5.000%, 02/15/2039

    1,245       1,349  

5.000%, 02/15/2040

    225       242  

Prosper, Independent School District, Ser A, GO, PSF-GTD

               

5.000%, 02/15/2031

    1,000       1,102  

San Antonio, Electric & Gas Systems Revenue, Ser A, RB

               

5.000%, 02/01/2033

    1,410       1,526  

5.000%, 02/01/2034

    1,700       1,830  

5.000%, 02/01/2039

    195       209  

San Antonio, Electric & Gas Systems Revenue, Ser B, RB

               

5.000%, 02/01/2043

    2,000       2,063  

San Antonio, Electric & Gas Systems Revenue, Ser B-REMK, RB

               

4.000%, 02/01/2033

    1,000       1,037  

San Antonio, Electric & Gas Systems Revenue, Ser Junior Lien, RB

               

1.750%, 02/01/2049 (A)

    735       727  

Southwest Texas, Independent School District, GO, PSF-GTD

               

5.000%, 02/01/2035

    445       487  

Tarrant County, Cultural Education Facilities Finance, Baylor Scott & White Health, RB

               

5.000%, 11/15/2032

    1,500       1,519  

Tarrant County, Cultural Education Facilities Finance, Christus Health, Ser A, RB

               

5.000%, 07/01/2053 (A)

    2,000       2,103  

Tarrant County, Cultural Education Facilities Finance, Cook Children's Medical Center, RB

               

5.000%, 12/01/2031

    3,740       4,135  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Tarrant County, Cultural Education Facilities Finance, Trinity Terrace, RB

               

5.000%, 10/01/2037

  $ 2,675     $ 2,781  

Texas State, Municipal Gas Acquisition & Supply I, Senior Lien, Ser D, RB

               

6.250%, 12/15/2026

    405       415  

Texas State, Municipal Gas Acquisition & Supply III, RB

               

5.000%, 12/15/2030

    285       298  

5.000%, 12/15/2032

    715       751  

Texas State, Municipal Gas Acquisition & Supply IV, Ser B, RB

               

5.500%, 01/01/2054 (A)

    7,000       7,651  

Texas State, Municipal Gas Acquisition & Supply V, RB

               

5.000%, 01/01/2055 (A)

    6,500       6,842  

Texas State, Ser B, GO

               

4.000%, 08/01/2031

    435       435  

Texas State, Water Development Board, RB

               

5.000%, 10/15/2026

    3,750       3,860  

University of Texas, Board of Regents, Ser A, RB

               

5.000%, 08/15/2037

    2,000       2,197  

University of Texas, Permanent University Fund, Ser B, RB

               

5.000%, 07/01/2035

    1,000       1,129  

Uptown Development Authority, TA

               

4.000%, 09/01/2033

    400       387  

4.000%, 09/01/2035

    275       257  
                 
              145,265  
                 

Utah — 0.7%

       

Intermountain Power Agency, RB

               

5.000%, 07/01/2036

    5,370       5,688  

Mida Mountain Village Public Infrastructure District, Sub-Ser 1, TA

               

5.125%, 06/15/2054 (B)

    500       464  

Salt Lake City, Airport Revenue, Ser A, AMT, RB

               

5.000%, 07/01/2035

    5,000       5,045  
                 
              11,197  
                 

Virgin Islands — 0.2%

       

Virgin Islands, Matching Fund, Special Purpose Securitization, Ser A, RB

               

5.000%, 10/01/2039

    3,065       2,939  
                 
                 

Virginia — 1.9%

       

Arlington County, Industrial Development Authority, Arlington Health System, Virginia Hospital, Ser A, RB

               

5.000%, 07/01/2053 (A)

    880       941  

 

 

 

20

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Arlington County, Industrial Development Authority, Virginia Hospital Center, RB

               

5.000%, 07/01/2026

  $ 280     $ 285  

5.000%, 07/01/2027

    250       260  

5.000%, 07/01/2028

    375       395  

Henrico County, Economic Development Authority, Westminster Canterbury Richmond, RB

               

5.000%, 10/01/2042

    430       440  

5.000%, 10/01/2047

    1,225       1,231  

James City County, Economic Development Authority, RB

               

5.250%, 12/01/2027

    190       190  

Norfolk, Economic Development Authority, Sentara Health Care, Ser B, RB

               

5.000%, 11/01/2048 (A)

    1,035       1,094  

Virginia Beach, Development Authority, RB

               

5.375%, 09/01/2029

    465       469  

Virginia State, College Building Authority, 21st Century College Program, RB

               

5.000%, 02/01/2028

    2,000       2,111  

Virginia State, Public Building Authority, Ser A, RB

               

4.000%, 08/01/2038

    5,500       5,329  

Virginia State, Small Business Financing Authority, AMT, RB

               

5.000%, 07/01/2035

    1,085       1,117  

5.000%, 06/30/2042

    2,000       2,011  

5.000%, 12/31/2047

    440       441  

4.000%, 07/01/2030

    1,140       1,134  

4.000%, 07/01/2031

    365       361  

Virginia State, Small Business Financing Authority, RB

               

5.000%, 01/01/2026

    490       493  

5.000%, 12/01/2039

    3,000       3,047  

Virginia State, Tobacco Settlement Financing, Sub-Ser C, RB

               

0.000%, 06/01/2047 (G)

    34,300       8,690  
                 
              30,039  
                 

Washington — 2.8%

       

King & Snohomish Counties, School District No. 417, GO, SCH BD GTY

               

5.000%, 12/01/2042

    5,000       5,253  

King County, Public Hospital District No. 1, GO

               

5.000%, 12/01/2027

    7,720       7,901  

Kitsap County, School District No. 100-C Bremerton, Ser C, GO, SCH BD GTY

               

5.000%, 12/01/2040

    1,790       1,909  

Port of Seattle, AMT, RB

               

5.250%, 07/01/2041

    3,405       3,539  

5.250%, 07/01/2042

    5,000       5,158  

5.000%, 08/01/2041

    1,000       1,011  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Snohomish County, School District No. 15 Edmonds, GO, SCH BD GTY

               

5.000%, 12/01/2038

  $ 825     $ 890  

Washington State, GO

               

4.000%, 07/01/2036

    4,500       4,525  

Washington State, Health Care Facilities Authority, Ser A, RB

               

5.000%, 10/01/2042

    1,800       1,782  

Washington State, Housing Finance Commission, Radford & Norheim Courts, RB

               

5.000%, 07/01/2036

    1,645       1,725  

5.000%, 07/01/2038

    1,000       1,041  

Washington State, Housing Finance Commission, RB, BAM

               

5.000%, 07/01/2040 (B)

    2,000       2,038  

Washington State, Housing Finance Commission, Social Certificate, Ser A-, RB

               

3.500%, 12/20/2035

    939       871  

Washington State, Housing Finance Commission, Transforming Age Project, Ser A, RB

               

5.000%, 01/01/2034 (B)

    745       740  

Washington State, Ser 2017-A, GO

               

5.000%, 08/01/2038

    2,725       2,760  

Washington State, Ser A, GO

               

5.000%, 08/01/2035

    1,665       1,802  

Washington State, Ser R-2025B, GO

               

5.000%, 07/01/2033

    250       282  
                 
              43,227  
                 

West Virginia — 0.3%

       

West Virginia State, Economic Development Authority, Appalachian Power Amos Project, RB

               

3.750%, 12/01/2042 (A)

    2,300       2,300  

West Virginia State, Parkways Authority, Turnpike Toll Revenue, RB

               

5.000%, 06/01/2034

    1,000       1,041  

5.000%, 06/01/2035

    1,005       1,042  
                 
              4,383  
                 

Wisconsin — 2.9%

       

Milwaukee, Ser B4, GO, AGM

               

5.000%, 04/01/2036

    2,965       3,183  

Sheboygan Area, School District, GO

               

3.000%, 03/01/2041

    2,400       1,945  

University of Wisconsin, Hospitals & Clinics, RB

               

4.000%, 04/01/2039

    295       278  

University of Wisconsin, Hospitals & Clinics, Ser A, RB

               

5.000%, 04/01/2038

    590       637  

 

 

 

SEI Tax Exempt Trust

 

21

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Wisconsin State, Center District, Ser C, RB, AGM

               

0.000%, 12/15/2029 (G)

  $ 370     $ 312  

Wisconsin State, Health & Educational Facilities Authority, Advocate Aurora Health Credit Group, RB

               

5.000%, 08/15/2054 (A)

    2,000       2,033  

2.150%, 08/15/2054 (A)

    1,125       1,115  

Wisconsin State, Health & Educational Facilities Authority, Ascension Health Credit Group, RB

               

5.000%, 11/15/2030

    3,810       3,861  

Wisconsin State, Health & Educational Facilities Authority, Children's Hospital of Wisconsin, RB

               

5.000%, 08/15/2034

    1,835       1,883  

Wisconsin State, Health & Educational Facilities Authority, Oakwood Lutheran Senior Ministries, RB

               

4.000%, 01/01/2037

    665       610  

Wisconsin State, Health & Educational Facilities Authority, St. Camilus Health System, RB

               

5.000%, 11/01/2028

    470       479  

5.000%, 11/01/2030

    1,035       1,054  

Wisconsin State, Health & Educational Facilities Authority, Three Pillars Senior Living Communities, RB

               

4.000%, 08/15/2041

    705       598  

Wisconsin State, Health & Educational Facilities Authority, Three Pillars Senior Living Community, RB

               

5.750%, 08/15/2059

    220       223  

Wisconsin State, Housing & Economic Development Authority, Ser C, RB, GNMA/FNMA/FHLMC

               

6.000%, 03/01/2055

    1,195       1,294  

5.500%, 03/01/2032

    950       1,069  

Wisconsin State, Public Finance Authority, American Dream @ Meadowlands Project, RB

               

7.000%, 12/01/2050 (B)

    500       500  

Wisconsin State, Public Finance Authority, Appalachian State University Project, RB, AGM

               

4.000%, 07/01/2027

    225       228  

4.000%, 07/01/2028

    225       228  

4.000%, 07/01/2029

    225       227  

Wisconsin State, Public Finance Authority, Duke Energy Progress Project, RB

               

3.700%, 10/01/2046 (A)

    10,450       10,407  

Wisconsin State, Public Finance Authority, Foundation Academy Charter School, RB

               

4.750%, 07/01/2045 (B)

    500       439  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Wisconsin State, Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, RB

               

5.000%, 02/01/2052

  $ 755     $ 715  

5.000%, 02/01/2062

    1,845       1,723  

Wisconsin State, Public Finance Authority, Kahala Nui Project, RB

               

5.250%, 11/15/2055

    440       445  

Wisconsin State, Public Finance Authority, KU Campus Development Project, RB

               

5.000%, 03/01/2034

    6,880       6,938  

Wisconsin State, Public Finance Authority, Lindenwood Education System, RB

               

4.750%, 06/01/2040 (B)

    1,000       921  

Wisconsin State, Public Finance Authority, Senior-KSU Bixby Real Estate Facility, RB

               

5.000%, 06/15/2038

    350       363  

5.000%, 06/15/2040

    350       357  

Wisconsin State, Public Finance Authority, United Methodist Retirement Facility Project, RB

               

4.000%, 10/01/2025

    285       285  

4.000%, 10/01/2026

    300       299  

4.000%, 10/01/2027

    125       125  

4.000%, 10/01/2028

    250       250  
                 
              45,024  
                 

Wyoming — 0.0%

       

Wyoming State, Community Development Authority, Ser 1, RB

               

6.000%, 12/01/2054

    210       226  
                 
                 
                 

Total Municipal Bonds

               

(Cost $1,582,001) ($ Thousands)

            1,528,938  
                 
                 
   


Shares

         

CASH EQUIVALENT — 0.1%

SEI Daily Income Trust, Government Fund, Institutional Class

               

4.230%**

    1,096,224       1,096  

Total Cash Equivalent

               

(Cost $1,096) ($ Thousands)

            1,096  

Total Investments in Securities — 98.4%

               

(Cost $1,583,097) ($ Thousands)

  $ 1,530,034  
                 
                 

 

 

Percentages are based on Net Assets of $1,554,937 ($ Thousands).

**

The rate reported is the 7-day effective yield as of May 31, 2025.

Investment in Affiliated Security.

(A)

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

 

 

 

22

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Intermediate-Term Municipal Fund (Concluded)

 

(B)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On May 31, 2025, the value of these securities amounted to $43,810 ($ Thousands), representing 2.8% of the Net Assets of the Fund.

(C)

Security is in default on interest payment.

(D)

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

 

(E)

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

(F)

Security is escrowed to maturity.

(G)

Zero coupon security.

(H)

Level 3 security in accordance with fair value hierarchy.

(I)

No interest rate available.

 

 
 

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

 

Security Description

 

Value

8/31/2024

   

Purchases

at Cost

   

Proceeds

from Sales

   

Realized Gain/

(Loss)

   

Change in Unrealized Appreciation/ (Depreciation)

   

Value

5/31/2025

   

Income

   

Capital Gains

 

SEI Daily Income Trust, Government Fund,

Institutional Class

  $ 468     $ 200,057     $ (199,429 )   $     $     $ 1,096     $ 291     $  

 

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

 

See “Glossary” for abbreviations.

 

 

SEI Tax Exempt Trust

 

23

 

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Short Duration Municipal Fund

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS — 99.1%

Alabama — 5.7%

       

Black Belt, Energy Gas District, RB

               

2.320%, 10/01/2052 (A)

  $ 3,250     $ 3,176  

Black Belt, Energy Gas District, Ser A-1, RB

               

4.000%, 12/01/2049 (A)

    1,940       1,940  

Black Belt, Energy Gas District, Ser C-1, RB

               

5.250%, 12/01/2025

    880       886  

Black Belt, Energy Gas District, Ser D, RB

               

5.000%, 11/01/2027

    2,000       2,058  

Black Belt, Energy Gas District, Ser E, RB

               

5.000%, 05/01/2053 (A)

    610       629  

Black Belt, Energy Gas District, Ser S, RB

               

4.000%, 12/01/2025

    7,520       7,532  

4.000%, 10/01/2052 (A)

    2,500       2,498  

Black Belt, Energy Gas District, Sub-Ser, RB

               

4.315%, 07/01/2052 (A)

    2,000       2,018  

Columbia, Industrial Development Board, Pollution Control Revenue, Alabama Power Company Project, RB

               

3.810%, 12/01/2037 (A)

    3,500       3,540  

Lower Alabama, Gas District, RB

               

4.000%, 12/01/2025

    730       731  

4.000%, 12/01/2050 (A)

    10,000       9,977  

Mobile, Industrial Development Board, Pollution Control Authority, Barry Plant Project, RB

               

3.300%, 07/15/2034 (A)

    1,000       1,000  

Selma, Industrial Development Board, International Paper Co Project, RB

               

1.375%, 05/01/2034 (A)

    5,250       5,245  

Southeast Alabama, Energy Authority, Cooperative District, Ser B, RB

               

5.000%, 12/01/2027

    250       258  

Southeast Alabama, Gas Supply District, Project #1, Ser A, RB

               

5.000%, 04/01/2026

    1,500       1,516  

5.000%, 04/01/2027

    500       513  

5.000%, 04/01/2028

    1,250       1,298  
                 
              44,815  
                 

Alaska — 0.2%

       

Alaska State, Industrial Development & Export Authority, Tanana Chiefs Conference Project, RB

               

5.000%, 10/01/2029

    1,000       1,058  

Alaska State, International Airports System, Ser C, AMT, RB

               

5.000%, 10/01/2025

    480       483  
                 
              1,541  
                 

Arizona — 1.3%

       

Arizona State, Health Facilities Authority, Banner Health, RB

               

2.220%, 01/01/2046 (A)

    700       693  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Arizona State, Health Facilities Authority, Banner Health, RB

               

Pre-Refunded @ 100

               

2.220%, 11/04/2025 (A)(B)

  $ 200     $ 200  

Arizona State, Health Facilities Authority, Banner Health, Ser S, RB

               

Pre-Refunded @ 100

               

2.220%, 11/04/2025 (A)(B)

    100       100  

Chandler, Industrial Development Authority, Intel Corporation Project, Ser S, AMT, RB

               

5.000%, 09/01/2052 (A)

    1,300       1,324  

Phoenix, Industrial Development Authority, Republic Services Inc Project, AMT, RB

               

4.100%, 12/01/2035 (A)

    1,000       1,000  

Salt Verde Financial Corp, Gas Revenue, RB

               

5.250%, 12/01/2027

    7,000       7,231  
                 
              10,548  
                 

Arkansas — 0.4%

       

Springdale, Water & Sewer, RB

               

5.000%, 09/01/2027

    250       261  

5.000%, 09/01/2028

    200       213  

5.000%, 09/01/2029

    350       378  

5.000%, 09/01/2031

    350       381  

West Memphis, Sales & Use Tax, RB, AGM

               

5.000%, 06/01/2029

    1,630       1,732  
                 
              2,965  
                 

California — 3.8%

       

Alameda, Unified School District, Ser A, GO, AGM

               

0.000%, 08/01/2026 (C)

    1,000       964  

California State, Community Choice Financing Authority, Clean Energy Project, RB

               

5.000%, 12/01/2027

    750       772  

4.000%, 10/01/2052 (A)

    2,710       2,708  

California State, Community Choice Financing Authority, Clean Energy Project, Ser B, RB

               

4.000%, 08/01/2025

    555       555  

California State, Community Choice Financing Authority, Clean Energy Project, Ser F, RB

               

5.000%, 11/01/2027

    1,500       1,553  

5.000%, 05/01/2028

    1,650       1,716  

5.000%, 11/01/2028

    1,850       1,935  

5.000%, 05/01/2029

    1,750       1,839  

California State, Community Choice Financing Authority, Clean Energy Project, Ser S, RB

               

4.000%, 12/01/2026

    450       452  

 

 

 

24

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Short Duration Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

California State, Housing Finance Agency, Ser I, RB

               

5.000%, 05/01/2054 (A)

  $ 5,500     $ 5,600  

California State, Municipal Finance Authority, Waste Management Inc Project, AMT, RB

               

3.850%, 11/01/2041 (A)

    2,000       2,000  

East County, Advanced Water Purification Joint Powers Authority, Ser S, RB

               

3.125%, 09/01/2026

    1,310       1,310  

Newman-Crows Landing, Unified School District, GO

               

0.000%, 08/01/2025 (C)

    500       498  

Northern California, Energy Authority, RB

               

5.000%, 08/01/2025

    650       651  

5.000%, 08/01/2026

    450       457  

5.000%, 08/01/2027

    700       721  

Pittsburg, Redevelopment Agency Successor Agency, TA, AMBAC

               

0.000%, 08/01/2028 (C)

    500       449  

Rio, Elementary School District, GO, BAM

               

0.000%, 07/01/2028 (C)

    505       458  

San Mateo County, Community College District, Ser C, GO, NATL

               

0.000%, 09/01/2025 (C)

    1,250       1,241  

0.000%, 09/01/2029 (C)

    500       437  

Southern California, Public Power Authority, Canyon Power Project, Ser S, RB

               

3.700%, 07/01/2040 (A)

    1,000       998  

Southern California, Public Power Authority, Clean Energy Project, Ser A, RB

               

5.000%, 09/01/2030

    350       366  

5.000%, 04/01/2055 (A)

    1,500       1,555  

Tender Option Bond Trust Receipts, Ser 2025-, RB

               

2.090%, 09/01/2048 (A)(D)(E)

    500       500  
                 
              29,735  
                 

Colorado — 1.7%

       

Colorado State, Health Facilities Authority, Adventhealth Obligated Group Project, RB

               

5.000%, 11/15/2027

    485       494  

5.000%, 11/15/2058 (A)

    480       506  

Colorado State, Health Facilities Authority, Commonspirit Health, RB

               

5.000%, 11/01/2025

    375       377  

Colorado State, Health Facilities Authority, Commonspirit Health, Ser B, RB

               

5.000%, 08/01/2049 (A)

    640       641  

Colorado State, Health Facilities Authority, Commonspirit Health, Ser B-2, RB

               

5.000%, 08/01/2049 (A)

    2,000       2,016  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Colorado State, Health Facilities Authority, Intermountain Healthcare, RB

               

5.000%, 05/15/2062 (A)

  $ 615     $ 647  

Colorado State, School of Mines, Ser D, RB

               

2.840%, 12/01/2025 (A)

    950       950  

Colorado State, Science & Technology Park, Metropolitan District No. 1, Ser A, RB, AGM

               

5.000%, 12/01/2026

    375       383  

Denver City & County, Airport System Revenue Authority, Ser A, AMT, RB

               

5.000%, 11/15/2028

    260       273  

Denver City & County, Airport System Revenue Authority, Sub-Ser A, AMT, RB

               

5.000%, 12/01/2031

    500       517  

Denver, Convention Center Hotel Authority, RB

               

5.000%, 12/01/2026

    2,500       2,537  

Jefferson County, School District R-1, GO

               

5.000%, 12/15/2030

    2,065       2,151  

Mirabelle Metropolitan District No. 2, Ser A, GO, AGC

               

5.000%, 12/01/2027

    215       222  

5.000%, 12/01/2028

    235       246  

5.000%, 12/01/2029

    200       212  

Regional Transportation District, Denver Transit Partners Eagle P3 Project, RB

               

5.000%, 07/15/2025

    480       481  

3.000%, 01/15/2026

    405       403  

Wildwing, Metropolitan District No. 5, GO, AGM

               

5.000%, 12/01/2027

    140       145  

5.000%, 12/01/2028

    155       162  

5.000%, 12/01/2029

    165       175  

5.000%, 12/01/2030

    120       128  
                 
              13,666  
                 

Connecticut — 1.2%

       

Connecticut State, Health & Educational Facilities Authority, Sacred Heart Univeristy, Ser K, RB

               

5.000%, 07/01/2025

    1,215       1,217  

Connecticut State, Housing Finance Authority, RB

               

3.650%, 11/15/2052 (A)

    4,805       4,806  

Norwalk, Housing Authority, Wall Street Place, RB

               

3.050%, 09/01/2058 (A)

    3,330       3,316  

West Haven, GO, BAM

               

5.000%, 02/15/2026

    200       203  
                 
              9,542  
                 

 

 

 

SEI Tax Exempt Trust

 

25

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Short Duration Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Delaware — 0.7%

       

Delaware State, Economic Development Authority, Delmarva Power & Light Company Project, RB

               

1.050%, 01/01/2031 (A)

  $ 5,100     $ 5,086  

Delaware State, Housing Authority, Single Family Mortgage, Ser A, RB, GNMA/FNMA/FHLMC

               

3.250%, 01/01/2026

    285       285  
                 
              5,371  
                 

District of Columbia — 1.0%

       

District of Columbia, Housing Finance Agency, Belmont Crossing Phase II Project, RB

               

5.000%, 03/01/2029 (A)

    3,750       3,917  

District of Columbia, Housing Finance Agency, Cascade Park Apartments II Project, RB

               

3.550%, 08/01/2042 (A)

    1,700       1,700  

Metropolitan Washington, Airports Authority, Ser A, AMT, RB

               

5.000%, 10/01/2029

    500       528  

5.000%, 10/01/2031

    1,650       1,672  
                 
              7,817  
                 

Florida — 2.9%

       

Alachua County, Housing Finance Authority, RB

               

3.300%, 12/01/2029 (A)

    7,250       7,262  

Florida Insurance Assistance Interlocal Agency, Ser A-1, RB

               

5.000%, 09/01/2028

    2,000       2,043  

Lee County, Industrial Development Authority, Shell Point, RB

               

4.000%, 11/15/2025

    210       210  

Miami-Dade County, Aviation Revenue, Ser A, AMT, RB

               

5.000%, 10/01/2028

    1,500       1,568  

Miami-Dade County, Aviation Revenue, Ser B, RB

               

5.000%, 10/01/2025

    1,600       1,610  

Miami-Dade County, Expressway Authority, Ser B, RB

               

5.000%, 07/01/2028

    1,000       1,001  

Miami-Dade County, Housing Finance Authority, Homestead Gardens Phase I, RB

               

