Issue link: https://info.seic.com/i/1445430
SEI Portfolio Update: First Quarter 2023 | SEI Tax-Exempt Trust (STET) STET-1 Portfolio Manager: Rich Bamford Intermediate-Term Municipal Fund (STET) Benchmark performance prior to 4/1/06 is that of the Fund's prior benchmark, the Lehman Brothers 3-10 Year Intermediate Municipal Blend Index. The performance data shown is past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-800-DIAL-SEI. Fee waivers are voluntary and may be discontinued at any time. Q. HOW DID THE FUND PERFORM AGAINST ITS INDEX FOR THE QUARTER, RICH? A. The Fund returned 2.28% versus 2.40% for the Bloomberg 3-15 Year Municipal Blend (2-17) Index. Q. WHAT EFFECT DID YOUR POSITIONING AT THE END OF LAST QUARTER HAVE ON PERFORMANCE? A. For the quarter, the Fund performed in line with its benchmark. An overweight to revenue bonds and underweight to general obligation bonds enhanced performance. Security selection within transportation and hospitals was additive as both were some of the better performing sectors. An overweight to BBB rated bonds added value as lower quality bonds outperformed. Similarly, an allocation to tobacco bonds was additive as the sector did better than the broader market. Q. WHAT IS YOUR OUTLOOK GOING FORWARD AND HOW IS THIS REFLECTED IN THE FUND POSITIONING? A. The Fund's duration has been close to neutral overall. Insight let its duration drift a little short of benchmark and was beginning to add back in February before a sharp rally in March. The Fund is generally moving up in credit quality, although there are opportunities in the BBB rated segment especially as the market is more concerned about risk and recession. The Fund still maintains an overweight to the revenue sectors and is seeking to build a yield advantage versus the benchmark. The lack of new issuance and a more demand is resulting in a lack of supply. INVESTMENT STRATEGY: The Intermediate-Term Municipal Fund seeks to preserve capital and maintain a high degree of liquidity while providing current income that is exempt from federal income taxes. Under normal circumstances, the Fund will invest at least 80% of its net assets in municipal money market securities that pay interest that is exempt from federal income taxes. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, the District of Columbia, Puerto Rico and other U.S. territories and possessions. The Fund will maintain an average dollar-weighted portfolio maturity of three to ten years. Jan-00 Jan-00 Apr-23 ###### Jan-00 Jan-00 Feb-00 Jan-00 Jan-00 Feb-00 Feb-00 Feb-00 Jan-00 Fund Since Inception 1 Mo 3 Mo Ytd Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incept 2022 2021 Bond Funds STET Intermediate-Term Municipal Fund 9/5/89 1.68 2.28 2.28 2.28 -0.40 0.53 1.71 1.84 4.19 -8.35 1.61 2.04 2.40 2.40 2.40 1.63 0.71 2.18 2.27 4.78 -6.42 0.93 Expenses before waivers (%) = 0.80 Expenses after waivers (%) = 0.63 STET Short Duration Municipal Fund 11/13/03 0.87 1.17 1.17 1.17 1.14 0.54 0.85 0.59 1.31 -1.79 0.04 1.07 1.06 1.06 1.06 1.55 0.64 1.15 0.91 1.61 -1.13 0.31 Expenses before waivers (%) = 0.80 Expenses after waivers (%) = 0.63 STET California Municipal Bond Fund 8/19/98 2.02 2.12 2.12 2.12 1.25 0.00 1.24 1.41 3.27 -6.91 -0.25 Bloomberg CA Intermediate Muni Index (USD) 2.03 2.24 2.24 2.24 2.37 0.47 1.97 2.14 3.99 -5.90 0.02 Expenses before waivers (%) = 0.81 Expenses after waivers (%) = 0.60 STET Massachusetts Municipal Bond Fund 8/19/98 2.22 2.35 2.35 2.35 1.45 -0.19 1.41 1.35 3.27 -6.83 -0.87 Bloomberg MA Intermediate Muni Index (USD) 2.27 2.60 2.60 2.60 2.63 0.54 2.24 2.18 4.05 -5.82 -0.30 Expenses before waivers (%) = 0.82 Expenses after waivers (%) = 0.63 STET New Jersey Municipal Bond Fund 8/18/98 1.99 2.10 2.10 2.10 1.32 0.17 1.43 1.39 3.01 -5.81 -0.11 Bloomberg 3-10 Year Municipal Blend (2-12) (USD) 1.90 2.14 2.14 2.14 1.98 0.78 