3.400%, 01/01/2045 (A)

    5,000       5,006  

Miami-Dade County, Housing Finance Authority, Rainbow Village Project, Ser B, RB, FHA

               

3.550%, 03/01/2029 (A)

    1,000       1,007  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Palm Beach County, Educational Facilities Authority, Palm Beach Atlantic University, RB

               

4.000%, 10/01/2025

  $ 235     $ 235  

Pasco County, H Lee Moffitt Cancer Center & Research Institute, RB, AGM

               

5.250%, 09/01/2027

    300       314  

Polk County, Housing Finance Authority, Episcopal Catholic Apartments, RB, FHA

               

4.150%, 12/01/2040 (A)

    3,000       3,025  
                 
              23,281  
                 

Georgia — 5.8%

       

Atlanta, Water & Wastewater Revenue Authority, Ser A, RB, NATL

               

5.500%, 11/01/2027

    2,175       2,255  

Bartow County, Development Authority, Pollution Control, Georgia Power Company Plant Bowen Project, RB

               

2.875%, 08/01/2043 (A)

    1,800       1,796  

Burke County, Development Authority, Pollution Control, Georgia Power Company Plant Vogtle Project, RB

               

3.875%, 10/01/2032 (A)

    1,000       1,003  

3.300%, 12/01/2049 (A)

    3,280       3,229  

2.875%, 12/01/2049 (A)

    4,000       3,991  

Columbus County, Housing Authority, Columbus Gardens Project, RB, FHA

               

5.000%, 04/01/2028 (A)

    1,250       1,289  

Dalton, Housing Authority, Mountain Woods Apartment Project, RB, FHA

               

5.000%, 11/01/2027 (A)

    4,032       4,127  

Decatur, Housing Authority, Multifamily Housing Revenue, Calvin Court Project, RB

               

3.600%, 08/01/2028 (A)

    2,865       2,886  

Georgia State, Main Street Natural Gas, Ser A, RB

               

5.000%, 06/01/2027

    1,100       1,128  

5.000%, 05/01/2054 (A)

    6,000       6,300  

4.000%, 03/01/2026

    500       502  

4.000%, 09/01/2026

    415       418  

Georgia State, Main Street Natural Gas, Ser B, RB

               

5.000%, 06/01/2025

    650       650  

5.000%, 03/01/2026

    850       858  

5.000%, 09/01/2026

    850       865  

5.000%, 03/01/2027

    400       410  

Georgia State, Main Street Natural Gas, Ser C, RB

               

4.000%, 03/01/2050 (A)

    1,285       1,288  

4.000%, 05/01/2052 (A)

    1,540       1,542  

4.000%, 08/01/2052 (A)(D)

    4,000       3,975  

 

 

 

26

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Short Duration Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Georgia State, Main Street Natural Gas, Ser D, RB

               

5.000%, 04/01/2054 (A)

  $ 2,260     $ 2,364  

Georgia State, Main Street Natural Gas, Ser E, RB

               

5.000%, 12/01/2027

    2,605       2,687  

Monroe County, Development Authority, Georgie Power Company Project, Plant Scherer, RB

               

3.350%, 11/01/2048 (A)

    2,000       1,964  

Savannah, Housing Authority, The Pines at Garden City Project, RB

               

5.000%, 03/01/2028 (A)

    610       628  
                 
              46,155  
                 

Guam — 0.2%

       

Guam, Antonio B. Won Pat International Airport Authority, Ser B, RB

               

5.000%, 10/01/2031

    200       213  

Guam, Waterworks Authority, Ser A, RB

               

5.000%, 07/01/2027

    710       724  

5.000%, 07/01/2028

    800       822  
                 
              1,759  
                 

Illinois — 6.9%

       

Chicago Heights, Olympic Village Apartments Project, RB, FHA/GNMA

               

2.875%, 08/01/2027 (A)

    2,000       1,996  

Chicago, Midway International Airport, Ser B, RB

               

5.000%, 01/01/2030

    575       620  

5.000%, 01/01/2031

    230       251  

Chicago, Multi-Family Housing, The Ave SW Project, RB

               

3.200%, 10/01/2028 (A)

    2,465       2,461  

Chicago, Multi-Family Housing, United Yards 1A Project, RB

               

3.500%, 08/01/2027 (A)

    1,005       1,007  

Chicago, Ser A, GO

               

5.000%, 01/01/2027

    1,265       1,288  

5.000%, 01/01/2029

    1,500       1,556  

Chicago, Ser B, GO

               

5.000%, 01/01/2031

    1,000       1,048  

Chicago, Ser B-EXCHANGE, GO

               

4.000%, 01/01/2030

    1,000       1,006  

Chicago, Wastewater Transmission, RB, BAM

               

5.000%, 01/01/2029

    675       718  

Cook County, Ser A, GO

               

5.000%, 11/15/2030

    1,000       1,020  

Geneva, GO

               

4.000%, 02/01/2026

    400       402  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Granite, Solid Waste Disposal, Waste Management Inc Project, AMT, RB

               

1.250%, 05/01/2027

  $ 4,100     $ 3,869  

Illinois State, Finance Authority, American Water Capital Corp Project, RB

               

3.875%, 05/01/2040 (A)

    1,000       980  

Illinois State, Finance Authority, Field Museum of Natural History, RB

               

4.245%, 11/01/2034 (A)

    1,905       1,903  

Illinois State, Finance Authority, Noble Network of Charter Schools, RB

               

5.000%, 09/01/2027

    490       505  

5.000%, 09/01/2028

    515       537  

Illinois State, Finance Authority, Silver Cross Hospital & Medical Centers, RB

               

5.000%, 08/15/2029

    1,270       1,275  

Illinois State, Finance Authority, Southern Illinois Healthcare Enterprises, RB

               

5.000%, 03/01/2028

    410       418  

Illinois State, Finance Authority, The Chicago School, RB

               

5.000%, 04/01/2027

    300       308  

5.000%, 04/01/2028

    400       414  

Illinois State, Finance Authority, University of Chicago Medical Center, Ser A, RB

               

5.000%, 08/15/2029 (D)

    2,500       2,506  

Illinois State, Finance Authority, University of Chicago Medical Center, Ser B-1, RB

               

5.000%, 08/15/2052 (A)

    1,500       1,501  

Illinois State, Finance Authority, Waste Management Inc Project, AMT, RB

               

4.600%, 10/01/2053 (A)

    5,500       5,535  

Illinois State, Housing Development Authority, Homeowner Mortgage, Ser C, RB

               

2.300%, 02/01/2026

    1,000       987  

Illinois State, Housing Development Authority, Leyden Senior Apartments, RB

               

3.380%, 07/01/2045 (A)

    1,250       1,251  

Illinois State, Sales Tax Revenue, Ser A, RB, BAM

               

5.000%, 06/15/2031

    1,000       1,036  

Illinois State, Ser A, GO

               

5.000%, 10/01/2025

    1,000       1,005  

5.000%, 11/01/2026

    2,740       2,804  

Illinois State, Ser D, GO

               

5.000%, 11/01/2026

    3,590       3,677  

Illinois State, Sports Facilities Authority, RB, AGM

               

5.000%, 06/15/2027

    1,500       1,503  

Illinois State, Toll Highway Authority, Ser C, RB

               

5.000%, 01/01/2029

    270       270  

5.000%, 01/01/2036

    165       165  

 

 

 

SEI Tax Exempt Trust

 

27

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Short Duration Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Jefferson County, Township High School District No. 201 Mt Vernon, Ser A, GO

               

6.500%, 12/30/2030

  $ 1,085     $ 1,247  

Macon & De Witt Counties, Community Unit School District No. 2 Maroa-Forsyth, Ser C, GO, BAM

               

4.000%, 12/01/2025

    1,260       1,264  

Metropolitan Chicago, Water Reclamation District, Ser A, GO

               

5.000%, 12/01/2031

    1,500       1,531  

Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, RB

               

4.000%, 12/15/2026

    1,000       1,010  

Sales Tax Securitization, RB

               

5.000%, 01/01/2030

    1,000       1,038  

Springfield, GO

               

5.000%, 12/01/2027

    1,200       1,253  

University of Illinois, University of Illinios Health Services Facilities System, RB

               

5.000%, 10/01/2027

    375       389  

5.000%, 10/01/2028

    475       498  

Will County, Community Unit School District No. 201-U Crete-Monee, Ser U-A, GO, BAM

               

5.000%, 01/01/2028

    350       365  
                 
              54,417  
                 

Indiana — 5.5%

       

Fort Wayne, Redevelopment Authority, Grand Wayne Center Project, RB

               

4.000%, 08/01/2025

    810       811  

Indiana State, Finance Authority, Indiana University Health, RB

               

2.250%, 12/01/2058 (A)

    7,150       7,139  

Indiana State, Finance Authority, Indianapolis Power, AMT, RB

               

0.950%, 12/01/2038 (A)

    2,000       1,952  

Indiana State, Finance Authority, Southern Indiana Gas and Electric Company Projects, RB

               

3.550%, 05/01/2037 (A)

    1,930       1,922  

3.450%, 07/01/2025

    14,260       14,259  

Indiana State, Municipal Power Agency, Ser A, RB, AGC

               

5.000%, 01/01/2027

    1,865       1,923  

Indianapolis, Local Public Improvement Bond Bank, Indianapolis Airport Authority Project, AMT, RB

               

5.000%, 01/01/2026

    1,085       1,096  

Indianapolis, Local Public Improvement Bond Bank, Indianapolis Public Transportation Corporation Project, RB

               

5.000%, 07/15/2026

    600       612  

5.000%, 01/15/2029

    450       481  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Indianapolis, Local Public Improvement Bond Bank, Ser A, RB

               

5.000%, 06/01/2025

  $ 650     $ 650  

Rockport, Pollution Control, Indiana Michigan Power Company Project, Ser B, RB

               

3.050%, 06/01/2025 (F)

    10,465       10,465  

Westfield, Redevelopment Authority, RB

               

5.000%, 07/01/2027

    480       498  

Westfield-Washington, Multi-School Building, Ser A, RB, BAM

               

5.000%, 01/15/2029

    900       957  

Westfield-Washington, School District, GO

               

6.000%, 01/15/2026

    340       344  
                 
              43,109  
                 

Iowa — 0.3%

       

Iowa State, Finance Authority, Gevo NW Iowa Renewable Natural Gas Project, AMT, RB

               

3.875%, 01/01/2042 (A)(E)

    2,000       1,996  

Iowa State, Finance Authority, Mortgage-Backed Securities Program, Ser E, RB, GNMA/FNMA/FHLMC

               

1.950%, 01/01/2049 (A)

    100       100  
                 
              2,096  
                 

Kansas — 0.7%

       

Kansas State, Development Finance Authority, University of Kansas Project, Ser A, RB

               

5.000%, 05/01/2027

    1,235       1,236  

Manhattan, GO, BAM

               

5.000%, 06/15/2028

    2,000       2,031  

Valley Center, Ser 1, GO

               

4.375%, 12/01/2025

    2,405       2,406  
                 
              5,673  
                 

Kentucky — 3.1%

       

Kentucky State, Housing Corporation, Beecher Terrace Phase IV Project, RB, FHA

               

5.000%, 09/01/2043 (A)

    4,315       4,368  

Kentucky State, Interlocal School Transportation Association, COP

               

4.000%, 03/01/2028

    1,200       1,222  

Kentucky State, Public Energy Authority, Ser A, RB

               

5.250%, 06/01/2055 (A)

    7,000       7,341  

5.000%, 07/01/2026

    450       456  

Rural Water Financing Agency, RB

               

3.700%, 05/01/2027

    2,000       2,003  

Rural Water Financing Agency, Ser S, RB

               

3.050%, 05/01/2027

    2,000       1,978  

 

 

 

28

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Short Duration Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Trimble County, Environmental Facilities, AMT, RB

               

4.700%, 06/01/2054 (A)

  $ 750     $ 755  

Trimble County, Environmental Facilities, Louisville Gas and Electric Company Project, AMT, RB

               

4.700%, 06/01/2054 (A)

    750       755  

University of Louisville, Ser D, RB

               

5.000%, 03/01/2030

    3,140       3,198  

University of Louisville, Ser F, RB

               

5.000%, 03/01/2027

    2,000       2,066  
                 
              24,142  
                 

Louisiana — 1.1%

       

Louisiana State, Gasoline & Fuels Tax Revenue, Ser A, RB

               

3.545%, 05/01/2043 (A)

    1,925       1,920  

Louisiana State, Local Government Environmental Facilities & Community Development Authority, Louisiana Insurance Guaranty Association Project, RB

               

5.000%, 08/15/2026

    1,355       1,385  

5.000%, 08/15/2027

    1,000       1,034  

Louisiana State, Offshore Terminal Authority, Ser A, RB

               

4.150%, 09/01/2027

    2,500       2,515  

St. John the Baptist Parish, Marathon Oil Project, RB

               

3.300%, 06/01/2037 (A)

    1,000       980  

St. John the Baptist Parish, Marathon Oil Project, Sub-Ser, RB

               

2.375%, 06/01/2037 (A)

    1,000       982  
                 
              8,816  
                 

Maryland — 0.3%

       

Maryland State, Health & Higher Educational Facilities Authority, Frederick Heath System, RB

               

5.000%, 07/01/2026

    450       456  

Maryland State, Stadium Authority, Football Stadium, Ser A, RB

               

5.000%, 03/01/2026

    410       416  

5.000%, 03/01/2028

    1,220       1,287  
                 
              2,159  
                 

Massachusetts — 1.1%

       

Massachusetts State, Development Finance Agency, Partners Health Care System, RB

               

5.000%, 07/01/2027

    1,490       1,492  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Massachusetts State, Development Finance Agency, Waste Management Inc Project, AMT, RB

               

1.250%, 05/01/2027 (D)

  $ 2,500     $ 2,359  

Massachusetts State, Development Finance Agency, Wellforce Inc, Ser C, RB, AGM

               

5.000%, 10/01/2027

    435       453  

Massachusetts State, Educational Financing Authority, Ser B, AMT, RB

               

5.000%, 07/01/2025

    850       851  

5.000%, 07/01/2026

    1,000       1,016  

Massachusetts State, Health & Educational Facilities Authority, Partners Health Care System, Ser G, RB, AGM

               

3.250%, 07/01/2042 (A)

    1,325       1,325  

Quincy, GO

               

5.000%, 07/25/2025

    1,000       1,002  
                 
              8,498  
                 

Michigan — 2.0%

       

Michigan State, Finance Authority, Henry Ford Health, Detroit South Campus, Central Utility Plant Project, RB

               

5.000%, 08/31/2027

    355       367  

Michigan State, Hospital Finance Authority, Trinity Health Credit Group, Ser C-, RB

               

5.000%, 12/01/2025

    1,050       1,060  

Michigan State, Housing Development Authority, Clark Road Senior Apartments Project, RB

               

4.500%, 12/01/2042 (A)

    5,500       5,551  

Michigan State, Housing Development Authority, Rental Housing, Ser A, RB

               

3.300%, 04/01/2026

    5,950       5,946  

Michigan State, Strategic Fund, Consumers Energy Company Project, AMT, RB

               

0.875%, 04/01/2035 (A)

    900       844  

Wayne County, Airport Authority, Ser F, AMT, RB

               

5.000%, 12/01/2027

    2,235       2,240  
                 
              16,008  
                 

Minnesota — 2.0%

       

Center City, Health Care Facilities, Hazelden Betty Ford Foundation Project, RB

               

5.000%, 11/01/2030

    250       268  

Gibbon, Independent School District No. 2365, Ser A, GO

               

6.000%, 02/01/2026

    280       286  

6.000%, 02/01/2027

    200       210  

Kiester, Ser A, GO

               

3.625%, 12/01/2026

    1,710       1,713  

 

 

 

SEI Tax Exempt Trust

 

29

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Short Duration Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Maple Grove, Health Care Facilities Revenue, North Memorial Health Care, RB

               

5.000%, 09/01/2029

  $ 2,830     $ 2,835  

Minneapolis, Allina Health System, Ser A, RB

               

5.000%, 11/15/2052 (A)

    2,000       2,091  

Minneapolis, Fairview Health Services, Ser A, RB

               

5.000%, 11/15/2026

    1,310       1,317  

Minneapolis-St. Paul, Metropolitan Airports Commission, Sub-Ser S, AMT, RB

               

5.000%, 01/01/2026

    450       455  

Minnesota State, Higher Education Facilities Authority, Ser A, RB

               

5.000%, 10/01/2025

    335       337  

Minnesota State, Housing Finance Agency, Ser C, AMT, RB, GNMA/FNMA/FHLMC

               

1.200%, 01/01/2027

    570       539  

1.050%, 07/01/2026

    1,145       1,104  

0.950%, 01/01/2026

    1,140       1,116  

0.875%, 07/01/2025

    1,130       1,126  

Minnesota State, Rural Water Finance Authority, Public Projects Construction, RB

               

3.300%, 08/01/2026

    1,000       1,000  

Roseville, Independent School District No. 623, Ser A, COP

               

5.000%, 04/01/2026

    500       504  

Saint Paul, Housing & Redevelopment Authority, Health Care System, Fairview Health Services, RB

               

5.000%, 11/15/2029

    705       725  
                 
              15,626  
                 

Mississippi — 0.6%

       

Warren County, Environmental Improvement Revenue, International Paper Co Project, AMT, RB

               

1.600%, 08/01/2027 (A)

    2,000       1,999  

Warren County, Gulf Opportunity Zone Revenue, International Paper Co Project, RB

               

1.375%, 08/01/2027 (A)

    2,500       2,497  
                 
              4,496  
                 

Missouri — 1.7%

       

Barry County, Law Enforcement Center Project, COP

               

5.000%, 10/01/2027

    580       596  

Jackson County, RB

               

5.000%, 12/01/2027

    1,110       1,163  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Missouri State, Environmental Improvement & Energy Resources Authority, Kansas City Power & Light Company Project, Ser R, AMT, RB

               

3.500%, 05/01/2038 (A)

  $ 9,650     $ 9,644  

Missouri State, Health & Educational Facilities Authority, Lutheran Senior Services Projects, RB

               

5.000%, 02/01/2030

    1,200       1,249  

Missouri State, Health & Educational Facilities Authority, Saint Lukes Health System, RB

               

5.000%, 11/15/2026

    620       632  
                 
              13,284  
                 

Nebraska — 0.5%

       

Central Plains, Energy Project, Ser A, RB

               

5.000%, 05/01/2054 (A)

    1,000       1,030  

Douglas County, Hospital Authority No. 3, Nebraska Methodist Health System, RB

               

5.000%, 11/01/2027

    1,260       1,268  

Gretna, COP

               

5.000%, 12/15/2025

    2,000       2,002  
                 
              4,300  
                 

New Hampshire — 0.5%

       

New Hampshire State, Housing Finance Authority, Ser 4, RB, FHA

               

3.700%, 01/01/2027

    1,870       1,878  

3.625%, 04/01/2026

    1,750       1,755  

New Hampshire State, National Finance Authority, Pollution Control, New York State Electric & Gas Corporation Project, AMT, RB

               

4.000%, 12/01/2028

    525       526  
                 
              4,159  
                 

New Jersey — 2.4%

       

Haddonfield, Public Schools District, GO

               

1.000%, 04/15/2027

    1,725       1,650  

1.000%, 04/15/2028

    1,370       1,280  

1.000%, 04/15/2029

    1,396       1,271  

New Jersey State, Economic Development Authority, Municipal Rehabilitation, Ser S, RB

               

5.250%, 04/01/2026 (A)

    3,500       3,553  

New Jersey State, Economic Development Authority, School Facilities Construction, RB

               

3.220%, 09/01/2025 (A)

    1,050       1,050  

New Jersey State, Economic Development Authority, School Facilities Construction, Ser GGG, RB

               

5.250%, 09/01/2025 (D)

    1,000       1,005  

 

 

 

30

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Short Duration Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New Jersey State, Economic Development Authority, Ser A, RB

               

4.125%, 06/15/2026

  $ 860     $ 860  

New Jersey State, Health Care Facilities Financing Authority, RWJ Barnabas, RB

               

5.000%, 07/01/2029

    1,830       1,862  

New Jersey State, Higher Education Student Assistance Authority, Ser B, AMT, RB

               

5.000%, 12/01/2025

    2,850       2,869  

New Jersey State, Transportation Trust Fund Authority, Ser C, RB, AGM

               

0.000%, 12/15/2029 (C)

    1,390       1,189  

New Jersey State, Turnpike Authority, Ser A, RB

               

5.000%, 01/01/2033

    1,200       1,228  

Passaic, Ser A, GO

               

5.000%, 08/01/2025

    700       702  

Winslow, GO

               

2.000%, 03/01/2029

    875       834  
                 
              19,353  
                 

New Mexico — 0.4%

       

Farmington, Pollution Control Revenue Bonds, San Juan Project, RB

               

3.900%, 06/01/2040 (A)

    1,000       1,007  

New Mexico State, Municipal Energy Acquisition Authority, Gas Supply, RB

               

5.000%, 06/01/2054 (A)

    500       523  

Santa Fe County, Multifamily Housing, Cresta Ranch Apartments, RB

               

3.290%, 12/10/2049 (A)

    1,500       1,496  
                 
              3,026  
                 

New York — 5.5%

       

Buffalo, Municipal Housing Authority, RB, FHA

               

2.650%, 07/01/2031

    690       616  

Ithaca, GO

               

4.250%, 02/13/2026

    2,000       2,006  

Long Island, Power Authority, Ser B, RB

               

5.000%, 09/01/2052 (A)

    1,435       1,476  

3.000%, 09/01/2049 (A)

    4,470       4,296  

0.850%, 09/01/2050 (A)

    2,000       1,984  

Long Island, Power Authority, Ser C, RB

               

2.420%, 09/01/2038 (A)

    1,585       1,584  

Lowville, GO

               

5.375%, 08/21/2025

    700       701  

Metropolitan New York, Transportation Authority, RB

               

5.000%, 11/15/2030

    900       972  

Metropolitan New York, Transportation Authority, Ser A2, RB

               

5.000%, 11/15/2027

    1,500       1,538  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New York City, Housing Development Authority, RB, FHA

               

3.400%, 11/01/2062 (A)

  $ 5,000     $ 4,997  

0.600%, 05/01/2061 (A)

    2,660       2,652  

New York City, Housing Development Authority, Ser E-2, RB

               

3.800%, 11/01/2063 (A)

    3,000       3,032  

New York City, Ser 2-REM, GO

               

1.700%, 04/01/2042 (A)

    2,100       2,100  

New York City, Ser A, GO

               

5.000%, 08/01/2030

    1,250       1,366  

New York City, Sub-Ser, GO

               

1.500%, 10/01/2046 (A)

    2,825       2,825  

New York State, Housing Finance Agency, Ser A-2, RB

               

3.450%, 06/15/2054 (A)

    1,000       995  

New York State, Housing Finance Agency, Sustainability Bonds, RB, FHA

               

3.450%, 05/01/2062 (A)

    830       829  

New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, AMT, RB

               

5.000%, 12/01/2026

    1,000       1,018  

New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, RB

               

5.000%, 12/01/2025

    800       806  

5.000%, 12/01/2026

    1,000       1,024  

Niagara, Frontier Transportation Authority, AMT, RB

               

5.000%, 04/01/2028

    1,045       1,078  

North Hempstead, Ser B, GO

               

4.000%, 09/19/2025

    3,000       3,008  

Triborough, Bridge & Tunnel Authority, MTA Bridges and Tunnels, RB

               

5.000%, 12/01/2028

    1,000       1,072  

Triborough, Bridge & Tunnel Authority, Sub-Ser, RB

               

5.000%, 05/15/2050 (A)

    1,500       1,524  
                 
              43,499  
                 

North Carolina — 1.1%

       

Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, RB

               

1.400%, 01/15/2042 (A)(E)

    2,000       2,000  

Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, Ser C-REM, RB

               

3.450%, 01/15/2048 (A)

    1,000       1,000  

Charlotte-Mecklenburg, Hospital Authority, Atrium Health Group, Ser E, RB

               

0.800%, 01/15/2048 (A)

    1,000       987  

 

 

 

SEI Tax Exempt Trust

 

31

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Short Duration Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Columbus County, Industrial Facilities & Pollution Control Financing Authority, International Paper Co Project, RB

               

1.375%, 05/01/2034 (A)

  $ 1,000     $ 999  

Durham, Housing Authority, 500 East Main, RB, FHA

               

3.625%, 04/01/2029 (A)

    3,575       3,593  
                 
              8,579  
                 

North Dakota — 0.7%

       

Cass County, Joint Water Resource District, Ser A, RB

               

3.450%, 04/01/2027

    5,000       4,989  

Grand Forks, Altru Health System, Ser A, RB, AGM

               

5.000%, 12/01/2026

    100       103  

5.000%, 12/01/2027

    125       130  

5.000%, 12/01/2028

    125       131  
                 
              5,353  
                 

Ohio — 3.1%

       

Allen County, Hospital Facilities Revenue, RB

               

5.000%, 10/01/2049 (A)

    3,500       3,602  

American Municipal Power, Electrical System Improvement, Wapakoneta, RB

               

4.500%, 06/19/2025

    2,000       2,001  

American Municipal Power, R.I.C.E. Peaking Project, RB

               

5.000%, 02/15/2030

    805       862  

Cuyahoga County, Convention Hotel Project, COP

               

5.000%, 12/01/2026

    845       868  

Dayton, School District, COP

               

3.000%, 12/01/2025

    170       170  

Huber Heights, Ser B, GO

               

4.500%, 07/10/2025

    2,000       2,003  

Montgomery, GO

               

4.500%, 06/10/2025

    1,000       1,000  

Newark, GO

               

5.000%, 03/18/2026

    1,900       1,919  

Ohio State, Air Quality Development Authority, Duke Energy, AMT, RB

               

4.250%, 11/01/2039 (A)

    1,500       1,511  

Ohio State, Higher Educational Facility Commission, Xavier University 2024 Project, RB

               

5.000%, 05/01/2026

    525       533  

5.000%, 05/01/2028

    700       732  

5.000%, 05/01/2030

    540       575  

Ohio State, Housing Finance Agency, Hitchcock Housing, Ser A, RB, FHA

               

5.000%, 04/01/2027 (A)

    1,300       1,317  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Ohio State, Housing Finance Agency, Post Oak Station, Ser A-REMK, RB, FHA

               

3.850%, 07/01/2025

  $ 1,500     $ 1,500  

Ohio State, Housing Finance Agency, Riverview San Marco Apartments, RB, FHA

               

5.000%, 08/01/2026 (A)

    2,140       2,145  

Ohio State, Housing Finance Agency, Terrace Gardens, Ser A, RB, FHA

               

4.000%, 12/01/2027 (A)

    3,075       3,107  

Put-in-Bay Village, GO

               

4.750%, 10/29/2025

    1,000       1,005  
                 
              24,850  
                 

Oklahoma — 2.3%

       

Creek County, Educational Facilities Authority, Bristow Public Schools Project, RB

               

5.000%, 09/01/2025

    1,645       1,651  

Oklahoma State, Development Finance Authority, Ser A, RB

               

5.000%, 08/15/2031

    810       810  

Tulsa County, Industrial Authority, Educational Facilities, Broken Arrow Public Schools Project, RB

               

5.000%, 09/01/2029

    350       376  

5.000%, 09/01/2030

    375       407  

Tulsa, Ser A, GO

               

0.050%, 01/01/2026

    9,095       8,928  

0.050%, 01/01/2027

    5,735       5,463  

University of Oklahoma, Ser A, RB, BAM

               

5.000%, 07/01/2026

    330       337  

Washington County, Educational Facilities Authority, Dewey Public Schools Project, RB

               

5.000%, 09/01/2025

    400       401  
                 
              18,373  
                 

Oregon — 1.1%

       

Deschutes & Jefferson Counties, School District No. 2J Redmond, GO

               

0.000%, 06/15/2025 (C)

    555       554  

Lane County, School District No. 1 Pleasant Hill, Ser B-CABS, GO

               

0.000%, 06/15/2027 (C)

    350       327  

Marion & Polk County, Salem-Keizer School District No. 24J, Ser B, GO

               

0.000%, 06/15/2025 (C)

    2,070       2,067  

0.000%, 06/15/2026 (C)

    3,270       3,160  

Multnomah County, School District No. 40, Ser A, GO

               

0.000%, 06/15/2026 (C)

    250       242  

0.000%, 06/15/2028 (C)

    395       356  

 

 

 

32

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Short Duration Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Oregon State, Business Development Commission, Intel Corporation Project, Ser 232-RE, RB

               

3.800%, 12/01/2040 (A)

  $ 1,000     $ 1,006  

Port of Portland, Airport Revenue, Ser THIRTY-B, AMT, RB

               

5.000%, 07/01/2027

    665       686  
                 
              8,398  
                 

Pennsylvania — 2.3%

       

Allegheny County, Hospital Development Authority, University of Pittsburgh Medical Center, Ser Senior D2-E-REMK, RB

               

2.670%, 11/15/2047 (A)

    3,000       2,972  

Bethlehem, School District Authority, RB

               

3.265%, 01/01/2032 (A)

    570       568  

Lehigh County, Industrial Development Authority, PPL Electric Utilities, RB

               

2.625%, 02/15/2027

    1,000       989  

Lycoming County, College Revenue Authority, Lycoming College Project, RB

               

3.850%, 11/01/2035 (A)

    2,000       1,999  

Monroeville, Finance Authority, University of Pittsburgh Medical Center, Ser C, RB

               

5.000%, 05/15/2028

    570       601  

Pennsylvania State University, Ser B, RB

               

5.000%, 09/01/2033

    2,550       2,599  

Pennsylvania State, Economic Development Financing Authority, Rapid Bridge Replacement Project, AMT, RB

               

5.000%, 12/31/2030

    640       644  

Pennsylvania State, Higher Educational Facilities Authority, Drexel University, Ser A, RB, AGM

               

5.000%, 05/01/2029

    1,500       1,595  

Pennsylvania State, Housing Finance Agency, Ser 120, RB

               

2.350%, 04/01/2027

    1,295       1,255  

Pennsylvania State, Turnpike Commission, RB

               

2.820%, 07/15/2041 (A)

    2,500       2,495  

Pennsylvania State, Turnpike Commission, Ser A, RB

               

4.000%, 12/01/2025

    1,075       1,080  

Philadelphia, School District, Ser A, GO

               

5.000%, 09/01/2027

    1,155       1,200  

Philadelphia, School District, Ser F, GO

               

5.000%, 09/01/2029

    295       299  
                 
              18,296  
                 

Rhode Island — 0.6%

       

Pawtucket, GO

               

4.500%, 10/24/2025

    4,000       4,006  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Providence, Public Building Authority, Capital Improvement Program Projects, RB, AGC

               

5.000%, 09/15/2029

  $ 850     $ 907  
                 
              4,913  
                 

South Carolina — 0.3%

       

South Carolina State, Housing Finance & Development Authority, Settlement Manor Apartments Project, RB

               

5.000%, 11/01/2028 (A)

    1,250       1,300  

South Carolina State, Public Service Authority, Santee Cooper, Ser A, RB

               

5.000%, 12/01/2030

    675       734  
                 
              2,034  
                 

Tennessee — 3.2%

       

Chattanooga, Health Educational & Housing Facility Board, One Westside Phase 1B Project, RB

               

3.600%, 06/01/2048 (A)

    2,500       2,515  

Chattanooga, Health Educational & Housing Facility Board, Shallowford Project, RB, FHA

               

3.800%, 12/01/2029 (A)

    2,000       2,015  

Franklin, Health & Educational Facilities Board, Multifamily Housing, Harpeth Hills Apartments Project, RB, FHA

               

3.600%, 11/01/2029 (A)

    1,500       1,510  

Johnson City, Health & Educational Facilities Board, Ballad Health, Ser A, RB

               

5.000%, 07/01/2027

    400       413  

5.000%, 07/01/2028

    400       420  

Knox County, Health Educational & Housing Facility Board, Westview Towers Project, RB, FHA

               

3.950%, 12/01/2027 (A)

    500       501  

Nashville & Davidson County, Metropolitan Government, Health & Educational Facilities Board, 4th & Shelby Apartments Project, RB

               

5.000%, 06/01/2029 (A)

    2,800       2,929  

Shelby County, Health Educational & Housing Facility Board, Methodist Le Bonheur Healthcare, RB

               

5.000%, 05/01/2031

    260       266  

Tennergy, Gas Supply, Ser A, RB

               

5.500%, 10/01/2053 (A)

    1,000       1,048  

Tennergy, RB

               

5.000%, 06/01/2028

    275       286  

5.000%, 06/01/2029

    825       865  

5.000%, 10/01/2054 (A)

    7,500       7,800  

 

 

 

SEI Tax Exempt Trust

 

33

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Short Duration Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Tennergy, Ser A, RB

               

5.500%, 12/01/2027

  $ 750     $ 779  

5.250%, 12/01/2026

    700       715  

Williamson County, Industrial Development Board, Wood Duck Court Apartments, RB, FHA

               

5.000%, 05/01/2042 (A)

    3,060       3,132  
                 
              25,194  
                 

Texas — 15.1%

       

Arlington, Higher Education Finance, Trinity Basein Preparatory, RB, PSF-GTD

               

5.000%, 08/15/2026

    320       327  

Arlington, Housing Finance, RB

               

4.500%, 04/01/2041 (A)

    5,000       5,047  

3.500%, 11/01/2043 (A)

    1,000       1,000  

Central Texas, Turnpike System, Ser B, RB

               

5.000%, 08/15/2042 (A)

    3,000       3,156  

Clear Creek, Independent School District, Ser B-REMK, GO, PSF-GTD

               

3.600%, 02/15/2035 (A)

    1,500       1,501  

Conroe, Municipal Management District No. 1, GO, BAM

               

6.500%, 09/01/2025

    670       675  

6.500%, 09/01/2026

    390       404  

6.500%, 09/01/2027

    635       677  

6.500%, 09/01/2028

    245       267  

Dallas City, Housing Finance Corporation, Multifamily Housing Revenue, Rosemont at Ash Creek Apartments, RB, FHA

               

5.000%, 07/01/2026 (A)

    2,750       2,771  

Dallas City, Housing Finance Corporation, Multifamily Housing Revenue, Waterford at Goldmark, RB

               

3.300%, 01/01/2043 (A)

    8,710       8,702  

Dallas City, Kay Bailey Hutchinson Convention Center, Special Tax

               

6.000%, 08/15/2053 (A)(D)

    1,500       1,502  

Denton County, GO

               

4.000%, 07/15/2027

    740       740  

Denton, Independent School District, GO, PSF-GTD

               

5.000%, 08/15/2026

    1,025       1,052  

Ector County, Independent School District, Ser B, GO, PSF-GTD

               

4.000%, 08/15/2049 (A)

    1,000       1,017  

El Paso, Independent School District, Ser R, GO

               

5.000%, 02/01/2040 (A)

    1,960       1,981  

Fort Bend County, Municipal Utility District No. 162, GO, BAM

               

5.500%, 09/01/2027

    520       545  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Fort Bend, Independent School District, Ser B, GO, PSF-GTD

               

4.000%, 08/01/2054 (A)

  $ 2,000     $ 2,030  

0.875%, 08/01/2050 (A)

    750       747  

0.720%, 08/01/2051 (A)

    825       794  

Galveston, Wharves & Terminal Revenue, Ser B, RB

               

5.000%, 08/01/2028

    250       262  

5.000%, 08/01/2029

    300       318  

5.000%, 08/01/2030

    300       321  

Greater Texoma, Utility Authority, RB, AGM

               

4.000%, 10/01/2027

    385       393  

4.000%, 10/01/2028

    525       540  

Harris County, Cultural Education Facilities Finance, Texas Medical Center, Ser A, RB

               

5.000%, 05/15/2050 (A)

    1,000       1,059  

Harris County, Hospital District, GO

               

5.000%, 02/15/2028

    750       790  

Harris County, Houston Sports Authority, Ser B, RB, AGC

               

5.000%, 11/15/2025

    585       590  

5.000%, 11/15/2026

    740       759  

Harris County, Municipal Utility District No. 1, GO, AGM

               

4.000%, 09/01/2025

    635       636  

4.000%, 09/01/2026

    665       672  

4.000%, 09/01/2027

    695       708  

4.000%, 09/01/2028

    725       743  

4.000%, 09/01/2029

    755       771  

Harris County, Municipal Utility District No. 165, GO, BAM

               

5.500%, 03/01/2026

    305       310  

5.500%, 03/01/2027

    320       330  

5.500%, 03/01/2028

    335       352  

5.125%, 03/01/2029

    350       367  

5.000%, 03/01/2030

    365       384  

Harris County, Municipal Utility District No. 238, GO, NATL

               

4.000%, 04/01/2030

    710       712  

Harris County, Municipal Utility District No. 502, GO, BAM

               

7.250%, 09/01/2025

    455       459  

7.250%, 09/01/2026

    470       492  

7.250%, 09/01/2027

    480       521  

7.250%, 09/01/2028

    495       553  

Harris-Waller Counties, Municipal Utility District No. 4, GO, AGC

               

6.500%, 11/01/2026

    695       724  

6.500%, 11/01/2027

    735       785  

6.500%, 11/01/2028

    765       837  

6.500%, 11/01/2029

    805       899  

6.500%, 11/01/2030

    840       955  

 

 

 

34

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Short Duration Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Harris-Waller Counties, Municipal Utility District No. 4, GO, BAM

               

7.250%, 11/01/2025

  $ 115     $ 117  

7.250%, 11/01/2026

    230       242  

7.250%, 11/01/2027

    350       380  

7.250%, 11/01/2028

    345       385  

7.250%, 11/01/2029

    390       447  

Highway 380, Municipal Management District No. 1, GO, BAM

               

5.500%, 05/01/2026

    360       366  

5.500%, 05/01/2027

    375       391  

5.500%, 05/01/2028

    390       415  

5.000%, 05/01/2030

    420       451  

Houston, East Downtown, Redevelopment Authority, TA

               

5.000%, 09/01/2025

    295       296  

Houston, Hotel Occupancy Tax & Special Revenue, RB

               

5.000%, 09/01/2025

    1,000       1,001  

5.000%, 09/01/2030

    1,000       1,001  

Houston, Independent School District, GO, PSF-GTD

               

3.500%, 06/01/2039 (A)

    4,090       4,090  

Katy, Independent School District, GO, PSF-GTD

               

4.000%, 08/15/2050 (A)

    2,195       2,215  

Kaufman County, Municipal Utility District No. 5, GO, BAM

               

5.000%, 03/01/2026

    300       304  

5.000%, 03/01/2028

    305       317  

Kilgore, Independent School District, GO, PSF-GTD

               

2.000%, 02/15/2052 (A)

    2,190       2,183  

Lubbock, Water & Wastewater System, RB

               

5.000%, 02/15/2028

    355       374  

Midland County, Hospital District, Ser A, RB, BAM

               

5.000%, 05/15/2029

    800       856  

Montgomery County, Municipal Utility District No. 140, GO, AGM

               

5.750%, 09/01/2026

    175       180  

5.750%, 09/01/2027

    185       195  

5.750%, 09/01/2028

    195       209  

5.750%, 09/01/2029

    205       224  

5.375%, 09/01/2030

    220       239  

Montgomery County, Municipal Utility District No. 186, GO, AGM

               

5.500%, 12/01/2026

    250       259  

5.500%, 12/01/2027

    250       264  

5.500%, 12/01/2028

    250       269  

5.250%, 12/01/2029

    250       270  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New Hope, Cultural Education Facilities, Westminster Project, RB

               

5.000%, 11/01/2027

  $ 345     $ 354  

5.000%, 11/01/2028

    440       455  

5.000%, 11/01/2029

    570       594  

North Hays County, Municipal Utility District No. 1, GO, BAM

               

3.000%, 08/15/2025

    335       334  

North Texas, Tollway Authority, Ser A, RB

               

5.000%, 01/01/2026

    1,905       1,928  

5.000%, 01/01/2027

    1,665       1,721  

Northside, Independent School District, GO, PSF-GTD

               

3.550%, 06/01/2050 (A)

    1,500       1,504  

Northside, Independent School District, Ser B, GO, PSF-GTD

               

3.450%, 08/01/2054 (A)

    3,500       3,498  

Plainview, Independent School District, Ser B-REMK, GO, PSF-GTD

               

4.000%, 02/15/2050 (A)

    1,310       1,316  

Port Arthur, Port Authority, GO, BAM

               

5.000%, 02/15/2026

    200       203  

Pottsboro, Independent School District, GO, PSF-GTD

               

4.000%, 02/15/2052 (A)

    2,100       2,111  

Prosper, Independent School District, GO, PSF-GTD

               

3.000%, 02/15/2053 (A)

    3,045       3,043  

Round Rock, Independent School District, Ser A, GO, PSF-GTD

               

5.000%, 08/01/2044 (A)

    1,000       1,077  

San Antonio, Electric & Gas Systems Revenue, RB

               

3.650%, 02/01/2053 (A)

    1,000       997  

2.840%, 02/01/2048 (A)

    2,500       2,500  

San Antonio, Water System, Ser 2013F-REMK, RB

               

1.000%, 05/01/2043 (A)

    1,120       1,079  

Sinton, Independent School District, GO, PSF-GTD

               

4.000%, 08/15/2051 (A)

    1,000       1,000  

Tarrant County, Cultural Education Facilities Finance, Baylor Scott & White Health Project, RB

               

5.000%, 11/15/2052 (A)

    1,105       1,119  

Tarrant County, Cultural Education Facilities Finance, Buckner Retirement Services Project, RB

               

5.000%, 11/15/2025

    1,370       1,373  

Tarrant County, Housing Finance Corporation, Multifamily Housing, Wildwood Branch, RB

               

3.600%, 02/01/2043 (A)

    5,500       5,529  

 

 

 

SEI Tax Exempt Trust

 

35

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Short Duration Municipal Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Texas State, Affordable Housing Corporation, Norman Commons, RB

               

3.625%, 01/01/2045 (A)

  $ 940     $ 945  

Texas State, Department of Housing & Community Affairs, Multifamily Housing, Gulfway Manor, RB, FHA

               

3.250%, 08/01/2028 (A)

    3,600       3,595  

Texas State, Department of Housing & Community Affairs, Multifamily Housing, Palladium Old FM 471, RB, FHA

               

3.050%, 09/01/2029 (A)

    3,495       3,482  

Texas State, Municipal Gas Acquisition & Supply I, Ser Senior B, RB

               

3.756%, 12/15/2026 (A)

    675       675  

Texas State, Municipal Gas Acquisition & Supply II, Ser C, RB

               

3.700%, 09/15/2027 (A)

    2,975       2,976  

Texas State, Municipal Gas Acquisition & Supply IV, Ser A, RB

               

5.250%, 01/01/2026

    1,000       1,010  

5.250%, 01/01/2028

    3,185       3,319  

Texas State, Municipal Gas Acquisition & Supply V, RB

               

5.000%, 01/01/2026

    450       454  

5.000%, 01/01/2027

    750       768  

Williamson County, Municipal Utility District No. 19a, Ser A, GO, BAM

               

4.500%, 08/15/2025

    250       250  
                 
              119,326  
                 

Utah — 0.6%

       

Cache County, School District, GO

               

4.000%, 06/15/2030

    1,500       1,511  

Ogden, School District, GO

               

5.000%, 06/15/2026

    1,250       1,278  

Salt Lake City, Airport Revenue, Ser A, AMT, RB

               

5.000%, 07/01/2026

    200       203  

Utah State, Charter School Finance Authority, Summit Academy, Ser A, RB

               

5.000%, 04/15/2027

    250       256  

5.000%, 04/15/2029

    200       210  

5.000%, 04/15/2030

    215       227  

Utah State, Housing Corporation, Promontory Place Apartments, RB

               

3.400%, 02/01/2028 (A)

    1,000       998  
                 
              4,683  
                 

Virgin Islands — 0.3%

       

Virgin Islands, Matching Fund, Special Purpose Securitization, Ser A, RB

               

5.000%, 10/01/2026

    2,425       2,444  
                 
                 

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Virginia — 1.4%

       

Albemarle County, Economic Development Authority, RB

               

1.400%, 10/01/2048 (A)

  $ 4,500     $ 4,500  

Fairfax County, Redevelopment & Housing Authority, Dominion Square North Project, RB

               

5.000%, 01/01/2045 (A)

    50       52  

Harrisonburg, Redevelopment & Housing Authority, Wesley Apartments Project, RB

               

4.000%, 12/01/2028 (A)

    1,650       1,667  

Isle of Wight County, Economic Development Authority, RB, AGM

               

5.000%, 07/01/2029

    500       535  

5.000%, 07/01/2030

    550       596  

Virginia State, Housing Development Authority, RB

               

3.625%, 07/01/2055 (A)

    1,355       1,355  

Virginia State, Housing Development Authority, Ser C, RB

               

3.900%, 01/01/2030

    315       317  

3.800%, 07/01/2029

    355       358  

Virginia State, Small Business Financing Authority, Pure Salmon Virginia LLC Project, AMT, RB

               

4.000%, 11/01/2052 (A)

    2,000       2,000  
                 
              11,380  
                 

Washington — 1.8%

       

Central Puget Sound, Regional Transit Authority, Motor Vehicle Sales & Use Tax, Ser 2015S, RB

               

2.170%, 11/01/2045 (A)

    6,000       5,961  

Port of Seattle, AMT, RB

               

5.000%, 08/01/2026

    1,525       1,557  

5.000%, 07/01/2029

    510       537  

Port of Seattle, Ser A, AMT, RB

               

5.000%, 05/01/2029

    1,595       1,634  

Seattle, Housing Authority, Northgate Plaza Project, RB

               

1.000%, 06/01/2026

    1,000       968  

Skagit County, Public Hospital District No. 1, RB

               

4.000%, 12/01/2026

    1,000       1,004  

Washington State, Health Care Facilities Authority, Commonspirit Health, Ser B-, RB

               

5.000%, 08/01/2049 (A)

    2,000       2,003  

 

 

 

36

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Short Duration Municipal Fund (Concluded)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Washington State, Housing Finance Commission, Emerald Heights Project, Ser A, RB

               

5.000%, 07/01/2025

  $ 350     $ 350  
                 
              14,014  
                 

West Virginia — 1.7%

       

West Virginia State, Economic Development Authority, Appalachian Power Company Amos Project, RB

               

3.750%, 12/01/2042 (A)

    10,000       10,000  

3.375%, 03/01/2040 (A)

    1,000       993  

West Virginia State, Housing Development Fund, Multifamily Housing, Five Points, RB

               

5.000%, 03/01/2027 (A)

    2,315       2,343  
                 
              13,336  
                 

Wisconsin — 3.7%

       

Clayton, Ser B, RB

               

2.000%, 06/01/2026

    1,155       1,131  

Dane County, Airport Project, AMT, GO

               

5.000%, 06/01/2026

    2,120       2,152  

5.000%, 06/01/2027

    2,230       2,294  

Fort Atkinson, GO

               

4.000%, 02/01/2027

    340       346  

Milwaukee, Ser B3, GO

               

4.000%, 03/15/2028

    1,115       1,115  

Milwaukee, Ser N3, GO, AGM

               

5.000%, 04/01/2029

    1,000       1,064  

Milwaukee, Ser N-4, GO

               

5.000%, 04/01/2029

    885       937  

PMA Levy & Aid Anticipation Notes Program, Ser A, RB

               

5.000%, 09/24/2025

    1,500       1,508  

Slinger, Redevelopment Authority, Police Station Project, Ser A, RB

               

5.000%, 03/01/2030

    75       80  

Watertown, RB

               

4.000%, 10/01/2025

    1,225       1,225  

Wisconsin State, Health & Educational Facilities Authority, Advocate Aurora Health Credit Group, Ser S, RB

               

5.000%, 08/15/2054 (A)

    1,000       1,015  

Wisconsin State, Health & Educational Facilities Authority, Forensic Science & Protective Medicine Collaboration Project, RB

               

5.000%, 08/01/2027 (D)

    4,500       4,563  

Wisconsin State, Health & Educational Facilities Authority, Rogers Memorial Hospital, RB

               

5.000%, 07/01/2029

    310       311  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Wisconsin State, Health & Educational Facilities Authority, UnityPoint Health, Ser A, RB

               

5.000%, 12/01/2028

  $ 1,300     $ 1,302  

Wisconsin State, Housing & Economic Development Authority, Multifamily Housing, The Intersect Project, Ser I, RB

               

5.000%, 11/01/2058 (A)

    1,250       1,285  

Wisconsin State, Housing & Economic Development Authority, Ser A, RB

               

0.700%, 09/01/2025

    1,245       1,233  

Wisconsin State, Housing & Economic Development Authority, Ser B, RB

               

3.750%, 11/01/2055 (A)

    3,500       3,521  

Wisconsin State, Public Finance Authority, Duke Energy Progress Project, RB

               

3.300%, 10/01/2046 (A)

    1,000       990  

Wisconsin State, Public Finance Authority, Waste Management Inc Project, AMT, RB

               

1.100%, 04/01/2033 (A)

    3,000       2,917  
                 
              28,989  
                 

Wyoming — 0.3%

       

Sublette County, Hospital District, Hospital Contruction Project, Ser A, RB

               

5.000%, 06/15/2026

    2,000       2,000  
                 
                 
                 

Total Municipal Bonds

               

(Cost $786,213) ($ Thousands)

            782,018  
                 
                 

Total Investments in Securities — 99.1%

               

(Cost $786,213) ($ Thousands)

  $ 782,018  
                 
                 

 

 

Percentages are based on Net Assets of $788,977 ($ Thousands).

(A)

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

(B)

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

(C)

Zero coupon security.

(D)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On May 31, 2025, the value of these securities amounted to $16,410 ($ Thousands), representing 2.1% of the Net Assets of the Fund.

(E)

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

(F)

Security is escrowed to maturity.

 

See “Glossary” for abbreviations.

 

 

 

SEI Tax Exempt Trust

 

37

 

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

California Municipal Bond Fund

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS — 99.5%

California — 98.9%

       

ABAG, Finance Authority for Nonprofit, Windemere Ranch Infrastructure Project, Ser A, Special Tax, AGM

               

5.000%, 09/02/2025

  $ 990     $ 995  

Anaheim, Housing & Public Improvements Authority, Electric Utility Generation System Improvements, Ser S, RB

               

5.000%, 10/01/2034

    1,000       1,036  

Anaheim, Redevelopment Agency Successor Agency, Ser A, TA

               

5.000%, 02/01/2027

    1,000       1,039  

Bay Area Toll Authority, Ser F-2, RB

               

5.000%, 04/01/2036

    1,000       1,105  

Bay Area Toll Authority, Sub-Ser S-11, RB

               

5.000%, 04/01/2036

    2,000       2,262  

Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Ser B, AMT, RB

               

5.000%, 07/01/2032

    4,215       4,501  

California State, Community Choice Financing Authority, Clean Energy Project, RB

               

5.250%, 11/01/2054 (A)

    4,000       4,196  

5.000%, 02/01/2055 (A)

    4,500       4,764  

5.000%, 08/01/2055 (A)

    2,000       2,083  

California State, Community Choice Financing Authority, Clean Energy Project, Ser B-1, RB

               

4.000%, 02/01/2052 (A)

    5,000       4,941  

California State, Community Choice Financing Authority, Clean Energy Project, Ser D, RB

               

5.500%, 05/01/2054 (A)

    2,000       2,098  

California State, Educational Facilities Authority, Chapman University Project, Ser A, RB

               

5.000%, 04/01/2029

    400       432  

5.000%, 04/01/2030

    425       466  

5.000%, 04/01/2031

    470       523  

California State, Educational Facilities Authority, Stanford University Project, Ser V-3, RB

               

5.000%, 06/01/2033

    2,055       2,360  

California State, GO

               

5.000%, 08/01/2031

    3,985       4,142  

5.000%, 11/01/2031

    4,500       4,949  

5.000%, 09/01/2032

    1,000       1,124  

5.000%, 09/01/2035

    1,000       1,113  

5.000%, 10/01/2035

    5,000       5,534  

4.000%, 08/01/2034

    4,000       4,175  

4.000%, 08/01/2035

    2,500       2,476  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

California State, GO

               

Pre-Refunded @ 100

               

5.000%, 08/01/2027 (B)

  $ 15     $ 16  

California State, GO, AGM

               

5.250%, 08/01/2032

    2,000       2,239  

California State, Health Facilities Financing Authority, Adventis Health System, Ser S, RB

               

5.000%, 12/01/2036

    2,500       2,608  

5.000%, 12/01/2037

    3,180       3,286  

California State, Health Facilities Financing Authority, Children's Hospital of Orange County, RB

               

5.000%, 11/01/2054 (A)

    1,000       1,104  

California State, Health Facilities Financing Authority, City of Hope Project, RB

               

5.000%, 11/15/2027

    1,200       1,201  

California State, Health Facilities Financing Authority, Common Spirit Health, Ser A, RB

               

5.000%, 12/01/2035

    1,000       1,100  

5.000%, 12/01/2036

    1,000       1,087  

California State, Health Facilities Financing Authority, El Camino Health Services, Ser A, RB

               

5.000%, 02/01/2035

    500       562  

5.000%, 02/01/2036

    200       222  

5.000%, 02/01/2037

    750       824  

California State, Health Facilities Financing Authority, Kaiser Permanente Project, Ser 2006-C, RB

               

5.000%, 06/01/2041 (A)

    4,000       4,305  

California State, Health Facilities Financing Authority, St. Joseph Health System, RB

               

5.000%, 10/01/2039 (A)

    1,500       1,543  

California State, Health Facilities Financing Authority, Stanford Health Care, RB

               

3.000%, 08/15/2054 (A)

    2,000       1,994  

California State, Housing Finance Agency, Ser 2, RB

               

4.000%, 03/20/2033

    865       859  

California State, Housing Finance Agency, Ser A, RB

               

4.250%, 01/15/2035

    1,363       1,369  

California State, Infrastructure & Economic Development Bank, Academy Motion Picture Art, RB

               

5.000%, 11/01/2030

    3,000       3,307  

California State, Infrastructure & Economic Development Bank, California Academy of Sciences, RB

               

3.250%, 08/01/2029

    3,000       2,997  

 

 

 

38

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

California Municipal Bond Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

California State, Infrastructure & Economic Development Bank, National Charter School Revolving Loan Fund, RB

               

5.000%, 11/01/2035

  $ 850     $ 912  

5.000%, 11/01/2037

    465       489  

California State, Infrastructure & Economic Development Bank, National Charter School Revolving Loan Fund, Ser B, RB

               

5.000%, 11/01/2031

    535       577  

5.000%, 11/01/2032

    850       919  

California State, Municipal Finance Authority, Eisenhower Medical Center, Ser A, RB

               

5.000%, 07/01/2025

    500       501  

5.000%, 07/01/2027

    1,170       1,203  

California State, Municipal Finance Authority, Eisenhower Medical Center, Ser B, RB

               

5.000%, 07/01/2026

    450       455  

California State, Municipal Finance Authority, Eskaton Properties, RB

               

5.000%, 11/15/2034

    1,275       1,361  

5.000%, 11/15/2035

    1,340       1,416  

5.000%, 11/15/2036

    1,410       1,480  

California State, Municipal Finance Authority, Humangood Obligation Group, Ser A, RB

               

4.000%, 10/01/2029

    1,260       1,266  

California State, Municipal Finance Authority, Ignatius College Prep, Ser A, RB

               

5.000%, 09/01/2034

    500       565  

California State, Municipal Finance Authority, Orchard Park Student Housing Project, RB, BAM

               

5.000%, 05/15/2029

    700       745  

5.000%, 05/15/2030

    900       969  

California State, Municipal Finance Authority, Republic Services Inc Project, AMT, RB

               

4.375%, 09/01/2053 (A)

    2,000       1,982  

California State, Municipal Finance Authority, Ser A-1, RB

               

5.000%, 06/01/2056 (A)

    2,000       2,093  

California State, Municipal Finance Authority, UCR North District, Phase 1 Student Project, RB, BAM

               

5.000%, 05/15/2026

    500       508  

California State, Public Finance Authority, Healthcare Obligated Group, RB

               

5.000%, 08/01/2033

    1,550       1,764  

California State, Public Works Board, May Lee State Office Complex, Ser S, RB

               

5.000%, 04/01/2036

    750       830  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

California State, Public Works Board, Various Capital Projects, RB

               

5.000%, 12/01/2035

  $ 2,000     $ 2,193  

California State, Public Works Board, Various Capital Projects, Ser B, RB

               

Pre-Refunded @ 100

               

5.000%, 10/01/2027 (B)

    120       126  

California State, School Finance Authority, Magnolia Public Schools Obligation, RB

               

4.250%, 07/01/2035 (C)

    1,700       1,656  

California State, Statewide Communities Development Authority, John Muir Health, Ser A, RB

               

5.000%, 12/01/2035

    1,250       1,388  

California State, Statewide Communities Development Authority, Kaiser Permanente Project, Ser 2004-M, RB

               

5.000%, 04/01/2038 (A)

    4,000       4,305  

California State, Statewide Communities Development Authority, Student Housing, University of California, Irvine Campus Apartments, RB, BAM

               

4.000%, 05/15/2046

    1,000       899  

California State, University Revenue Systemwide, Ser 2016B-2, RB

               

0.550%, 11/01/2049 (A)

    3,000       2,866  

California State, Various Purpose, GO

               

5.000%, 10/01/2029

    5,000       5,434  

5.000%, 10/01/2030

    1,230       1,331  

Chabot-Las Positas, Community College District, Ser B, GO

               

3.000%, 08/01/2030

    1,250       1,236  

FHLMC Multifamily Certificates, Relating to Municipal Securities, Ser M-049, RB

               

3.050%, 04/15/2034

    1,335       1,252  

Golden State, Tobacco Securitization Project, Ser A1, RB

               

5.000%, 06/01/2025 (D)

    1,365       1,365  

5.000%, 06/01/2026 (D)

    1,500       1,531  

Hesperia Community, Redevelopment Agency Successor Agency, Ser A, TA, AGM

               

5.000%, 09/01/2029

    2,275       2,418  

Indio, Electric Financing Authority, Ser A, RB

               

5.000%, 01/01/2033

    130       145  

5.000%, 01/01/2034

    175       194  

5.000%, 01/01/2035

    135       149  

Inglewood, Redevelopment Agency Successor Agency, Merged Redevelopment Project, Sub-Ser, TA, BAM

               

5.000%, 05/01/2026

    500       509  

Long Beach, Bond Finance Authority, RB

               

5.000%, 08/01/2035

    500       565  

 

 

 

SEI Tax Exempt Trust

 

39

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

California Municipal Bond Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Los Angeles County, Metropolitan Transportation Authority, RB

               

5.000%, 06/01/2030

  $ 545     $ 603  

Los Angeles County, Public Works Financing Authority, Ser H, RB

               

5.000%, 12/01/2035

    2,000       2,248  

Los Angeles, Department of Airports, Los Angeles International Airport Project, Ser G, AMT, RB

               

5.000%, 05/15/2034

    1,500       1,582  

Los Angeles, Department of Airports, Los Angeles International Airport Project, Sub-Ser, AMT, RB

               

5.000%, 05/15/2028

    1,000       1,041  

5.000%, 05/15/2029

    3,000       3,157  

Los Angeles, Department of Water & Power, Water System Revenue, Ser D, RB

               

5.000%, 07/01/2033

    385       415  

5.000%, 07/01/2034

    545       585  

5.000%, 07/01/2035

    1,210       1,288  

Los Angeles, Department of Water & Power, Water System Revenue, Ser E, RB

               

5.000%, 07/01/2035

    6,225       6,722  

Los Angeles, Municipal Improvement Corp, Capital Equipment and Real Property, RB

               

5.000%, 05/01/2034

    500       564  

5.000%, 05/01/2035

    500       561  

Los Angeles, Unified School District, Ser A, COP

               

5.000%, 10/01/2035

    3,000       3,332  

Los Angeles, Unified School District, Ser A, GO

               

5.000%, 07/01/2029

    3,440       3,730  

5.000%, 07/01/2031

    5,000       5,531  

5.000%, 07/01/2034

    2,230       2,533  

Los Angeles, Unified School District, Ser B1, GO

               

5.000%, 07/01/2029

    1,000       1,052  

Los Angeles, Unified School District, Ser QRR, GO

               

5.000%, 07/01/2037

    2,000       2,223  

Modesto, Irrigation District, Ser A, RB

               

5.000%, 10/01/2034

    700       779  

5.000%, 10/01/2035

    900       995  

Mount Diablo Unified School District, Ser C, GO

               

5.000%, 08/01/2031

    400       448  

5.000%, 08/01/2037

    285       319  

Northern California, Tobacco Securitization Authority, RB

               

4.000%, 06/01/2049

    585       542  

Ontario Public Financing Authority, Ser A, RB

               

5.000%, 11/01/2037

    1,000       1,098  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Palm Springs, Airport Revenue, Palm Springs International Airport Project, AMT, RB, BAM

               

5.000%, 06/01/2028

  $ 1,100     $ 1,100  

Pasadena County, Public Financing Authority, Rose Bowl Revovation Project, RB

               

5.000%, 06/01/2036

    1,000       1,135  

5.000%, 06/01/2037

    2,000       2,254  

Riverside County, Public Financing Authority, TA, AGM

               

5.000%, 10/01/2035

    1,000       1,119  

5.000%, 10/01/2036

    650       720  

5.000%, 10/01/2037

    700       768  

Sacramento, Municipal Utility District, Ser N-1, RB

               

5.000%, 11/15/2036

    3,000       3,375  

San Diego County, Regional Airport Authority, AMT, RB

               

5.250%, 07/01/2035

    2,000       2,180  

San Diego County, Regional Airport Authority, Sub-Ser B, AMT, RB

               

5.000%, 07/01/2026

    400       406  

5.000%, 07/01/2027

    500       515  

5.000%, 07/01/2028

    1,000       1,026  

San Diego, Association of Governments South Bay Expressway Revenue, Ser A, RB

               

5.000%, 07/01/2028

    1,000       1,040  

San Francisco City & County, Airport Commission, San Francisco International Airport, AMT, RB

               

5.000%, 01/01/2026

    2,500       2,520  

San Francisco City & County, Airport Commission, San Francisco International Airport, Ser B, RB

               

5.000%, 05/01/2032

    2,500       2,759  

San Francisco City & County, Airport Comm-San Francisco International Airport, AMT, RB

               

5.000%, 05/01/2037

    1,500       1,574  

San Francisco City & County, Multiple Capital Improvement Projects, COP

               

5.000%, 04/01/2032

    2,200       2,466  

5.000%, 04/01/2033

    1,685       1,902  

San Francisco City & County, Public Utilities Commission Wastewater Revenue, Ser A, RB

               

5.000%, 10/01/2035

    2,000       2,236  

San Francisco City & County, Redevelopment Agency Successor Agency, Special Tax, AGM

               

5.000%, 08/01/2035

    700       771  

 

 

 

40

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

California Municipal Bond Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

San Jose, Norman Y Mineta San Jose International Airport SJC, Ser B, RB

               

5.000%, 03/01/2029

  $ 500     $ 538  

5.000%, 03/01/2030

    700       765  

Santa Ana, College Improvement District #1, Rancho Santiago Community College District, GO

               

3.000%, 08/01/2032

    1,000       966  

3.000%, 08/01/2033

    2,580       2,461  

Santa Barbara County, Solid Waste Systems, Ser B, AMT, COP

               

5.000%, 12/01/2025

    1,440       1,452  

Southern California Public Power Authority, Ser A, RB

               

5.000%, 07/01/2035

    400       426  

Stockton Unified School District, Ser A, GO, BAM

               

5.000%, 08/01/2031

    750       833  

5.000%, 08/01/2032

    600       673  

Stockton, Redevelopment Agency, Successor Agency, Ser A, TA, AGM

               

5.000%, 09/01/2027

    1,000       1,025  

Tulare, Local Health Care District, GO, BAM

               

4.000%, 08/01/2027

    585       596  

4.000%, 08/01/2028

    435       447  

4.000%, 08/01/2029

    735       758  

4.000%, 08/01/2030

    1,320       1,362  

Union, Sanitary District Financing Authority, Ser A, RB

               

4.000%, 09/01/2031

    500       529  

University of California, Ser BV, RB

               

5.000%, 05/15/2036

    3,000       3,324  

University of California, Ser BZ, RB

               

5.000%, 05/15/2038

    2,000       2,194  

Vernon, Electric System Revenue, Ser A, RB

               

5.000%, 10/01/2027

    1,000       1,035  

5.000%, 04/01/2028

    2,000       2,082  

Vista Joint Powers Financing Authority, Ser A, RB

               

5.000%, 05/01/2026

    650       662  

5.000%, 05/01/2027

    600       625  

Western, Municipal Water District Facilities Authority, Ser A, RB

               

5.000%, 10/01/2033

    2,000       2,206  
                 
              232,707  
                 

Guam — 0.6%

       

Guam Government Waterworks Authority, Water Revenue, Ser A, RB

               

5.000%, 07/01/2035

    1,375       1,429  
                 
                 
                 

Total Municipal Bonds

               

(Cost $246,032) ($ Thousands)

            234,136  
                 
                 

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

CASH EQUIVALENT — 0.3%

SEI Daily Income Trust, Government Fund, Institutional Class

               

4.230%**

    681,054     $ 681  

Total Cash Equivalent

               

(Cost $681) ($ Thousands)

            681  

Total Investments in Securities — 99.8%

               

(Cost $246,713) ($ Thousands)

  $ 234,817  
                 
                 

 

 

Percentages are based on Net Assets of $235,367 ($ Thousands).

**

The rate reported is the 7-day effective yield as of May 31, 2025.

Investment in Affiliated Security.

(A)

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

(B)

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

(C)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On May 31, 2025, the value of these securities amounted to $1,656 ($ Thousands), representing 0.7% of the Net Assets of the Fund.

(D)

Security is escrowed to maturity.

 

 

 

SEI Tax Exempt Trust

 

41

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

California Municipal Bond Fund (Concluded)

 

 

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

 

Security Description

 

Value

8/31/2024

   

Purchases

at Cost

   

Proceeds

from Sales

   

Realized Gain/

(Loss)

   

Change in Unrealized Appreciation/ (Depreciation)

   

Value

5/31/2025

   

Income

   

Capital Gains

 

SEI Daily Income Trust, Government Fund,

Institutional Class

  $ 5,151     $ 72,516     $ (76,986 )   $     $     $ 681     $ 150     $  

 

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

 

See “Glossary” for abbreviations.

 

 

42

 

SEI Tax Exempt Trust

 

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Massachusetts Municipal Bond Fund

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS — 98.6%

Guam — 0.7%

       

Guam, Waterworks Authority, Water Revenue, Ser A, RB

               

5.000%, 07/01/2036

  $ 400     $ 412  
                 
                 

Massachusetts — 97.9%

       

Boston, Ser A, GO

               

4.000%, 11/01/2031

    1,500       1,578  

Hingham, GO

               

4.000%, 02/15/2030

    340       350  

4.000%, 02/15/2031

    320       329  

Massachusetts Bay, Transportation Authority, Ser A, RB

               

5.250%, 07/01/2030

    500       555  

5.250%, 07/01/2031

    750       846  

5.000%, 07/01/2027

    400       418  

5.000%, 07/01/2036

    1,500       1,709  

Massachusetts Bay, Transportation Authority, Sub-Ser A-1, RB

               

5.000%, 07/01/2031

    1,000       1,114  

Massachusetts State, Clean Water Trust, RB

               

5.000%, 08/01/2030

    1,315       1,449  

5.000%, 02/01/2032

    1,000       1,121  

5.000%, 02/01/2033

    1,000       1,130  

Massachusetts State, Clean Water Trust, Ser 23B, RB

               

5.000%, 02/01/2029

    800       862  

Massachusetts State, Department of Transportation, Metropolitan Highway System, Ser A, RB

               

5.000%, 01/01/2029

    1,000       1,074  

Massachusetts State, Development Finance Agency, Amherst College, RB

               

5.000%, 11/01/2055 (A)

    1,000       1,126  

Massachusetts State, Development Finance Agency, Babson College, RB

               

5.000%, 10/01/2033

    1,115       1,231  

Massachusetts State, Development Finance Agency, Bentley University, Ser A, RB

               

5.000%, 07/01/2031

    1,000       1,100  

Massachusetts State, Development Finance Agency, Beth Israel Lahey Health, RB

               

5.000%, 07/01/2028

    585       615  

Massachusetts State, Development Finance Agency, Boston College, Ser W, RB

               

5.000%, 07/01/2031

    500       555  

Massachusetts State, Development Finance Agency, Boston Medical Center, Ser E, RB

               

5.000%, 07/01/2026

    200       204  

Massachusetts State, Development Finance Agency, Brandeis University, Ser S, RB

               

5.000%, 10/01/2029

    1,000       1,067  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Massachusetts State, Development Finance Agency, CareGroup, Ser I, RB

               

5.000%, 07/01/2026

  $ 500     $ 509  

Massachusetts State, Development Finance Agency, Children's Hospital, Ser T, RB

               

5.000%, 03/01/2034

    3,000       3,342  

Massachusetts State, Development Finance Agency, Dana-Farber Cancer Institute, Ser O, RB

               

5.000%, 12/01/2026

    1,000       1,027  

Massachusetts State, Development Finance Agency, Emerson College, RB

               

5.250%, 01/01/2038

    610       653  

5.000%, 01/01/2037

    600       634  

Massachusetts State, Development Finance Agency, Harvard University, Ser B, RB

               

4.000%, 02/15/2036

    1,250       1,260  

Massachusetts State, Development Finance Agency, Lasell Village, RB

               

5.000%, 07/01/2029

    1,000       1,049  

Massachusetts State, Development Finance Agency, Mass General Brigham, Ser A, RB

               

5.000%, 07/01/2050 (A)

    1,000       1,072  

Massachusetts State, Development Finance Agency, Mass General Brigham, Ser D, RB

               

5.000%, 07/01/2030

    400       438  

Massachusetts State, Development Finance Agency, Milton Academy, Ser A, RB

               

5.000%, 03/01/2028

    300       316  

Massachusetts State, Development Finance Agency, Northeastern University, RB

               

5.000%, 10/01/2036

    350       386  

Massachusetts State, Development Finance Agency, Olin College, Ser F, RB

               

5.000%, 11/01/2035

    650       707  

Massachusetts State, Development Finance Agency, Partners Healthcare System, RB

               

5.000%, 07/01/2030

    1,500       1,556  

Massachusetts State, Development Finance Agency, South Shore Hospital, Ser I, RB

               

5.000%, 07/01/2025

    500       501  

Massachusetts State, Development Finance Agency, Trustees of Deerfield Academy, RB

               

5.000%, 10/01/2032

    1,000       1,133  

Massachusetts State, Development Finance Agency, UMass Memorial Health Care, RB

               

5.000%, 07/01/2031

    1,000       1,025  

5.000%, 07/01/2035

    1,000       1,084  

 

 

 

SEI Tax Exempt Trust

 

43

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Massachusetts Municipal Bond Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Massachusetts State, Development Finance Agency, Worcester Polytechnic Institute, RB

               

5.000%, 09/01/2030

  $ 210     $ 224  

Massachusetts State, Educational Financing Authority, AMT, RB

               

5.000%, 07/01/2028

    850       880  

Massachusetts State, Educational Financing Authority, Ser A, AMT, RB

               

5.000%, 01/01/2026

    400       400  

Massachusetts State, Educational Financing Authority, Ser B, AMT, RB

               

5.000%, 07/01/2030

    375       395  

5.000%, 07/01/2033

    1,000       1,049  

Massachusetts State, Municipal Wholesale Electric, Cotton Solar Project, RB

               

5.000%, 07/01/2033

    380       423  

5.000%, 07/01/2034

    200       223  

5.000%, 07/01/2035

    250       275  

5.000%, 07/01/2036

    275       301  

Massachusetts State, Municipal Wholesale Electric, Ser A, RB

               

5.000%, 07/01/2031

    410       450  

5.000%, 07/01/2032

    440       484  

Massachusetts State, Port Authority, BosFuel Project, Ser A, AMT, RB

               

5.000%, 07/01/2027

    1,000       1,031  

5.000%, 07/01/2029

    840       885  

Massachusetts State, Port Authority, Ser A, AMT, RB

               

5.000%, 07/01/2027

    1,000       1,034  

5.000%, 07/01/2028

    1,250       1,304  

5.000%, 07/01/2029

    500       529  

Massachusetts State, Port Authority, Ser C, AMT, RB

               

5.000%, 07/01/2028

    1,000       1,047  

Massachusetts State, RB, NATL

               

5.500%, 01/01/2034

    350       391  

Massachusetts State, Ser A, GO

               

5.000%, 01/01/2035

    310       326  

5.000%, 03/01/2035

    565       636  

Massachusetts State, Ser B, GO

               

5.000%, 01/01/2028

    1,500       1,583  

5.000%, 11/01/2036

    750       835  

Massachusetts State, Ser C, GO

               

5.000%, 10/01/2033

    2,500       2,791  

5.000%, 10/01/2034

    210       232  

Massachusetts State, Ser E, GO

               

5.000%, 11/01/2030

    1,000       1,104  

5.000%, 11/01/2031

    345       377  

Massachusetts State, Transportation Fund Revenue, Ser A, RB

               

5.000%, 06/01/2037

    1,000       1,103  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Massachusetts State, Water Resources Authority, Ser C, RB

               

5.000%, 08/01/2037

  $ 510     $ 565  

Tri-County, Regional Vocational Technical School District, GO

               

5.000%, 06/01/2038

    775       845  

University of Massachusetts, Building Authority, Ser 2019-1, RB

               

5.000%, 05/01/2032

    600       639  

Woods Hole, Marthas Vineyard & Nantucket, Steamship Authority, Ser A, RB

               

5.000%, 03/01/2029

    1,150       1,244  

Worcester, GO

               

4.000%, 02/15/2030

    285       292  
                 
              59,022  
                 
                 

Total Municipal Bonds

               

(Cost $61,865) ($ Thousands)

            59,434  
                 
                 
   


Shares

         

CASH EQUIVALENT — 0.2%

SEI Daily Income Trust, Government Fund, Institutional Class

               

4.230%**

    118,501       119  

Total Cash Equivalent

               

(Cost $119) ($ Thousands)

            119  

Total Investments in Securities — 98.8%

               

(Cost $61,984) ($ Thousands)

  $ 59,553  
                 
                 

 

 

Percentages are based on Net Assets of $60,283 ($ Thousands).

**

The rate reported is the 7-day effective yield as of May 31, 2025.

Investment in Affiliated Security.

(A)

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

 

 

 

44

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Massachusetts Municipal Bond Fund (Concluded)

 

 

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

 

Security Description

 

Value
8/31/2024

   

Purchases
at Cost

   

Proceeds
from Sales

   

Realized Gain (Loss)

   

Change in Unrealized Appreciation (Depreciation)

   

Value
5/31/2025

   

Income

   

Capital Gains

 

SEI Daily Income Trust, Government Fund,
Institutional Class

  $ 43     $ 14,426     $ (14,350 )   $     $     $ 119     $ 30     $  

 

                                                               

 

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

 

See “Glossary” for abbreviations.

 

 

SEI Tax Exempt Trust

 

45

 

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

New Jersey Municipal Bond Fund

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS — 97.4%

Delaware — 3.1%

       

Delaware State, River & Bay Authority, RB

               

5.000%, 01/01/2029

  $ 1,000     $ 1,071  

5.000%, 01/01/2030

    180       196  

5.000%, 01/01/2031

    115       127  

5.000%, 01/01/2032

    225       250  

5.000%, 01/01/2033

    225       248  

Delaware State, River & Bay Authority, Ser B, RB

               

5.000%, 01/01/2035

    450       501  

5.000%, 01/01/2036

    340       376  
                 
              2,769  
                 

Guam — 0.7%

       

Guam, Waterworks Authority, Ser A, RB

               

5.000%, 07/01/2034

    625       654  
                 
                 

New Jersey — 84.5%

       

Bergen County, GO

               

3.000%, 07/15/2029

    1,000       993  

Casino Reinvestment Development Authority, Ser A, RB, AGC

               

5.000%, 11/01/2035

    1,600       1,754  

Casino Reinvestment Development Authority, Ser B, RB, AGC

               

5.000%, 11/01/2035

    500       548  

Edison, GO

               

3.000%, 03/15/2033

    1,635       1,533  

Gloucester County, Improvement Authority, RB, BAM

               

5.000%, 07/01/2036

    700       751  

Gloucester County, Improvement Authority, Rowan University Fossil Park, RB, BAM

               

5.000%, 07/01/2031

    375       407  

Gloucester County, Improvement Authority, Rowan University Project, Ser B, RB

               

5.000%, 07/01/2026

    1,000       1,001  

Jersey City, Redevelopment Agency, RB, MUN GOVT GTD

               

4.000%, 12/15/2031

    1,000       1,039  

Monmouth County, Improvement Authority, Governmental Pooled Loans, Ser A, RB

               

5.000%, 03/01/2031

    365       405  

New Jersey State, COVID-19 Emergency Bonds, GO

               

4.000%, 06/01/2031

    2,000       2,099  

New Jersey State, Economic Development Authority, New Jersey Natural Gas, AMT, RB

               

2.450%, 04/01/2059 (A)

    2,000       1,979  

New Jersey State, Economic Development Authority, Portal North Bridge Project, RB

               

5.000%, 11/01/2033

    650       704  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New Jersey State, Economic Development Authority, Provident Group Montclair Project, RB, AGM

               

5.000%, 06/01/2027

  $ 1,000     $ 1,033  

New Jersey State, Economic Development Authority, Ser A, RB, BAM

               

5.000%, 07/01/2027

    1,140       1,174  

New Jersey State, Economic Development Authority, Ser SSS, RB

               

5.000%, 06/15/2035

    1,030       1,113  

New Jersey State, Educational Facilities Authority, Higher Education Capital Improvement, RB

               

5.000%, 09/01/2035

    1,000       1,083  

New Jersey State, Educational Facilities Authority, Montclair State University, Ser B, RB

               

5.000%, 07/01/2028

    2,260       2,300  

New Jersey State, Educational Facilities Authority, Ramapo College Project, Ser A, RB, AGM

               

5.000%, 07/01/2033

    350       385  

New Jersey State, Educational Facilities Authority, Ser A, RB

               

5.000%, 07/01/2033

    1,360       1,440  

New Jersey State, Educational Facilities Authority, Ser A1, RB

               

5.000%, 03/01/2037

    2,000       2,189  

New Jersey State, Educational Facilities Authority, Stevens Institute of Technology, RB

               

5.000%, 07/01/2028

    880       910  

New Jersey State, Educational Facilities Authority, Stockton University Project, Ser A, RB

               

5.000%, 07/01/2026

    1,000       1,018  

New Jersey State, Educational Facilities Authority, William Patterson University Project, Ser C, RB

               

5.000%, 07/01/2027

    1,905       1,907  

New Jersey State, Health Care Facilities Financing Authority, AHS Hospital Project, RB

               

5.000%, 07/01/2026

    735       751  

New Jersey State, Health Care Facilities Financing Authority, AtlantiCare Health System, RB

               

5.000%, 07/01/2026

    1,000       1,022  

5.000%, 07/01/2031

    725       792  

New Jersey State, Health Care Facilities Financing Authority, Hackensack Meridian Health Project, RB

               

5.000%, 07/01/2026

    1,000       1,020  

 

 

 

46

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

New Jersey Municipal Bond Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New Jersey State, Health Care Facilities Financing Authority, Inspira Health Obligated Group, RB

               

5.000%, 07/01/2031

  $ 1,080     $ 1,108  

5.000%, 07/01/2037

    820       833  

New Jersey State, Health Care Facilities Financing Authority, Inspiria Health Obligated Group, RB

               

5.000%, 07/01/2033

    1,000       1,106  

5.000%, 07/01/2035

    350       385  

5.000%, 07/01/2036

    525       574  

New Jersey State, Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group, RB

               

5.000%, 07/01/2032

    1,225       1,341  

5.000%, 07/01/2034

    1,205       1,349  

5.000%, 07/01/2036

    2,000       2,201  

5.000%, 07/01/2045 (A)

    1,500       1,525  

New Jersey State, Health Care Facilities Financing Authority, Valley Health System Obligated Group, RB

               

5.000%, 07/01/2030

    1,250       1,335  

New Jersey State, Higher Education Student Assistance Authority, Ser A, AMT, RB

               

5.000%, 12/01/2033

    2,400       2,512  

New Jersey State, Higher Education Student Assistance Authority, Ser A, RB

               

5.000%, 12/01/2028

    675       702  

New Jersey State, Higher Education Student Assistance Authority, Ser B, AMT, RB

               

5.000%, 12/01/2030

    700       737  

New Jersey State, Housing & Mortgage Finance Agency, Ser H, RB

               

5.000%, 04/01/2029

    485       514  

New Jersey State, Institute of Technology, RB

               

5.000%, 07/01/2028

    200       211  

5.000%, 07/01/2029

    270       289  

5.000%, 07/01/2030

    260       277  

5.000%, 07/01/2031

    375       397  

New Jersey State, Transportation Trust Fund Authority, RB

               

5.250%, 06/15/2032

    1,375       1,530  

New Jersey State, Transportation Trust Fund Authority, Ser A, RB

               

4.000%, 06/15/2034

    1,055       1,060  

4.000%, 06/15/2035

    2,585       2,558  

4.000%, 06/15/2036

    1,515       1,478  

New Jersey State, Transportation Trust Fund Authority, Ser AA, RB

               

5.000%, 06/15/2037

    500       530  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New Jersey State, Transportation Trust Fund Authority, Ser CC, RB

               

5.000%, 06/15/2034

  $ 1,500     $ 1,648  

New Jersey State, Transportation Trust Fund Authority, Ser S, RB

               

5.000%, 06/15/2032

    2,500       2,708  

5.000%, 06/15/2036

    940       995  

New Jersey State, Turnpike Authority, Ser A, RB

               

5.000%, 01/01/2028

    1,430       1,474  

New Jersey State, Turnpike Authority, Ser B, RB

               

5.000%, 01/01/2028

    1,000       1,050  

5.000%, 01/01/2034

    1,500       1,558  

5.000%, 01/01/2036

    750       835  

New Jersey State, Turnpike Authority, Ser D, RB

               

5.000%, 01/01/2028

    800       822  

New Jersey State, Turnpike Authority, Ser E, RB

               

5.000%, 01/01/2029

    960       1,006  

New Jersey State, Turnpike Authority, Ser G, RB

               

4.000%, 01/01/2035

    1,000       1,000  

Passaic County, Improvement Authority, Paterson Project, RB, ST AID WITHHLDG

               

5.000%, 08/01/2027

    545       547  

Rutgers State University, Ser N, RB

               

5.000%, 05/01/2028

    500       530  

Somerset County, Ser A&B, GO

               

3.000%, 08/01/2030

    540       534  

South Jersey, Transportation Authority, Ser A, RB, AGM

               

5.000%, 11/01/2032

    1,250       1,322  

Tobacco Settlement Financing, Ser A, RB

               

5.000%, 06/01/2032

    500       511  

5.000%, 06/01/2034

    3,000       3,052  

Union County, Improvement Authority, RB, CNTY-GTD

               

5.000%, 04/15/2036

    400       450  

5.000%, 04/15/2037

    550       614  
                 
              76,558  
                 

New York — 7.9%

       

New York & New Jersey, Port Authority, AMT, RB

               

5.000%, 11/01/2032

    2,415       2,517  

New York & New Jersey, Port Authority, Ser 223, AMT, RB

               

5.000%, 07/15/2033

    2,165       2,294  

4.000%, 07/15/2036

    1,325       1,317  

 

 

 

SEI Tax Exempt Trust

 

47

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

New Jersey Municipal Bond Fund (Concluded)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New York & New Jersey, Port Authority, Ser 231ST, AMT, RB

               

5.000%, 08/01/2037

  $ 1,000     $ 1,033  
                 
              7,161  
                 

Pennsylvania — 1.2%

       

Delaware River, Joint Toll Bridge Commission, Ser A, RB

               

5.000%, 07/01/2027

    1,000       1,044  
                 
                 
                 

Total Municipal Bonds

               

(Cost $91,841) ($ Thousands)

            88,186  
                 
                 
   


Shares

         

CASH EQUIVALENT — 0.3%

SEI Daily Income Trust, Government Fund, Institutional Class

               

4.230%**

    293,070       293  

Total Cash Equivalent

               

(Cost $293) ($ Thousands)

            293  

Total Investments in Securities — 97.7%

               

(Cost $92,134) ($ Thousands)

  $ 88,479  
                 
                 

 

 

Percentages are based on Net Assets of $90,579 ($ Thousands).

**

The rate reported is the 7-day effective yield as of May 31, 2025.

Investment in Affiliated Security.

(A)

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

 

 
 

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

 

Security Description

 

Value

8/31/2024

   

Purchases

at Cost

   

Proceeds

from Sales

   

Realized Gain/

(Loss)

   

Change in Unrealized Appreciation/ (Depreciation)

   

Value

5/31/2025

   

Income

   

Capital Gains

 

SEI Daily Income Trust, Government Fund,

Institutional Class

  $ 2,256     $ 31,195     $ (33,158 )   $     $     $ 293     $ 67     $  

 

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

 

See “Glossary” for abbreviations.

 

 

48

 

SEI Tax Exempt Trust

 

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

New York Municipal Bond Fund

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS — 99.1%

Guam — 0.7%

       

Guam, Waterworks Authority, Ser A, RB

               

5.000%, 07/01/2034

  $ 725     $ 759  
                 
                 

New York — 98.4%

       

Broome County, Local Development, United Health Services Hospitals, RB, AGM

               

5.000%, 04/01/2030

    900       960  

Build NYC Resource, Kipp Public School, Canal West Project, RB

               

5.000%, 07/01/2034

    1,000       1,049  

Build NYC Resource, Manhattan College Project, RB

               

5.000%, 08/01/2026

    350       355  

5.000%, 08/01/2027

    275       279  

Build NYC Resource, Success Academy Charter School Project, RB

               

5.000%, 09/01/2035

    900       960  

5.000%, 09/01/2036

    1,000       1,058  

5.000%, 09/01/2037

    1,475       1,553  

Build NYC Resource, The Chapin School Project, RB

               

5.000%, 11/01/2026

    500       515  

Genesee County, Funding, Rochester Regional Health Project, RB

               

5.000%, 12/01/2032

    650       695  

Hempstead, Local Development, Hofstra University Project, Ser A, RB

               

5.000%, 07/01/2026

    800       814  

Hudson Yards Infrastructure, RB

               

5.000%, 02/15/2034

    1,970       2,185  

Long Island, Power Authority, RB

               

5.000%, 09/01/2027

    1,000       1,050  

1.000%, 09/01/2025

    1,000       992  

Long Island, Power Authority, Ser A, RB

               

5.000%, 09/01/2027

    1,000       1,050  

Long Island, Power Authority, Ser B, RB

               

5.000%, 09/01/2030

    1,500       1,531  

Metropolitan New York, Transportation Authority, RB

               

5.000%, 11/15/2037

    1,895       2,033  

Metropolitan New York, Transportation Authority, Ser A, RB

               

5.000%, 11/15/2031

    1,000       1,092  

Metropolitan New York, Transportation Authority, Ser B, RB

               

5.000%, 11/15/2028

    2,000       2,115  

Metropolitan New York, Transportation Authority, Ser C-1-B, RB, BAM-TCRS

               

5.000%, 11/15/2031

    1,750       1,833  

Monroe County, Industrial Development Authority, St. John Fisher University Project, RB

               

5.000%, 06/01/2033

    750       817  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Monroe County, Industrial Development Authority, University of Rochester Project, Ser A, RB

               

5.000%, 07/01/2034

  $ 2,000     $ 2,251  

Nassau County, Interim Finance Authority, Ser A, RB

               

4.000%, 11/15/2032

    1,000       1,056  

New York & New Jersey, Port Authority, AMT, RB

               

5.000%, 11/01/2030

    4,100       4,311  

New York & New Jersey, Port Authority, Ser 231ST, AMT, RB

               

5.000%, 08/01/2033

    1,500       1,600  

5.000%, 08/01/2037

    1,765       1,823  

New York City, Housing Development Authority, RB, FHA

               

0.600%, 05/01/2061 (A)

    445       444  

New York City, Industrial Development Agency, Queens Baseball Stadium Project, RB, AGM

               

5.000%, 01/01/2028

    1,000       1,047  

New York City, Industrial Development Agency, Yankee Stadium Project, RB, AGM

               

5.000%, 03/01/2029

    1,750       1,862  

New York City, Ser 1, GO

               

5.000%, 08/01/2028

    1,000       1,039  

New York City, Ser C, GO

               

5.000%, 08/01/2032

    1,345       1,455  

New York City, Ser F-1, GO

               

5.000%, 08/01/2029

    1,895       2,018  

New York City, Transitional Finance Authority, Building Aid Revenue, Sub-Ser S-3, RB

               

5.000%, 07/15/2032

    2,450       2,562  

New York City, Transitional Finance Authority, Sub-Ser C-S, RB

               

5.000%, 05/01/2038

    1,500       1,629  

New York City, Transitional Finance Authority, Sub-Ser D, RB

               

5.000%, 05/01/2032

    1,500       1,667  

New York City, Transitional Finance Authority, Sub-Ser, RB

               

5.000%, 05/01/2037

    2,280       2,489  

New York City, Water & Sewer System, Finance Authority, RB

               

5.000%, 06/15/2031

    1,750       1,944  

New York State, Dormitory Authority, Icahn School of Medicine at Mount Sanai Project, RB

               

5.000%, 07/01/2026

    1,000       1,001  

New York State, Dormitory Authority, Memorial Sloan-Kettering Project, RB

               

5.000%, 07/01/2030

    1,095       1,182  

 

 

 

SEI Tax Exempt Trust

 

49

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

New York Municipal Bond Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New York State, Dormitory Authority, Northwell Healthcare Inc Obligated Group, RB

               

5.000%, 05/01/2034

  $ 1,000     $ 1,102  

4.000%, 05/01/2037

    1,250       1,215  

New York State, Dormitory Authority, Presbyterian Hospital Obligated Group, RB

               

5.000%, 08/01/2035

    2,000       2,243  

New York State, Dormitory Authority, RB

               

5.000%, 03/15/2032

    1,500       1,665  

New York State, Dormitory Authority, Rochester Institute of Technology, RB

               

5.000%, 07/01/2033

    1,000       1,095  

New York State, Dormitory Authority, School Districts Financing Program, RB, AGM

               

5.000%, 10/01/2026 (B)

    5       5  

New York State, Dormitory Authority, School Districts Financing Program, Ser A, RB

               

5.000%, 10/01/2029

    2,500       2,599  

New York State, Dormitory Authority, School Districts Financing Program, Ser A, RB, AGM

               

5.000%, 10/01/2030

    1,200       1,296  

5.000%, 10/01/2036

    2,000       2,159  

New York State, Dormitory Authority, Ser A-1, RB

               

5.000%, 03/15/2035

    2,000       2,216  

New York State, Dormitory Authority, St. Johns University Project, RB

               

5.000%, 07/01/2027

    1,500       1,559  

New York State, Dormitory Authority, St. Johns University Project, Ser A, RB

               

4.000%, 07/01/2030

    830       860  

New York State, Dormitory Authority, The New School, Ser A, RB

               

5.000%, 07/01/2035

    1,365       1,500  

New York State, Dormitory Authority, White Plains Hospital Obligated Group, RB, AGC

               

5.000%, 10/01/2038

    1,000       1,067  

New York State, Energy Research & Development Authority, Pollution Control, Ser C-REMK, RB

               

4.000%, 04/01/2034

    1,000       1,012  

New York State, Liberty Development Authority, Goldman Sachs Headquarters Project, RB

               

5.250%, 10/01/2035

    1,500       1,673  

New York State, Mortgage Agency, Ser 189, AMT, RB

               

3.250%, 10/01/2025

    2,500       2,498  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New York State, Mortgage Agency, Ser 2, AMT, RB

               

5.000%, 04/01/2029

  $ 1,700     $ 1,772  

New York State, Power Authority, Green Transmission Project, RB, AGM

               

5.000%, 11/15/2035

    1,370       1,525  

New York State, Ser C, GO

               

5.000%, 03/15/2035

    1,000       1,117  

New York State, Thruway Authority, Ser L, RB

               

5.000%, 01/01/2034

    1,860       1,926  

New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, AMT, RB

               

5.000%, 12/01/2032

    1,055       1,114  

5.000%, 12/01/2033

    1,560       1,638  

New York State, Transportation Development Corporation, JFK International Airport Terminal 4 Project, RB

               

5.000%, 12/01/2025

    1,000       1,007  

5.000%, 12/01/2030

    1,000       1,075  

New York State, Transportation Development Corporation, LaGuardia Airport Terminal B Redevelopment Project, AMT, RB

               

5.000%, 07/01/2030

    1,275       1,275  

New York State, Urban Development, Ser E, RB

               

5.000%, 03/15/2032

    615       660  

Suffolk, Tobacco Asset Securitization, RB

               

4.000%, 06/01/2035

    2,345       2,305  

Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, RB

               

5.000%, 12/01/2033

    1,000       1,123  

5.000%, 05/15/2035

    500       551  

5.000%, 12/01/2037

    3,000       3,298  

Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, Ser A-1, RB

               

5.000%, 05/15/2036

    1,300       1,454  

Triborough, Bridge & Tunnel Authority, MTA Bridges & Tunnels, Sub-Ser A, RB

               

5.000%, 02/01/2028

    4,335       4,576  

TSASC, Tobacco Settlement Bonds, Ser A, RB

               

5.000%, 06/01/2025

    750       750  

 

 

 

50

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

New York Municipal Bond Fund (Concluded)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Westchester County, Local Development, Miriam Osborn Memorial Home Association Project, RB

               

5.000%, 07/01/2025

  $ 260     $ 260  

5.000%, 07/01/2026

    300       304  
                 
              107,810  
                 
                 

Total Municipal Bonds

               

(Cost $111,742) ($ Thousands)

            108,569  
                 
                 
   


Shares

         

CASH EQUIVALENT — 0.0%

SEI Daily Income Trust, Government Fund, Institutional Class

               

4.230%**

    38,211       38  

Total Cash Equivalent

               

(Cost $38) ($ Thousands)

            38  

Total Investments in Securities — 99.1%

               

(Cost $111,780) ($ Thousands)

  $ 108,607  
                 
                 

 

 

Percentages are based on Net Assets of $109,582 ($ Thousands).

**

The rate reported is the 7-day effective yield as of May 31, 2025.

Investment in Affiliated Security.

(A)

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

(B)

Security is escrowed to maturity.

 

 
 

 

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

 

Security Description

 

Value
8/31/2024

   

Purchases
at Cost

   

Proceeds
from Sales

   

Realized Gain (Loss)

   

Change in Unrealized Appreciation (Depreciation)

   

Value
5/31/2025

   

Income

   

Capital Gains

 

SEI Daily Income Trust, Government Fund,
Institutional Class

  $ 1,771     $ 45,733     $ (47,466 )   $     $     $ 38     $ 82     $  

 

                                                             

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

 

See “Glossary” for abbreviations.

 

 

SEI Tax Exempt Trust

 

51

 

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Pennsylvania Municipal Bond Fund

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS — 98.3%

Guam — 0.7%

       

Guam, Waterworks Authority, Water Revenue, Ser A, RB

               

5.000%, 07/01/2036

  $ 900     $ 928  
                 
                 

Pennsylvania — 97.6%

       

Adams County, General Authority, The Brethren Home Community, RB

               

5.000%, 06/01/2034

    2,615       2,717  

Allegheny County, Airport Authority, Ser A, AMT, RB

               

5.000%, 01/01/2031

    1,325       1,408  

Allegheny County, Higher Education Building Authority, Carnegie Mellon University, RB

               

5.000%, 02/01/2030

    500       544  

Allegheny County, Hospital Development Authority, Allegheny Health Network, RB

               

5.000%, 04/01/2028

    2,500       2,618  

5.000%, 04/01/2036

    1,000       1,020  

Allegheny County, Hospital Development Authority, UPMC, RB

               

5.000%, 07/15/2030

    305       322  

Allegheny County, Port Authority, RB

               

5.000%, 03/01/2029

    1,000       1,071  

Allentown, City School District, Ser B, GO, BAM

               

5.000%, 02/01/2029

    1,750       1,831  

Chester County, GO

               

4.000%, 07/15/2029

    300       310  

4.000%, 07/15/2030

    250       257  

Chester County, Health & Education Facilities Authority, Main Line Health Systems, Ser A, RB

               

5.000%, 09/01/2029

    375       402  

Commonwealth Financing Authority, Tobacco Master Settlement, RB

               

5.000%, 06/01/2028

    2,500       2,610  

5.000%, 06/01/2029

    500       521  

Cumberland County, Municipal Authority, Penn State Health, RB

               

5.000%, 11/01/2029

    780       831  

Delaware County, AD Valorem Property Tax, GO

               

5.000%, 08/01/2034

    230       254  

5.000%, 08/01/2036

    255       278  

5.000%, 08/01/2037

    345       374  

Delaware County, Cabrini University Project, RB

               

5.000%, 07/01/2027 (A)

    500       518  

Delaware County, Cabrini University Project, RB

               

Pre-Refunded @ 100

               

5.000%, 07/01/2027 (B)

    500       518  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Delaware River, Joint Toll Bridge Commission, RB

               

5.000%, 07/01/2029

  $ 1,015     $ 1,055  

Delaware River, Joint Toll Bridge Commission, Ser B, RB

               

5.000%, 07/01/2027

    1,300       1,357  

Delaware River, Port Authority, Ser A, RB

               

5.000%, 01/01/2028

    1,000       1,052  

Delaware Valley Regional Finance Authority, Ser A, RB

               

4.000%, 09/01/2035

    1,345       1,368  

East Hempfield, Industrial Development Authority, Willow Valley Communities Project, RB

               

5.000%, 12/01/2025

    645       646  

Geisinger, Health System Authority, RB

               

5.000%, 04/01/2043 (C)

    1,000       1,019  

Lancaster County, Hospital Authority, Masonic Villages of Grand Lodge Project, RB

               

5.000%, 11/01/2028

    1,360       1,408  

Lancaster, Higher Education Authority, Harrisburg Area Community College Project, RB, BAM

               

4.000%, 10/01/2030

    400       406  

Lehigh County, General Purpose Authority, RB

               

4.000%, 06/01/2031

    1,225       1,210  

Luzerne County, Industrial Development Authority, America Water Project, AMT, RB

               

2.450%, 12/01/2039 (C)

    1,700       1,503  

Lycoming County, College Revenue Authority, Pennsylvania College of Technology Project, RB, BAM

               

5.000%, 07/01/2030

    900       957  

Montgomery County, Higher Education & Health Authority, Thomas Jefferson University Project, RB

               

5.000%, 09/01/2025

    500       502  

5.000%, 09/01/2028

    1,500       1,585  

Montgomery County, Industrial Development Authority, Retirement Communities Revenue, RB

               

5.000%, 11/15/2036

    750       755  

Mount Lebanon, Hospital Authority, St. Clair Memorial Hospital Project, RB

               

5.000%, 07/01/2027

    400       415  

5.000%, 07/01/2029

    350       369  

Northampton County, General Purpose Authority, RB, AGM

               

5.000%, 08/15/2037

    1,000       1,065  

 

 

 

52

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Pennsylvania Municipal Bond Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Northampton County, General Purpose Authority, Ser A, RB

               

5.000%, 11/15/2034

  $ 1,000     $ 1,132  

Octorara Area, School District, GO, AGM

               

4.000%, 04/01/2029

    900       927  

Pennsylvania State University, RB

               

5.000%, 09/01/2035

    850       939  

Pennsylvania State, Economic Development Financing Authority, Junior Insured, RB, AGM

               

5.000%, 01/01/2027

    1,100       1,130  

Pennsylvania State, Economic Development Financing Authority, PENNDOT Major Bridges Project, AMT, RB

               

5.000%, 06/30/2034

    1,500       1,579  

Pennsylvania State, Economic Development Financing Authority, Presbyterian Senior Living, RB

               

4.000%, 07/01/2033

    1,250       1,231  

Pennsylvania State, Economic Development Financing Authority, UPMC, RB

               

5.000%, 03/15/2026

    1,000       1,013  

5.000%, 05/15/2031

    1,000       1,072  

Pennsylvania State, Economic Development Financing Authority, UPMC, Ser A, RB

               

5.000%, 10/15/2029

    750       798  

5.000%, 10/15/2030

    925       991  

Pennsylvania State, Economic Development Financing Authority, UPMC, Ser B, RB

               

5.000%, 03/15/2038

    2,000       2,096  

Pennsylvania State, Economic Development Financing Authority, Villanova University Project, RB

               

5.000%, 08/01/2035

    750       834  

5.000%, 08/01/2036

    725       800  

Pennsylvania State, GO

               

5.000%, 05/01/2030

    1,000       1,092  

5.000%, 09/01/2032

    2,590       2,900  

5.000%, 08/15/2033

    2,310       2,599  

Pennsylvania State, GO, BAM

               

4.000%, 03/01/2035

    3,500       3,506  

Pennsylvania State, Higher Education Assistance Agency, AMT, RB

               

5.000%, 06/01/2033

    1,875       1,968  

Pennsylvania State, Higher Education Assistance Agency, Ser A, AMT, RB

               

5.000%, 06/01/2032

    3,000       3,164  

Pennsylvania State, Higher Educational Facilities Authority, Drexel University, RB

               

5.000%, 05/01/2027

    1,150       1,177  

Pennsylvania State, Higher Educational Facilities Authority, RB

               

Pre-Refunded @ 100

               

5.000%, 06/15/2027 (B)

    265       274  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Pennsylvania State, Higher Educational Facilities Authority, RB

               

5.000%, 06/15/2028 (A)

  $ 70     $ 74  

5.000%, 02/15/2035

    2,000       2,268  

Pennsylvania State, Higher Educational Facilities Authority, Ser AT-1, RB

               

5.000%, 06/15/2026 (A)

    15       15  

Pennsylvania State, Higher Educational Facilities Authority, Ser AX, RB, AGM

               

5.000%, 06/15/2027 (A)

    75       77  

Pennsylvania State, Higher Educational Facilities Authority, Thomas Jefferson University, RB

               

5.250%, 11/01/2037

    1,500       1,621  

Pennsylvania State, Higher Educational Facilities Authority, University of Pennsylvania Health System, RB

               

5.000%, 08/15/2027

    1,000       1,043  

Pennsylvania State, Housing Finance Agency, Ser 133, RB

               

5.000%, 10/01/2029

    500       533  

Pennsylvania State, Housing Finance Agency, Ser 2022, RB

               

4.250%, 10/01/2052

    1,745       1,753  

Pennsylvania State, Public School Building Authority, Lehigh Career & Technical Institute Project, RB, BAM

               

5.000%, 10/01/2027

    1,135       1,142  

Pennsylvania State, Ser A, COP

               

5.000%, 07/01/2027

    500       521  

5.000%, 07/01/2028

    400       418  

Pennsylvania State, Turnpike Commission, Ser A, RB

               

5.000%, 12/01/2030

    1,875       2,053  

5.000%, 12/01/2031

    1,000       1,103  

5.000%, 12/01/2032

    2,000       2,211  

Pennsylvania State, Turnpike Commission, Ser B, RB

               

5.000%, 12/01/2032

    1,550       1,707  

5.000%, 12/01/2033

    375       418  

Pennsylvania State, Turnpike Commission, Ser C, RB

               

5.000%, 12/01/2032

    500       553  

Pennsylvania State, Turnpike Commission, Sub-Ser, RB

               

5.000%, 12/01/2028

    500       522  

5.000%, 06/01/2031

    1,165       1,282  

5.000%, 06/01/2033

    895       999  

5.000%, 12/01/2034

    1,000       1,109  

Philadelphia, Airport Revenue Authority, AMT, RB

               

5.000%, 07/01/2029

    1,590       1,676  

5.000%, 07/01/2031

    1,100       1,176  

 

 

 

SEI Tax Exempt Trust

 

53

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Pennsylvania Municipal Bond Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Philadelphia, Airport Revenue Authority, Ser A, AMT, RB

               

5.000%, 06/15/2026

  $ 1,000     $ 1,001  

Philadelphia, Gas Works Revenue Authority, RB

               

5.000%, 08/01/2027

    1,705       1,775  

5.000%, 10/01/2029

    2,000       2,040  

Philadelphia, Gas Works Revenue Authority, Ser A, RB, AGM

               

5.000%, 08/01/2031

    1,000       1,088  

Philadelphia, GO, AGM

               

5.000%, 08/01/2027

    750       779  

Philadelphia, Industrial Development Authority, National Board of Medical Examiners Project, RB

               

5.000%, 05/01/2028

    1,005       1,023  

Philadelphia, Industrial Development Authority, RB

               

5.000%, 10/01/2029

    1,000       1,073  

Philadelphia, Industrial Development Authority, The Children's Hospital of Philadelphia Project, RB

               

5.000%, 07/01/2027

    400       417  

4.000%, 07/01/2035

    5,325       5,269  

Philadelphia, School District, Ser A, GO, ST AID WITHHLDG

               

5.000%, 09/01/2027

    2,850       2,962  

Philadelphia, Ser A, GO

               

5.000%, 08/01/2026

    1,000       1,024  

5.000%, 08/01/2027

    1,000       1,039  

5.000%, 05/01/2028

    1,000       1,051  

5.000%, 05/01/2031

    1,000       1,091  

Philadelphia, Water & Wastewater Revenue Authority, RB

               

5.000%, 10/01/2032

    1,250       1,354  

Philadelphia, Water & Wastewater Revenue Authority, Ser A, RB

               

5.000%, 11/01/2027

    725       759  

Philadelphia, Water & Wastewater Revenue Authority, Ser B, RB

               

5.000%, 11/01/2026

    475       488  

5.000%, 11/01/2027

    1,800       1,884  

Philadelphia, Water & Wastewater Revenue Authority, Ser C, RB

               

5.000%, 10/01/2031

    2,250       2,481  

5.000%, 06/01/2034

    800       878  

Philadelphia, Water & Wastewater Revenue Authority, Ser C, RB, AGC

               

5.000%, 09/01/2035

    2,500       2,817  

Pittsburgh & Allegheny County, Sports & Exhibition Parking Authority, RB, BAM

               

5.000%, 12/15/2027

    1,000       1,047  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Pittsburgh & Allegheny County, Sports & Exhibition Parking Authority, Ser A, RB, AGM

               

5.000%, 02/01/2033

  $ 1,000     $ 1,088  

Pittsburgh, Water & Sewer Authority, Ser A, RB, AGC

               

5.000%, 09/01/2036

    200       221  

5.000%, 09/01/2037

    300       328  

5.000%, 09/01/2038

    400       432  

Pittsburgh, Water & Sewer Authority, Ser A, RB, AGM

               

5.000%, 09/01/2026

    1,500       1,537  

5.000%, 09/01/2029

    750       811  

Pittsburgh, Water & Sewer Authority, Ser B, RB, AGM

               

5.000%, 09/01/2029

    450       487  

Quaker Valley, School District, GO, ST AID WITHHLDG

               

5.000%, 10/01/2030

    250       273  

5.000%, 10/01/2031

    325       354  

Southeastern Pennsylvania, Transportation Authority, Asset Improvement Program, RB

               

5.000%, 06/01/2032

    1,000       1,119  

5.000%, 06/01/2033

    1,000       1,111  

Southeastern Pennsylvania, Transportation Authority, RB

               

5.000%, 03/01/2028

    725       759  

University of Pittsburgh, Commonwealth System of Higher Education, RB

               

5.000%, 02/15/2034

    2,000       2,244  
                 
              134,676  
                 
                 

Total Municipal Bonds

               

(Cost $140,162) ($ Thousands)

            135,604  
                 
                 
   


Shares

         

CASH EQUIVALENT — 0.5%

SEI Daily Income Trust, Government Fund, Institutional Class

               

4.230%**

    721,821       722  

Total Cash Equivalent

               

(Cost $722) ($ Thousands)

            722  

Total Investments in Securities — 98.8%

               

(Cost $140,884) ($ Thousands)

  $ 136,326  
                 
                 

 

 

 

54

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Pennsylvania Municipal Bond Fund (Concluded)

 

 

Percentages are based on Net Assets of $137,964 ($ Thousands).

**

The rate reported is the 7-day effective yield as of May 31, 2025.

Investment in Affiliated Security.

 

(A)

Security is escrowed to maturity.

(B)

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

(C)

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

 

 
 

 

 

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

 

Security Description

 

Value

8/31/2024

   

Purchases

at Cost

   

Proceeds

from Sales

   

Realized Gain/

(Loss)

   

Change in Unrealized Appreciation/ (Depreciation)

   

Value

5/31/2025

   

Income

   

Capital Gains

 

SEI Daily Income Trust, Government Fund,

Institutional Class

  $ 451     $ 34,427     $ (34,156 )   $     $     $ 722     $ 69     $  

 

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

 

See “Glossary” for abbreviations.

 

 

SEI Tax Exempt Trust

 

55

 

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Tax-Advantaged Income Fund

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS — 73.0%

Alabama — 1.6%

       

Alabama State, Special Care Facilities Financing Authority, Methodist Home for the Aging Project, Ser S, RB

               

5.750%, 06/01/2045

  $ 800     $ 702  

Black Belt, Energy Gas District, Ser C, RB

               

5.500%, 10/01/2054 (A)

    3,100       3,294  

Black Belt, Energy Gas District, Ser C-1, RB

               

5.250%, 02/01/2053 (A)

    3,000       3,122  

Black Belt, Energy Gas District, Ser D-1, RB

               

5.500%, 06/01/2049 (A)

    2,100       2,198  

Black Belt, Energy Gas District, Sub-Ser, RB

               

4.315%, 07/01/2052 (A)

    1,000       1,009  

Central Etowah County, Solid Waste Disposal Authority, AMT, RB

               

Pre-Refunded @ 103

               

6.000%, 07/01/2025 (B)(C)

    795       821  

Lower Alabama, Gas District, Ser A, RB

               

5.000%, 09/01/2046

    1,500       1,527  

Southeast Alabama, Energy Authority, Cooperative District, Ser B-1, RB

               

5.750%, 04/01/2054 (A)

    1,000       1,083  
                 
              13,756  
                 

Alaska — 0.4%

       

Alaska State, Industrial Development & Export Authority, Boys & Girls Home Project, RB

               

6.000%, 12/01/2036 (D)

    200       6  

Anchorage, Solid Waste Services Revenue, Ser A, RB

               

5.250%, 11/01/2062

    3,480       3,560  
                 
              3,566  
                 

Arizona — 1.0%

       

Arizona State, Industrial Development Authority, Basis Schools Projects, Ser A, RB

               

5.375%, 07/01/2050 (C)

    1,090       1,062  

Arizona State, Industrial Development Authority, Great Lakes Senior Living Community, RB

               

5.125%, 01/01/2059

    5,428       4,830  

Arizona State, Industrial Development Authority, Legacy Cares Project, RB

               

7.750%, 07/01/2050 (C)(D)

    3,000       90  

Arizona State, Industrial Development Authority, Master Academy Mountain Vista Campus Project, RB

               

5.250%, 12/15/2038 (C)

    1,510       1,516  

La Paz County, Industrial Development Authority, Charter School Solutions-Harmony Project, RB

               

5.000%, 02/15/2028

    245       248  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Pima County, Industrial Development Authority, Paideia Academics Project, RB

               

5.250%, 07/01/2049

  $ 1,050     $ 930  

Pima County, Industrial Development Authority, Tucson Country Day School Project, RB

               

5.000%, 06/01/2037

    235       206  
                 
              8,882  
                 

Arkansas — 0.1%

       

Arkansas State, Development Finance Authority, United States Steel Project, AMT, RB

               

5.450%, 09/01/2052

    785       780  
                 
                 

California — 8.6%

       

Alameda Corridor, Transportation Authority, Ser A-CONV, RB

               

0.000%, 10/01/2037 (E)(F)

    2,000       1,123  

California State, Community Choice Financing Authority, Clean Energy Project, RB

               

5.500%, 10/01/2054 (A)

    995       1,058  

California State, Community Choice Financing Authority, Clean Energy Project, Ser B-1, RB

               

4.000%, 02/01/2052 (A)

    5,000       4,941  

California State, Community Choice Financing Authority, Clean Energy Project, Ser F, RB

               

5.000%, 02/01/2055 (A)

    3,100       3,280  

California State, Housing Finance Agency, Limited Obligation Multifamily Housing, Battery Point Apartments, Ser S, RB, FHA

               

5.970%, 11/01/2053 (A)(C)

    2,600       2,614  

California State, Housing Finance Agency, Limited Obligation Multifamily Housing, Valley Pride Village Apartments, RB

               

5.700%, 06/01/2054 (A)(C)

    4,700       4,665  

California State, Housing Finance Agency, Vose Apartments, Ser K, RB

               

7.000%, 03/01/2053 (A)(C)

    1,600       1,517  

6.000%, 03/01/2053 (A)(C)

    6,200       6,223  

California State, Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Sub-Ser B, AMT, RB

               

9.500%, 01/01/2065 (A)(C)

    3,500       3,390  

California State, Infrastructure & Economic Development Bank, Wonderful Foundations, RB

               

0.000%, 01/01/2035 (G)

    930       523  

 

 

 

56

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Tax-Advantaged Income Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

California State, Municipal Finance Authority, Ascent 613 Project, Ser A, RB

               

5.000%, 01/01/2040 (C)

  $ 1,305     $ 1,252  

California State, Municipal Finance Authority, California Baptist University Project, Ser A, RB

               

5.000%, 11/01/2046 (C)

    1,000       927  

California State, Pollution Control Financing Authority, Calplant I Project, Sub-Ser, AMT, RB

               

7.500%, 12/01/2039 (C)(D)

    3,432        

California State, Pollution Control Financing Authority, Rialto Bioenergy Facility Project, AMT, RB

               

7.500%, 12/01/2040 (C)(D)

    666       2  

6.750%, 12/01/2028 (C)(D)

    1,932       5  

California State, Pollution Control Financing Authority, San Jose Water Project, AMT, RB

               

4.750%, 11/01/2046

    1,500       1,349  

California State, Public Finance Authority, Enso Village Project, RB

               

5.000%, 11/15/2046 (C)

    500       453  

California State, School Finance Authority, Downtown Prep-Obligated Group, RB

               

5.000%, 06/01/2046 (C)(D)

    1,000       600  

5.000%, 06/01/2051 (C)(D)

    1,000       600  

California State, Statewide Communities Development Authority, Arbor Square Apartments, RB

               

4.250%, 11/01/2059 (A)

    1,965       1,676  

California State, Statewide Communities Development Authority, Loma Linda University Medical Center Project, Ser A, RB

               

5.250%, 12/01/2056 (C)

    2,150       2,083  

California State, Statewide Communities Development Authority, Southern California Edison Company, RB

               

4.500%, 11/01/2033

    2,200       2,235  

California State, Statewide Financing Authority, Tobacco Settlement, Ser B, RB

               

6.000%, 05/01/2037

    3,765       3,844  

CMFA, Special Finance Agency, Solana at Grand, Ser A-2-JUNIOR, RB

               

4.000%, 08/01/2045 (C)

    1,095       926  

CSCDA, Community Improvement Authority, 1818 Platinum Triange-Anaheim, RB

               

4.000%, 04/01/2057 (C)

    500       346  

CSCDA, Community Improvement Authority, Dublin, RB

               

4.000%, 02/01/2057 (C)

    1,000       722  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

CSCDA, Community Improvement Authority, Pasadena Portfolio, RB

               

4.000%, 12/01/2056 (C)

  $ 500     $ 359  

CSCDA, Community Improvement Authority, Towne-Glendale, RB

               

5.000%, 09/01/2037 (C)

    2,200       2,151  

0.000%, 09/01/2032 (C)(E)(F)

    7,800       4,734  

Golden State, Tobacco Securitization Project, Sub-Ser B-2, RB

               

0.000%, 06/01/2066 (G)

    23,600       2,532  

Golden State, Tobacco Securitization Project, Sub-Ser, RB

               

3.850%, 06/01/2050

    1,215       1,095  

Morongo, Band of Mission Indians, Ser B, RB

               

5.000%, 10/01/2042 (C)

    1,000       996  

M-S-R, Energy Authority, Ser C, RB

               

6.500%, 11/01/2039

    5,885       6,939  

Northern California, Tobacco Securitization Authority, RB

               

0.000%, 06/01/2060 (G)

    15,040       2,306  

Poway, School Facilities Improvement Authority, Unified School District Capital Appreciation Project, GO

               

0.000%, 08/01/2038 (G)

    5,410       3,114  

Southern California, Tobacco Securitization Authority, RB

               

0.000%, 06/01/2054 (G)

    5,700       1,145  

Windsor, Unified School District, Election 2008, Ser D, GO

               

0.000%, 08/01/2035 (G)

    1,800       1,199  
                 
              72,924  
                 

Colorado — 2.0%

       

Aurora, Harvest Crossing Metropolitan District No. 4, Ser A, GO

               

7.250%, 12/01/2052

    1,500       1,506  

Aviation Station North, Metropolitan District No. 2, Ser A, GO

               

5.000%, 12/01/2039

    500       486  

5.000%, 12/01/2048

    500       459  

Broadway Station, Metropolitan District No. 3, GO

               

5.000%, 12/01/2049

    500       370  

Colorado International Center, Metropolitan District No. 7, GO

               

0.000%, 12/01/2027 (E)(F)

    2,000       1,449  

Colorado State, Educational & Cultural Facilities Authority, New Summit Charter Acadamy Project, RB

               

4.000%, 07/01/2061 (C)

    600       407  

Colorado State, Health Facilities Authority, Commonspirit Health Project, Ser A-, RB

               

4.000%, 08/01/2044

    2,000       1,734  

 

 

 

SEI Tax Exempt Trust

 

57

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Tax-Advantaged Income Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Colorado State, Health Facilities Authority, Covenant Living Communities and Services, RB

               

5.000%, 12/01/2035

  $ 1,000     $ 1,075  

Colorado State, Housing & Finance Authority, The Irving at Mile High Vista Project, RB

               

6.000%, 06/01/2028 (A)(C)

    2,140       2,155  

Colorado State, Public Energy Authority, RB

               

6.250%, 11/15/2028

    540       564  

Denver, International Business Center Metropolitan District No. 1, Sub-Ser B, GO

               

6.000%, 12/01/2048

    1,144       1,147  

Dominion, Water & Sanitation District, RB

               

5.875%, 12/01/2052

    4,000       4,002  

Pinery, Commercial Metropolitan District No. 2, RB

               

5.750%, 12/01/2054

    500       480  

Prairie Center, Metropolitan District No. 3, Ser A, RB

               

5.000%, 12/15/2041 (C)

    875       841  

Pronghorn Valley, Metropolitan District, Ser A, GO

               

4.000%, 12/01/2051

    250       194  

Village at Dry Creek, Metropolitan District No. 2, GO

               

4.375%, 12/01/2044

    313       285  
                 
              17,154  
                 

Connecticut — 0.2%

       

Connecticut State, Health & Educational Facilities Authority, Church Home of Hartford Project, RB

               

5.000%, 09/01/2053 (C)

    1,500       1,330  
                 
                 

Delaware — 1.4%

       

Affordable Housing Opportunities Trust, Northwest One, Ser AH-07-CL, RB

               

7.120%, 10/01/2038 (C)

    1,905       1,755  

3.167%, 10/01/2038 (A)(C)

    10,780       8,809  

Delaware State, Economic Development Authority, Acts-Retirement Life Communities, RB

               

5.250%, 11/15/2053

    1,000       1,006  
                 
              11,570  
                 

District of Columbia — 0.4%

       

District of Columbia, Income Tax Revenue, Ser A, RB

               

5.000%, 06/01/2050

    3,500       3,580  
                 
                 

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Florida — 2.2%

       

Atlantic Beach, Health Care, Fleet Landing Project, Ser B, RB

               

5.625%, 11/15/2043

  $ 1,325     $ 1,325  

Capital Trust Agency, First Mortgage, Tapestry Walden Project, RB

               

6.750%, 07/01/2037 (C)(D)

    1,585       21  

Capital Trust Agency, H-Bay Ministries, RB

               

5.000%, 07/01/2053 (D)

    750       13  

Capital Trust Agency, Renaissance Charter School Project, RB

               

5.000%, 06/15/2049 (C)

    1,000       876  

Capital Trust Agency, Wonderful Foundations Charter, RB

               

5.000%, 01/01/2055 (C)

    3,500       3,005  

Charlotte County, Industrial Development Authority, AMT, RB

               

4.000%, 10/01/2051 (C)

    500       391  

Florida State, Development Finance, Brightline Florida Passenger Rail Project, AMT, RB, AG

               

5.000%, 07/01/2044

    2,500       2,446  

Florida State, Development Finance, Global Reach Charter Acadamy Projects, RB

               

4.000%, 06/30/2056 (C)

    765       486  

Florida State, Higher Educational Facilities Financial Authority, Jacksonville University, RB

               

4.500%, 06/01/2033 (C)

    500       468  

Florida State, Village Community Development District No. 15, SAB

               

5.000%, 05/01/2043 (C)

    1,425       1,400  

4.800%, 05/01/2055 (C)

    1,000       917  

Highlands County, Health Facilities Authority, Senior Living Revenue, Trousdale Foundation Properties, RB

               

6.000%, 04/01/2038 (D)

    321       4  

Miami-Dade County, Seaport Department, Ser A, AMT, RB

               

5.250%, 10/01/2052

    1,000       992  

Midtown Miami, Community Development District, Parking Garage Project, Ser A, SAB

               

5.000%, 05/01/2029

    1,630       1,631  

Polk County, Industrial Development Authority, Mineral Development Project, AMT, RB

               

5.875%, 01/01/2033 (C)

    3,365       1,952  

Sarasota County, Health Facilities Authority, Sunnyside Village Project, RB

               

5.000%, 05/15/2033

    630       638  

4.000%, 05/15/2028

    750       745  

 

 

 

58

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Tax-Advantaged Income Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

St. Johns County, Industrial Development Authority, Vicars Landing Project, RB

               

4.000%, 12/15/2046

  $ 950     $ 719  

Trout Creek, Community Development District, SAB

               

5.000%, 05/01/2028

    250       254  
                 
              18,283  
                 

Georgia — 3.2%

       

Atlanta, Development Authority, Gulch Enterprise Zone Project, RB

               

0.000%, 06/15/2028 (C)(E)(F)

    2,400       2,084  

Atlanta, Development Authority, Westside Gulch Area Project, Ser A, TA

               

5.000%, 04/01/2034 (C)

    300       298  

Augusta, Development Authority, Wellstar Health System Inc Project, RB

               

5.125%, 04/01/2053

    3,500       3,503  

Gainesville & Hall County, Development Authority, Riverside Military Academy Project, RB

               

5.125%, 03/01/2052

    1,620       972  

George L Smith II, Georgia World Congress Center Authority, Convention Center Hotel, RB

               

5.000%, 01/01/2054 (C)

    1,460       1,309  

Georgia State, Main Street Natural Gas, Ser A, RB

               

5.000%, 05/15/2049

    1,000       986  

5.000%, 06/01/2053 (A)

    2,150       2,229  

Georgia State, Main Street Natural Gas, Ser E-1, RB

               

5.000%, 12/01/2053 (A)

    3,400       3,559  

Georgia State, Municipal Electric Authority, Plant Voltage Units 3 & 4 Project, RB

               

5.500%, 07/01/2063

    5,500       5,589  

5.500%, 07/01/2064

    1,000       1,017  

5.000%, 01/01/2056

    500       491  

5.000%, 07/01/2060

    5,000       4,860  
                 
              26,897  
                 

Idaho — 0.2%

       

Idaho State, Housing & Finance Association, Compass Charter School Project, Ser A, RB

               

4.625%, 07/01/2029 (C)

    265       263  

Spring Valley Community, Infrastructure District No. 1, SAB

               

3.750%, 09/01/2051 (C)

    1,400       1,251  
                 
              1,514  
                 

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Illinois — 3.1%

       

Chicago, O'Hare International Airport, AMT, RB

               

5.000%, 07/01/2048

  $ 500     $ 476  

Chicago, O'Hare International Airport, Ser C, AMT, RB

               

5.000%, 01/01/2035

    3,000       3,187  

Chicago, Wastewater Transmission, Ser A, RB, AGM

               

5.250%, 01/01/2053

    1,000       1,013  

Hillside, TA

               

5.000%, 01/01/2030

    1,160       1,164  

Illinois State, Finance Authority, Acero Charter Schools, RB

               

4.000%, 10/01/2042 (C)

    350       291  

Illinois State, Finance Authority, Art in Motion Project, RB

               

5.000%, 07/01/2051 (C)

    1,000       718  

Illinois State, Finance Authority, Friendship Village of Schaumburg Project, RB

               

5.125%, 02/15/2045 (D)

    1,561       12  

5.000%, 02/15/2037 (D)

    1,561       13  

Illinois State, Finance Authority, Presence Health Network, Ser C, RB

               

5.000%, 02/15/2041

    1,000       1,006  

Illinois State, GO

               

5.000%, 02/01/2036

    6,000       6,413  

Illinois State, RB

               

5.000%, 06/15/2026

    2,000       2,005  

Illinois State, Ser A, GO

               

4.625%, 05/01/2037

    2,500       2,509  

Illinois State, Ser B, GO

               

5.250%, 05/01/2043

    2,000       2,055  

5.000%, 12/01/2026

    2,500       2,565  

Illinois State, Toll Highway Authority, Ser A, RB

               

5.000%, 01/01/2045

    2,500       2,524  
                 
              25,951  
                 

Indiana — 1.0%

       

Indiana State, Finance Authority, Ohio Valley Electric Corp Project, Ser 2012C, RB

               

3.000%, 11/01/2030

    3,900       3,763  

Indiana State, Finance Authority, Polyflow Project, AMT, RB

               

7.000%, 03/01/2039 (C)(D)

    10,200       1,571  

Indianapolis, Local Public Improvement Bond Bank, Indiana Convention Center Hotel, RB

               

5.750%, 03/01/2043

    3,050       3,164  
                 
              8,498  
                 

 

 

 

SEI Tax Exempt Trust

 

59

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Tax-Advantaged Income Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Iowa — 1.1%

       

Iowa State, Finance Authority, Iowa Fertilizer Company Project, RB

               

Pre-Refunded @ 100

               

4.000%, 12/01/2032 (A)(B)

  $ 4,200     $ 4,440  

Iowa State, Finance Authority, Lifespace Communities Inc, RB

               

5.000%, 05/15/2049

    1,000       932  

Iowa State, Finance Authority, Northcrest Project, Ser A, RB

               

5.000%, 03/01/2028

    615       619  

Iowa State, Finance Authority, Tamid Waterloo Project, RB

               

8.000%, 01/01/2042 (C)

    2,000       1,707  

Iowa State, Tobacco Settlement Authority, Sub-Ser B-, RB

               

0.000%, 06/01/2065 (G)

    11,130       1,637  
                 
              9,335  
                 

Kansas — 0.5%

       

Colby, Citizens Medical Center Project, RB

               

5.500%, 07/01/2026

    2,000       2,003  

Kansas State, Development Finance Authority, Village of Shalom Project, Ser A, RB

               

5.500%, 11/15/2038

    1,025       800  

Wichita, Presbyterian Manor Project, RB

               

5.000%, 05/15/2050

    600       491  

Wichita, Presbyterian Manor Project, Ser I, RB

               

5.000%, 05/15/2028

    315       314  

Wyandotte County, Kansas City Unified Government, RB

               

0.000%, 09/01/2034 (C)(G)

    1,785       935  
                 
              4,543  
                 

Kentucky — 0.2%

       

Kentucky State, Economic Development Finance Authority, Baptist Life Community Project, Ser S, RB

               

6.250%, 11/15/2046

    1,000       693  

6.000%, 11/15/2036

    1,700       1,329  
                 
              2,022  
                 

Louisiana — 0.2%

       

Louisiana State, Local Government Environmental Facilities & Community Development Authority, Cameron Parish GOMESA Project, RB

               

5.650%, 11/01/2037 (C)

    700       725  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Louisiana State, Local Government Environmental Facilities & Community Development Authority, Jefferson Parish GOMESA Project, RB

               

4.000%, 11/01/2044 (C)

  $ 400     $ 343  

Louisiana State, Local Government Environmental Facilities & Community Development Authority, Terrebonne Parish GOMESA Project, RB

               

5.500%, 11/01/2039 (C)

    630       644  
                 
              1,712  
                 

Maryland — 0.1%

       

Maryland State, Economic Development Corporation, Purple Line Light Rail Project, AMT, RB

               

5.250%, 06/30/2055

    625       611  
                 
                 

Massachusetts — 0.8%

       

Massachusetts State, Development Finance Agency, RB

               

5.250%, 07/01/2052

    1,500       1,461  

Massachusetts State, Ser D, GO

               

5.000%, 10/01/2051

    5,000       5,076  
                 
              6,537  
                 

Michigan — 2.0%

       

Detroit, Ser A, GO

               

6.000%, 05/01/2039

    1,000       1,106  

5.250%, 05/01/2027

    300       310  

Detroit, Ser B-1, GO

               

4.000%, 04/01/2044 (A)(F)

    5,767       4,433  

Michigan State, Finance Authority, Public School Academy, Bradford Academy Project, RB

               

5.000%, 09/01/2050

    310       238  

4.800%, 09/01/2040

    185       152  

Michigan State, Finance Authority, Tobacco Settlement, RB

               

0.000%, 06/01/2045 (G)

    5,000       1,311  

Michigan State, Finance Authority, Tobacco Settlement, Ser B, RB

               

0.000%, 06/01/2046 (G)

    28,500       3,748  

Michigan State, Finance Authority, Tobacco Settlement, Ser B-2-CLASS, RB

               

0.000%, 06/01/2065 (G)

    20,000       2,016  

Michigan State, Finance Authority, Tobacco Settlement, Ser C, RB

               

0.000%, 06/01/2058 (G)

    125,250       3,643  
                 
              16,957  
                 

 

 

 

60

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Tax-Advantaged Income Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Minnesota — 0.2%

       

Independence, Beacon Academy Project, Ser A, RB

               

4.250%, 07/01/2026

  $ 320     $ 317  

Minneapolis, Charter School Lease, NorthEast College Prep Project, RB

               

5.000%, 07/01/2055

    710       531  

Minneapolis, Charter School Lease, Twin Cities International School, RB

               

5.000%, 12/01/2032 (C)

    750       749  

St. Cloud, Stride Academy Project, Ser A, RB

               

3.750%, 04/01/2026

    100       98  
                 
              1,695  
                 

Missouri — 0.8%

       

Lees Summit, Industrial Development Authority, John Knox Village Project, Ser A, RB

               

5.000%, 08/15/2051

    1,050       860  

Missouri State, Development Finance Board, Saint Louis Zoo Projects, Ser 2022, RB

               

5.250%, 05/01/2055

    4,005       4,031  

St. Louis, Land Clearance for Redevelopment Authority, National Geospacial Intelligence, RB

               

5.125%, 06/01/2046

    2,200       2,064  
                 
              6,955  
                 

Montana — 0.2%

       

Kalispel, Housing and Health Care Facilities, Immanuel Lutheran Project, RB

               

5.250%, 05/15/2052

    1,500       1,297  
                 
                 

Nevada — 0.5%

       

Nevada State, Department of Business & Industry, Fulcrum Sierra Biofuels Project, AMT, RB

               

6.950%, 02/15/2038 (C)(D)

    2,703       11  

5.125%, 12/15/2037 (C)

    1,765        

Reno, Sub-Ser D, RB

               

0.000%, 07/01/2058 (C)(G)

    10,000       1,144  

Reno, Sub-Ser, RB

               

0.000%, 07/01/2058 (C)(G)

    18,500       2,726  
                 
              3,881  
                 

New Hampshire — 0.7%

       

New Hampshire State, National Finance Authority, Ser 1-, RB

               

3.787%, 09/20/2034 (C)

    3,945       3,657  

New Hampshire State, National Finance Authority, Ser 2023-2, RB

               

3.875%, 01/20/2038

    1,468       1,342  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New Hampshire State, National Finance Authority, University of Nevada Project, RB, BAM

               

4.500%, 06/01/2053

  $ 1,075     $ 997  
                 
              5,996  
                 

New Jersey — 1.3%

       

New Jersey State, Economic Development Authority, Kapowski Road Landfill Project, SAB

               

5.750%, 04/01/2031

    2,500       2,455  

New Jersey State, Economic Development Authority, Portal North Bridge Project, RB

               

5.000%, 11/01/2052

    4,000       4,022  

New Jersey State, Economic Development Authority, Sub-Ser A, RB

               

3.125%, 07/01/2029

    445       428  

New Jersey State, Educational Facilities Authority, Higher Education Capital Improvement Fund, RB

               

4.625%, 09/01/2048

    1,450       1,432  

New Jersey State, Educational Facilities Authority, Stockton University, Ser A, RB

               

5.000%, 07/01/2041

    2,000       1,954  

New Jersey State, Tobacco Settlement Financing, Sub-Ser B, RB

               

5.000%, 06/01/2046

    630       604  

Passaic County, Improvement Authority, Paterson Arts & Science Charter School Project, RB

               

5.375%, 07/01/2053

    500       501  
                 
              11,396  
                 

New York — 6.1%

       

Build NYC Resource, NYU Law School Project, RB

               

5.000%, 07/01/2041

    1,500       1,396  

Hempstead Town, Local Development, The Academy Charter School Project, RB

               

6.760%, 02/01/2048

    1,000       1,003  

4.600%, 02/01/2051

    500       365  

Monroe County, Industrial Development, Ann's Community Project, RB

               

5.000%, 01/01/2040

    1,500       1,381  

New York City, Industrial Development Agency, Yankee Stadium Project, RB, FGIC

               

3.191%, 03/01/2026 (A)

    425       423  

New York City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser E-1, RB

               

3.000%, 02/01/2051

    1,000       685  

 

 

 

SEI Tax Exempt Trust

 

61

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Tax-Advantaged Income Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New York City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser, RB

               

5.250%, 05/01/2048

  $ 2,000     $ 2,073  

1.350%, 08/01/2041 (A)

    1,000       1,000  

New York City, Water & Sewer System, Finance Authority, Sub-Ser, RB

               

5.250%, 06/15/2048

    1,700       1,779  

New York Counties, Tobacco Trust IV, Ser E, RB

               

0.000%, 06/01/2055 (G)

    57,000       4,679  

New York Counties, Tobacco Trust V, Sub-Ser, RB

               

0.000%, 06/01/2055 (G)

    28,000       2,253  

New York State, Liberty Development Authority, Goldman Sachs Headquarters Project, RB

               

5.500%, 10/01/2037

    1,000       1,129  

New York State, Liberty Development Authority, World Trade Center Project, RB

               

5.375%, 11/15/2040 (C)

    4,000       3,997  

5.000%, 11/15/2044 (C)

    1,000       971  

New York State, Transportation Development Corporation, American Airlines Inc, JFK International Airport Project, AMT, RB

               

5.250%, 08/01/2031

    1,060       1,082  

New York State, Transportation Development Corporation, Delta Air Lines Inc, LaGuardia Airport Terminals C&D Redevelopment Project, AMT, RB

               

6.000%, 04/01/2035

    2,000       2,172  

5.000%, 01/01/2033

    4,085       4,117  

4.000%, 10/01/2030

    1,000       979  

New York State, Transportation Development Corporation, JFK International Airport New Terminal One Project, AMT, RB, AGM

               

5.500%, 06/30/2044

    2,000       2,070  

New York State, Transportation Development Corporation, JFK International Airport Terminal 6 Redevelopment Project, AMT, RB, AGC

               

5.250%, 12/31/2054

    5,100       5,114  

New York State, Transportation Development Corporation, LaGuardia Airport Terminal B Redevelopment Project, AMT, RB

               

5.000%, 07/01/2046

    3,985       3,873  

New York State, Urban Development Corporation, Ser A, RB

               

5.000%, 03/15/2053

    3,500       3,555  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Suffolk Regional, Off-Track Betting, RB

               

6.000%, 12/01/2053

  $ 500     $ 511  

Suffolk, Tobacco Asset Securitization, Sub-Ser, RB

               

0.000%, 06/01/2066 (G)

    21,000       1,913  

Ulster County, Capital Resource, Woodland Pond at New Paltz, RB

               

5.250%, 09/15/2047

    1,000       801  

5.250%, 09/15/2053

    2,500       1,921  
                 
              51,242  
                 

North Carolina — 0.1%

       

North Carolina State, Housing Finance Agency, 1998 Trust Agreement, Ser 54-A, RB, GNMA/FNMA/FHLMC

               

6.250%, 01/01/2055

    900       991  
                 
                 

North Dakota — 0.0%

       

Grand Forks County, Solid Waste Facility, Red River Biorefinery Project, AMT, RB

               

7.000%, 12/15/2043 (C)(D)

    1,500        

6.625%, 12/15/2031 (C)(D)

    1,000        
               

Ohio — 1.9%

       

Buckeye, Tobacco Settlement Financing Authority, Ser B, RB

               

5.000%, 06/01/2055

    4,000       3,461  

0.000%, 06/01/2057 (G)

    54,300       5,212  

Franklin County, Convention Facilities Authority, Greater Columbus Convention Center, RB

               

5.000%, 12/01/2044

    4,000       3,736  

Montgomery County, Trousdale Foundation Properties Project, RB

               

6.250%, 04/01/2049 (C)(D)

    1,526       19  

6.000%, 04/01/2038 (C)(D)

    1,297       16  

Ohio State, Air Quality Development Authority, Vanadium Project, AMT, RB

               

5.000%, 07/01/2049 (C)

    4,250       3,720  
                 
              16,164  
                 

Oklahoma — 0.9%

       

Comanche County, Hospital Authority, RB

               

5.000%, 07/01/2025

    1,500       1,500  

Oklahoma State, Development Finance Authority, Oklahoma City University Project, RB

               

4.000%, 08/01/2035

    2,790       2,622  

 

 

 

62

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Tax-Advantaged Income Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Payne County, Economic Development Authority, Epworth Living Retirement Community, RB

               

7.000%, 11/01/2051 (D)

  $ 2,163     $ 7  

6.875%, 11/01/2046 (D)

    1,081       4  

6.625%, 11/01/2036 (D)

    522       2  

Tulsa Municipal Airport Trust Trustees, American Airlines Inc Project, AMT, RB

               

6.250%, 12/01/2035

    3,000       3,280  
                 
              7,415  
                 

Other — 3.2%

       

Freddie Mac, Multifamily ML Certificates, Ser ML15, RB

               

4.143%, 01/25/2040 (A)

    4,906       4,646  

Freddie Mac, Multifamily ML Certificates, Ser ML17, Cl A, RB

               

2.990%, 04/25/2043 (A)

    1,973       1,687  

Freddie Mac, Multifamily ML Certificates, Ser ML19, RB

               

4.552%, 08/25/2040 (A)

    5,844       5,821  

4.033%, 12/25/2036 (A)

    5,184       5,114  

Freddie Mac, Multifamily ML Certificates, Ser ML22, RB

               

4.684%, 10/25/2040 (A)

    3,077       3,089  

Freddie Mac, Multifamily ML Certificates, Ser ML-29-CL, RB

               

4.869%, 01/25/2043 (A)

    6,300       6,300  
                 
              26,657  
                 

Pennsylvania — 3.3%

       

Allegheny County, Airport Authority, Ser A, AMT, RB

               

5.000%, 01/01/2056

    1,000       966  

Allentown, Neighborhood Improvement Zone Development Authority, City Center Project, Sub-Ser, RB

               

5.250%, 05/01/2042 (C)

    2,040       2,005  

Berks County, Municipal Authority, Tower Health Project, RB

               

8.000%, 06/30/2034

    577       580  

7.000%, 06/30/2039

    2,878       2,488  

Berks County, Municipal Authority, Tower Health Project, Ser A-2A, RB

               

6.000%, 06/30/2034

    289       304  

Blythe, Solid Waste Authority, AMT, RB

               

Pre-Refunded @ 100

               

7.750%, 12/01/2027 (B)

    3,450       3,751  

Chester County, Industrial Development Authority, Woodlands at Graystone Project, SAB

               

4.375%, 03/01/2028 (C)

    100       99  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Franklin County, Industrial Development Authority, Menno-Haven Project, RB

               

5.000%, 12/01/2025

  $ 495     $ 495  

Lancaster County, Hospital Authority, Penn State Health, RB

               

5.000%, 11/01/2046

    2,500       2,489  

5.000%, 11/01/2051

    3,000       2,913  

Pennsylvania State, Economic Development Financing Authority, PENNDOT Major Bridges Project, AMT, RB

               

5.250%, 06/30/2053

    5,000       4,878  

Pennsylvania State, Economic Development Financing Authority, PPL Energy Supply Project, RB

               

5.250%, 12/01/2037 (A)

    1,000       1,001  

Pennsylvania State, Economic Development Financing Authority, Presbyterian Senior Living Project, RB

               

5.250%, 07/01/2049

    1,250       1,242  

Philadelphia, Industrial Development Authority, University Square Apartments Project, RB

               

Pre-Refunded @ 100

               

5.500%, 12/01/2026 (B)(C)

    2,000       2,070  

Southcentral Pennsylvania, General Authority, York Academy Regional Christian School Program, RB

               

6.500%, 07/15/2048 (C)

    2,800       2,836  
                 
              28,117  
                 

Puerto Rico — 7.1%

       

Puerto Rico, Electric Power Authority, Ser AAA-PSA, RB

               

5.250%, 07/01/2030 (D)

    200       97  

5.250%, 07/01/2031 (D)

    5,895       2,859  

Puerto Rico, Electric Power Authority, Ser A-PSA, RB

               

6.750%, 07/01/2036 (D)

    2,605       1,263  

Puerto Rico, Electric Power Authority, Ser UU, RB, AGM

               

3.568%, 07/01/2029 (A)(D)

    9,040       8,799  

Puerto Rico, Electric Power Authority, Ser VV-PSA, RB

               

5.500%, 07/01/2020

    1,380       669  

Puerto Rico, Electric Power Authority, Ser XX-PSA, RB

               

5.250%, 07/01/2040 (D)

    1,070       519  

Puerto Rico, Electric Power Authority, Ser ZZ-PSA, RB

               

5.250%, 07/01/2019 (D)

    1,265       614  

Puerto Rico, GDB Debt Recovery Authority, RB

               

7.500%, 08/20/2040

    9,673       9,287  

 

 

 

SEI Tax Exempt Trust

 

63

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Tax-Advantaged Income Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A1, RB

               

5.000%, 07/01/2058

  $ 4,503     $ 4,224  

0.000%, 07/01/2046 (G)

    12,100       3,861  

0.000%, 07/01/2051 (G)

    41,435       9,721  

Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-2, RB

               

4.329%, 07/01/2040

    2,000       1,863  

Puerto Rico, Sales Tax Financing, Sales Tax Revenue, Ser A-2A, RB

               

4.550%, 07/01/2040

    2,000       1,906  

Puerto Rico, Sub-Ser CW, Notes

               

0.000%, 11/01/2043 (A)(E)

    3,813       2,288  

Puerto Rico, Sub-Ser Senior, Notes

               

0.000%, 11/01/2051 (A)(E)

    18,924       11,591  
                 
              59,561  
                 

Rhode Island — 1.0%

       

Rhode Island State, Tobacco Settlement Financing Authority, Ser A, RB

               

0.000%, 06/01/2052 (G)

    6,890       1,212  

Rhode Island State, Tobacco Settlement Financing Authority, Ser B, RB

               

5.000%, 06/01/2050

    7,000       6,940  
                 
              8,152  
                 

South Carolina — 0.5%

       

Patriots Energy Group, Financing Agency, RB

               

5.250%, 02/01/2054 (A)

    1,800       1,906  

South Carolina State, Jobs-Economic Development Authority, Repower S. Berkeley Project, AMT, RB

               

6.250%, 02/01/2045 (C)(D)

    1,000       90  

5.250%, 02/01/2027 (C)(D)

    1,000       90  

South Carolina State, Jobs-Economic Development Authority, Repower S. Berkeley Project, RB

               

8.000%, 12/06/2029 (D)

    155       124  

South Carolina State, Public Service Authority, Santee Cooper, Ser A, RB

               

5.000%, 12/01/2044

    2,000       2,024  
                 
              4,234  
                 

Tennessee — 1.0%

       

Bristol, Industrial Development Board, Pinnacle Project, TA

               

5.625%, 06/01/2035

    2,000       1,783  

Chattanooga, Health Educational & Housing Facility Board, Erlanger Health, RB

               

5.250%, 12/01/2049

    1,000       1,006  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Cleveland, Health & Educational Facilities Board, Multifamily Housing, Horizon Square Apartments Project, RB, FNMA/FHA

               

4.200%, 05/01/2040

  $ 995     $ 939  

Memphis-Shelby County, Industrial Development Board, Graceland Project, TA

               

5.500%, 07/01/2037 (D)

    700       511  

Nashville, Metropolitan Development & Housing Agency, TA

               

4.500%, 06/01/2028 (C)

    445       447  

Tennessee State, Energy Acquisition, Ser C, RB

               

5.000%, 02/01/2027

    4,000       4,054  
                 
              8,740  
                 

Texas — 6.0%

       

Angelina & Neches, River Authority, Jefferson Enterprise Energy, AMT, RB

               

12.000%, 12/01/2045 (C)

    3,000       1,402  

7.500%, 12/01/2045 (C)

    1,750       580  

Austin Affordable PFC, Multifamily Housing, Heritage Pointe Seniors Apartments, RB, FNMA

               

4.350%, 05/01/2043

    2,750       2,583  

Baytown, Municipal Development District, Baytown Convention Center Hotel, RB

               

5.000%, 10/01/2050 (C)

    500       369  

Brazoria County, Industrial Development, Aleon Renewable Metals Project, AMT, RB

               

12.000%, 06/01/2043 (C)

    3,500       2,975  

10.000%, 06/01/2042 (A)(C)

    1,400       1,190  

Brazoria County, Industrial Development, Gladieux Metals Recycling Project, AMT, RB

               

9.000%, 03/01/2039 (C)(D)

    8,910       7,128  

7.000%, 03/01/2039 (D)

    480       384  

Calhoun County, Navigation Industrial Development Authority, AMT, RB

               

3.625%, 07/01/2026 (C)

    2,000       1,913  

Clifton, Higher Education Finance, International Leadership Project, Ser D, RB

               

6.125%, 08/15/2048

    1,250       1,251  

6.000%, 08/15/2038

    1,500       1,504  

Dallas City, Housing Finance, West Virginia Apartments, RB, FNMA

               

4.350%, 10/01/2041

    1,000       971  

Houston, Airport System Revenue, United Airlines Inc Terminal Improvement Projects, Ser B-UNITED, AMT, RB

               

5.500%, 07/15/2035

    4,000       4,153  

 

 

 

64

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Tax-Advantaged Income Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

New Hope, Cultural Education Facilities, Cardinal Bay Village Project, RB

               

5.500%, 07/01/2046 (D)

  $ 1,500     $ 750  

5.000%, 07/01/2031 (D)

    250       125  

5.000%, 07/01/2046 (D)

    2,000       1,700  

New Hope, Cultural Education Facilities, Edgemere Project, RB

               

5.000%, 01/01/2047

    1,500       1,370  

New Hope, Cultural Education Facilities, Longhorn Village Project, RB

               

5.000%, 01/01/2042

    500       475  

New Hope, Cultural Education Facilities, Quality Senior Housing Foundation, Ser A1, RB

               

5.000%, 12/01/2054

    500       427  

Port Isabel, GO

               

5.100%, 02/15/2049 (C)

    1,000       926  

Port of Beaumont, Navigation District, Jefferson Gulf Coast Energy Project, AMT, RB

               

4.000%, 01/01/2050 (C)

    1,500       1,163  

Texas State, Municipal Gas Acquisition & Supply I, Sub-Ser C, RB

               

4.506%, 12/15/2026 (A)

    3,000       3,001  

Texas State, Water Development Board, Ser A, RB

               

5.000%, 10/15/2058

    3,600       3,652  

4.875%, 10/15/2048

    10,500       10,551  
                 
              50,543  
                 

Utah — 0.9%

       

Mida Mountain Village, Public Infrastructure District, Mountain Village Assesment, SAB

               

4.000%, 08/01/2050 (C)

    2,000       1,634  

Mida Mountain Village, Public Infrastructure District, Sub-Ser 2, TA

               

6.000%, 06/15/2054 (C)

    1,000       1,004  

5.500%, 06/15/2039 (C)

    1,790       1,780  

Soleil Hills, Public Infrastructure District No. 1, Ser A, GO

               

5.875%, 03/01/2055 (C)

    500       475  

UIPA Crossroads, Public Infrastructure District, TA

               

4.375%, 06/01/2052 (C)

    1,000       855  

Utah State, Charter School Finance Authority, Early Light Academy Project, RB

               

4.500%, 07/15/2027 (C)

    400       397  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Utah State, Charter School Finance Authority, St George Campus Project, Ser A, RB

               

5.000%, 06/15/2052 (C)

  $ 1,300     $ 1,059  
                 
              7,204  
                 

Virginia — 1.7%

       

Farms of New Kent, Community Development Authority, Ser A, SAB

               

3.750%, 03/01/2036 (C)

    2,700       2,516  

Hanover County, Economic Development Authority, Covenant Woods Project, RB

               

5.000%, 07/01/2038

    375       372  

Henrico County, Economic Development Authority, Pinnacle Living Obligation Group, Ser A, RB

               

5.000%, 06/01/2044

    1,000       955  

Lewistown, Commerce Center, Community Development Authority, Ser B, TA

               

6.050%, 03/01/2044

    23       19  

Lewistown, Commerce Center, Community Development Authority, Ser C, TA

               

6.050%, 03/01/2054

    118       53  

Lewistown, Commerce Center, Community Development Authority, TA

               

6.050%, 03/01/2044 (D)

    34       23  

Virginia State, Small Business Financing Authority, Bon Secours Mercy Health, RB

               

4.000%, 12/01/2049

    2,000       1,686  

Virginia State, Small Business Financing Authority, Mary Washington Healthcare Obligated Group, RB

               

5.000%, 06/15/2041

    1,000       1,027  

Virginia State, Small Business Financing Authority, Rixey Student Housing Project, Ser A, RB

               

5.500%, 07/01/2044 (C)

    6,565       5,476  

Virginia State, Small Business Financing Authority, Transform 66 P3 Project, AMT, RB

               

5.000%, 12/31/2049

    2,500       2,363  
                 
              14,490  
                 

Washington — 1.0%

       

Washington State, Housing Finance Commission, Emerald Heights Project, Ser A, RB

               

5.000%, 07/01/2048

    1,050       1,030  

Washington State, Housing Finance Commission, Judson Park Project, RB

               

5.000%, 07/01/2033 (C)

    225       226  

4.000%, 07/01/2028 (C)

    400       393  

 

 

 

SEI Tax Exempt Trust

 

65

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Tax-Advantaged Income Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Washington State, Housing Finance Commission, Lansdale Pointe Apartments Project, RB, FNMA

               

4.400%, 03/01/2043

  $ 2,000     $ 1,892  

Washington State, Housing Finance Commission, Social Certificates, RB

               

3.375%, 04/20/2037

    3,056       2,751  

Washington State, Housing Finance Commission, Social Certificates, Ser 2, RB

               

4.085%, 03/20/2040 (A)

    1,992       1,835  
                 
              8,127  
                 

West Virginia — 1.1%

       

West Virginia State, Hospital Finance Authority, Refunding & Improvement, Vandalia Health Group, Ser B, RB

               

6.000%, 09/01/2053

    2,100       2,232  

West Virginia State, Tobacco Settlement, Finance Authority, Ser B, RB

               

0.000%, 06/01/2047 (G)

    73,250       6,741  
                 
              8,973  
                 

Wisconsin — 3.2%

       

Wisconsin State, Center District, Junior Dedicated Tax Revenue, Ser D, RB, AGM

               

0.000%, 12/15/2045 (G)

    5,000       1,801  

Wisconsin State, Center District, Senior Dedicated Tax Revenue, Ser C, RB, AGM

               

0.000%, 12/15/2045 (G)

    8,110       2,863  

Wisconsin State, Health & Educational Facilities Authority, Camillus Health System, RB

               

5.000%, 11/01/2046

    1,000       884  

Wisconsin State, Health & Educational Facilities Authority, Three Pillars Senior Living Communities, RB

               

5.750%, 08/15/2054

    1,000       1,018  

Wisconsin State, Health & Educational Facilities Authority, Wisconsin Illinois Senior Housing, RB

               

5.250%, 08/01/2048

    1,500       1,196  

5.000%, 08/01/2028

    795       781  

Wisconsin State, Public Finance Authority, Barton College Project, Ser A, RB

               

5.000%, 03/01/2038

    2,500       2,275  

5.000%, 03/01/2048

    1,500       1,242  

Wisconsin State, Public Finance Authority, Delray Beach Radiation Therapy Project, Ser A-DELRAY, RB

               

7.000%, 11/01/2046 (C)(D)

    3,500       1,925  

Wisconsin State, Public Finance Authority, Estancia Valley Classical, RB

               

4.250%, 07/01/2051 (C)

    1,000       700  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MUNICIPAL BONDS (continued)

Wisconsin State, Public Finance Authority, Irving Convention Center Hotel Project, RB

               

7.000%, 01/01/2050 (C)

  $ 3,250     $ 3,342  

Wisconsin State, Public Finance Authority, Lake Erie College, RB

               

5.875%, 10/01/2054 (C)

    2,770       1,707  

Wisconsin State, Public Finance Authority, Lariat Project, RB

               

0.000%, 09/01/2029 (C)(G)

    721       530  

Wisconsin State, Public Finance Authority, Marys Woods at Marylhurst Project, RB

               

5.250%, 05/15/2052 (C)

    1,750       1,553  

Wisconsin State, Public Finance Authority, Northwest Nazarene University Project, RB

               

4.250%, 10/01/2049

    1,000       807  

Wisconsin State, Public Finance Authority, Procure Proton Therapy Center Project, RB

               

6.375%, 01/01/2048 (C)

    5,070       2,282  

Wisconsin State, Public Finance Authority, Retirement Facilities First Mortgage, RB

               

5.250%, 03/01/2055 (C)

    2,500       2,120  
                 
              27,026  
                 
                 

Total Municipal Bonds

               

(Cost $671,256) ($ Thousands)

            615,258  
                 
                 
                 

CORPORATE OBLIGATIONS — 20.9%

Financials — 20.8%

       

Allianz

               

3.500%, H15T5Y + 2.973%(A)(C)(H)

    2,600       2,526  

American Express

               

3.550%, H15T5Y + 2.854%(A)(H)

    6,000       5,802  

Australia & New Zealand Banking Group

               

6.750%, USISDA05 + 5.168%(A)(C)(H)

    6,900       6,957  

Banco Bilbao Vizcaya Argentaria

               

9.375%, H15T5Y + 5.099%(A)(H)

    1,200       1,317  

Banco Santander

               

9.625%, H15T5Y + 5.306%(A)(H)

    3,000       3,303  

Bank of America

               

6.625%, H15T5Y + 2.684%(A)(H)

    2,200       2,235  

6.125%, H15T5Y + 3.231%(A)(H)

    3,300       3,323  

4.375%, H15T5Y + 2.760%(A)(H)

    3,000       2,905  

Bank of Montreal

               

7.700%, H15T5Y + 3.452%, 05/26/2084 (A)

    2,000       2,063  

Bank of New York Mellon

               

3.750%, H15T5Y + 2.630%(A)(H)

    4,300       4,138  

3.700%, H15T5Y + 3.352%(A)(H)

    3,500       3,432  

 

 

 

66

 

SEI Tax Exempt Trust

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Tax-Advantaged Income Fund (Continued)

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

CORPORATE OBLIGATIONS (continued)

Bank of Nova Scotia

               

8.625%, H15T5Y + 4.389%, 10/27/2082 (A)

  $ 3,200     $ 3,371  

Barclays PLC

               

9.625%, USISSO05 + 5.775%(A)(H)

    1,200       1,325  

4.375%, H15T5Y + 3.410%(A)(H)

    3,000       2,738  

Benloch Ranch, Improvement Association No. 2

               

10.000%, 12/01/2051 (C)(I)

    6,000       4,732  

BNP Paribas

               

9.250%, H15T5Y + 4.969%(A)(C)(H)

    2,400       2,550  

8.500%, H15T5Y + 4.354%(A)(C)(H)

    1,400       1,483  

7.750%, H15T5Y + 4.899%(A)(C)(H)

    4,290       4,462  

BP Capital Markets PLC

               

6.125%, H15T5Y + 1.924%(A)(H)

    2,700       2,643  

Capital One Financial

               

3.950%, H15T5Y + 3.157%(A)(H)

    5,300       5,145  

Charles Schwab

               

4.000%, H15T5Y + 3.168%(A)(H)

    6,000       5,929  

Citigroup

               

4.000%, H15T5Y + 3.597%(A)(H)

    3,000       2,969  

3.875%, H15T5Y + 3.417%(A)(H)

    4,400       4,311  

Citizens Financial Group

               

5.650%, H15T5Y + 5.313%(A)(H)

    1,500       1,496  

4.000%, H15T5Y + 3.215%(A)(H)

    2,500       2,422  

CoBank ACB

               

6.250%, US0003M + 4.660%(A)(H)

    500       500  

Corebridge Financial

               

6.875%, H15T5Y + 3.846%, 12/15/2052 (A)

    1,500       1,523  

Credit Agricole

               

8.125%, USSW5 + 6.185%(A)(C)(H)

    2,000       2,027  

Credit Agricole MTN

               

4.750%, H15T5Y + 3.237%(A)(C)(H)

    3,000       2,755  

Goldman Sachs Group

               

7.500%, H15T5Y + 2.809%(A)(H)

    3,300       3,437  

4.125%, H15T5Y + 2.949%(A)(H)

    2,000       1,947  

HSBC Holdings PLC

               

6.000%, USISDA05 + 3.746%(A)(H)

    1,500       1,491  

Huntington Bancshares

               

4.450%, H15T7Y + 4.045%(A)(H)

    5,648       5,480  

ING Groep

               

5.750%, H15T5Y + 4.342%(A)(H)

    4,600       4,572  

JPMorgan Chase

               

6.875%, H15T5Y + 2.737%(A)(H)

    500       522  

6.500%, H15T5Y + 2.152%(A)(H)

    1,500       1,520  

3.650%, H15T5Y + 2.850%(A)(H)

    2,300       2,243  

KeyCorp

               

5.000%, TSFR3M + 3.868%(A)(H)

    3,000       2,943  

Lloyds Banking Group PLC

               

8.000%, H15T5Y + 3.913%(A)(H)

    4,800       5,045  

M&T Bank

               

7.304%, H15T5Y + 3.174%(A)(H)

    1,800       1,795  

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

CORPORATE OBLIGATIONS (continued)

3.500%, H15T5Y + 2.679%(A)(H)

  $ 2,000     $ 1,874  

MetLife

               

3.850%, H15T5Y + 3.576%(A)(H)

    3,300       3,271  

NatWest Group PLC

               

8.125%, H15T5Y + 3.752%(A)(H)

    2,000       2,121  

Northern Trust

               

4.600%, TSFR3M + 3.464%(A)(H)

    500       495  

PNC Financial Services Group

               

6.250%, H15T7Y + 2.808%(A)(H)

    2,100       2,108  

6.000%, H15T5Y + 3.000%(A)(H)

    3,400       3,407  

Prudential Financial

               

6.500%, H15T5Y + 2.404%, 03/15/2054 (A)

    2,000       2,030  

Royal Bank of Canada

               

6.350%, H15T5Y + 2.257%, 11/24/2084 (A)

    500       470  

Societe Generale

               

10.000%, H15T5Y + 5.448%(A)(H)

    200       218  

Standard Chartered PLC

               

7.014%, US0003M + 1.460%(A)(C)(H)

    4,000       4,095  

State Street

               

6.700%, H15T5Y + 2.628%(A)(H)

    1,200       1,224  

6.450%, H15T5Y + 2.135%(A)(H)

    2,400       2,392  

Toll Road Investors Partnership II

               

0.000%, 02/15/2043 (C)(G)

    19,266       6,261  

Toronto-Dominion Bank

               

8.125%, H15T5Y + 4.075%, 10/31/2082 (A)

    4,000       4,189  

UBS Group

               

9.250%, H15T5Y + 4.745%(A)(C)(H)

    2,000       2,176  

9.250%, H15T5Y + 4.758%(A)(C)(H)

    1,000       1,142  

4.375%, H15T5Y + 3.313%(A)(C)(H)

    6,000       5,259  

US Bancorp

               

5.300%, TSFR3M + 3.176%(A)(H)

    1,000       991  

3.700%, H15T5Y + 2.541%(A)(H)

    6,200       5,909  

Voya Financial

               

7.758%, H15T5Y + 3.358%(A)(H)

    1,700       1,751  

Wells Fargo

               

3.900%, H15T5Y + 3.453%(A)(H)

    2,500       2,462  
                 
              175,222  
                 

Utilities — 0.1%

       

Dominion Energy

               

4.350%, H15T5Y + 3.195%(A)(H)

    1,100       1,075  
                 
                 
                 

Total Corporate Obligations

               

(Cost $178,341) ($ Thousands)

            176,297  
                 
                 
   


Shares

         

PREFERRED STOCK — 3.0%

Allstate, 4.750%

    21,234       403  

Arch Capital Group, 5.450%

    10,784       220  

 

 

 

SEI Tax Exempt Trust

 

67

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

May 31, 2025

Tax-Advantaged Income Fund (Concluded)

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

PREFERRED STOCK (continued)

AT&T, 4.750%

    121,800     $ 2,308  

Bank of America, 5.242% (A)

    20,730       419  

Capital One Financial, 5.000%

    70,400       1,320  

Dairy Farmers of America, 7.875%

    15,000       1,432  

Entergy Texas, 5.375%

    39,700       896  

Equitable Holdings, 5.250%

    50,050       904  

Fifth Third Bancorp, 8.296% (A)

    49,904       1,282  

Goldman Sachs Group, 5.232% (A)

    4,166       88  

KeyCorp, 6.125% (A)

    2,822       69  

M&T Bank, 5.625% (A)

    12,841       319  

MetLife, 4.750%

    182,370       3,569  

Morgan Stanley, 5.218% (A)

    133,149       2,951  

NSTAR Electric, 4.780%

    10,708       846  

Regions Financial, 4.450%

    63,525       1,163  

RenaissanceRe Holdings, 4.200%

    37,558       585  

Stifel Financial, 4.500%

    41,828       691  

UMB Financial, 7.750% (A)

    38,600       975  

US Bancorp, 5.500%

    20,436       867  

Voya Financial, 5.350% (A)

    94,605       2,282  

Webster Financial, 5.250%

    76,527       1,544  
                 

Total Preferred Stock

               

(Cost $28,351) ($ Thousands)

            25,133  
   

Face Amount
(Thousands)

         

U.S. TREASURY OBLIGATIONS — 0.9%

United States Treasury Bill

             

4.255%, 07/10/2025 (J)

  $ 1,600       1,593  

4.247%, 07/22/2025 (J)

    4,200       4,176  

4.225%, 07/31/2025 (J)

    2,000       1,986  
         

Total U.S. Treasury Obligations

       

(Cost $7,754) ($ Thousands)

    7,755  
                 
                 

 

             

Description

 

Face Amount
(Thousands)

   

Market Value
($ Thousands)

 

MORTGAGE-BACKED SECURITIES — 0.9%

Real Estate — 0.9%

       

FHLMC

               

5.210%, 08/01/2040

  $ 3,561     $ 3,752  

3.850%, 07/01/2039

    4,140       3,804  
                 
                 

Total Mortgage-Backed Securities

               

(Cost $7,300) ($ Thousands)

            7,556  
                 
                 
   


Shares

         

CASH EQUIVALENT — 0.2%

SEI Daily Income Trust, Government Fund, Institutional Class

               

4.230%**

    1,776,871       1,777  

Total Cash Equivalent

               

(Cost $1,777) ($ Thousands)

            1,777  

Total Investments in Securities — 98.9%

               

(Cost $894,779) ($ Thousands)

  $ 833,776  
                 
                 

 

 

Percentages are based on Net Assets of $843,128 ($ Thousands).

Investment in Affiliated Security.

**

The rate reported is the 7-day effective yield as of May 31, 2025.

(A)

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

(B)

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

(C)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On May 31, 2025, the value of these securities amounted to $195,130 ($ Thousands), representing 23.1% of the Net Assets of the Fund.

(D)

Security is in default on interest payment.

(E)

No interest rate available.

(F)

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

(G)

Zero coupon security.

(H)

Perpetual security with no stated maturity date.

(I)

Level 3 security in accordance with fair value hierarchy.

(J)

Interest rate represents the security's effective yield at the time of purchase.

 

 
 

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

 

Security Description

 

Value
8/31/2024

   

Purchases
at Cost

   

Proceeds
from Sales

   

Realized Gain (Loss)

   

Change in Unrealized Appreciation (Depreciation)

   

Value
5/31/2025

   

Income

   

Capital Gains

 

SEI Daily Income Trust, Government Fund,
Institutional Class

  $ 588     $ 59,530     $ (58,341 )   $     $     $ 1,777     $ 114     $  

 

                                                               

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

 

See “Glossary” for abbreviations.

 

 

68

 

SEI Tax Exempt Trust

 

 

 

 

 

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

May 31, 2025 (Unaudited)

 

 

Portfolio Abbreviations

ACB— Agricultural Credit Bank

AGC— Assured Guaranty Corporation

AGM— Assured Guaranty Municipal

AGUK — Assured Guaranty London PLC

AMBAC — American Municipal Bond Assurance Co.

AMT — Alternative Minimum Tax

BAM — Build America Mutual Assurance Corp.

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

BAN — Bond Anticipation Note

Cl — Class

COP — Certificate of Participation

FHA— Federal Housing Administration

FHLMC — Federal Home Loan Mortgage Corporation

FGIC — Financial Guaranty Insurance Company

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

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

MTN — Medium Term Note

NATL — National Public Finance Guarantee Corp

PFC — Public Facility Corporation

PLC — Public Limited Company

PSF-GTD — Permanent School Board Loan Fund

Q-SBLF — Qualified State Bond Loan Fund

RB — Revenue Bond

SAB — Special Assessment Bond

Ser— Series

TA — Tax Allocation

TRAN — Tax Revenue Anticipation Note

TSFR3M – Term Secured Overnight Financing Rate 3 Month

USD – U.S. Dollar

 

 

 

SEI Tax Exempt Trust

 

69