2.03 1.98 3.70 -5.33 0.58 Expenses before waivers (%) = 0.82 Expenses after waivers (%) = 0.60 as of 03/31/2023 as of 03/31/2023 Bloomberg 3-15 Year Municipal Blend (2-17) (USD) Bloomberg 1 Year Municipal Bond Index (1-2) (USD) Performance Performance Cumulative Total Return Annualized Total Return Calendar Funds' Summary Performance Trend Report SEI Tax-Exempt Trust - Class F (Formerly Class A) Jan-00 Jan-00 Apr-23 ###### Jan-00 Jan-00 Feb-00 Jan-00 Jan-00 Feb-00 Feb-00 Feb-00 Jan-00 Fund Since Inception 1 Mo 3 Mo Ytd Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incept 2022 2021 Bond Funds STET Intermediate-Term Municipal Fund 9/5/89 1.68 2.28 2.28 2.28 -0.40 0.53 1.71 1.84 4.19 -8.35 1.61 2.04 2.40 2.40 2.40 1.63 0.71 2.18 2.27 4.78 -6.42 0.93 Expenses before waivers (%) = 0.80 Expenses after waivers (%) = 0.63 STET Short Duration Municipal Fund 11/13/03 0.87 1.17 1.17 1.17 1.14 0.54 0.85 0.59 1.31 -1.79 0.04 1.07 1.06 1.06 1.06 1.55 0.64 1.15 0.91 1.61 -1.13 0.31 Expenses before waivers (%) = 0.80 Expenses after waivers (%) = 0.63 STET California Municipal Bond Fund 8/19/98 2.02 2.12 2.12 2.12 1.25 0.00 1.24 1.41 3.27 -6.91 -0.25 Bloomberg CA Intermediate Muni Index (USD) 2.03 2.24 2.24 2.24 2.37 0.47 1.97 2.14 3.99 -5.90 0.02 Expenses before waivers (%) = 0.81 Expenses after waivers (%) = 0.60 STET Massachusetts Municipal Bond Fund 8/19/98 2.22 2.35 2.35 2.35 1.45 -0.19 1.41 1.35 3.27 -6.83 -0.87 Bloomberg MA Intermediate Muni Index (USD) 2.27 2.60 2.60 2.60 2.63 0.54 2.24 2.18 4.05 -5.82 -0.30 Expenses before waivers (%) = 0.82 Expenses after waivers (%) = 0.63 STET New Jersey Municipal Bond Fund 8/18/98 1.99 2.10 2.10 2.10 1.32 0.17 1.43 1.39 3.01 -5.81 -0.11 Bloomberg 3-10 Year Municipal Blend (2-12) (USD) 1.90 2.14 2.14 2.14 1.98 0.78 2.03 1.98 3.70 -5.33 0.58 Expenses before waivers (%) = 0.82 Expenses after waivers (%) = 0.60 as of 03/31/2023 as of 03/31/2023 Bloomberg 3-15 Year Municipal Blend (2-17) (USD) Bloomberg 1 Year Municipal Bond Index (1-2) (USD) Performance Performance Cumulative Total Return Annualized Total Return Calendar Funds' Summary Performance Trend Report SEI Tax-Exempt Trust - Class F (Formerly Class A) Jan-00 Jan-00 Apr-23 ###### Jan-00 Jan-00 Feb-00 Jan-00 Jan-00 Feb-00 Feb-00 Feb-00 Jan-00 Fund Since Inception 1 Mo 3 Mo Ytd Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incept 2022 2021 Bond Funds STET Intermediate-Term Municipal Fund 9/5/89 1.68 2.28 2.28 2.28 -0.40 0.53 1.71 1.84 4.19 -8.35 1.61 2.04 2.40 2.40 2.40 1.63 0.71 2.18 2.27 4.78 -6.42 0.93 Expenses before waivers (%) = 0.80 Expenses after waivers (%) = 0.63 STET Short Duration Municipal Fund 11/13/03 0.87 1.17 1.17 1.17 1.14 0.54 0.85 0.59 1.31 -1.79 0.04 1.07 1.06 1.06 1.06 1.55 0.64 1.15 0.91 1.61 -1.13 0.31 Expenses before waivers (%) = 0.80 Expenses after waivers (%) = 0.63 STET California Municipal Bond Fund 8/19/98 2.02 2.12 2.12 2.12 1.25 0.00 1.24 1.41 3.27 -6.91 -0.25 Bloomberg CA Intermediate Muni Index (USD) 2.03 2.24 2.24 2.24 2.37 0.47 1.97 2.14 3.99 -5.90 0.02 Expenses before waivers (%) = 0.81 Expenses after waivers (%) = 0.60 STET Massachusetts Municipal Bond Fund 8/19/98 2.22 2.35 2.35 2.35 1.45 -0.19 1.41 1.35 3.27 -6.83 -0.87 Bloomberg MA Intermediate Muni Index (USD) 2.27 2.60 2.60 2.60 2.63 0.54 2.24 2.18 4.05 -5.82 -0.30 Expenses before waivers (%) = 0.82 Expenses after waivers (%) = 0.63 STET New Jersey Municipal Bond Fund 8/18/98 1.99 2.10 2.10 2.10 1.32 0.17 1.43 1.39 3.01 -5.81 -0.11 Bloomberg 3-10 Year Municipal Blend (2-12) (USD) 1.90 2.14 2.14 2.14 1.98 0.78 2.03 1.98 3.70 -5.33 0.58 Expenses before waivers (%) = 0.82 Expenses after waivers (%) = 0.60 STET New York Municipal Bond Fund 8/18/98 2.12 2.20 2.20 2.20 1.93 0.33 1.49 1.41 3.20 -5.63 0.28 Bloomberg NY Intermediate Muni Index (USD) 2.22 2.47 2.47 2.47 2.81 0.98 2.17 2.15 3.95 -5.12 0.79 as of 03/31/2023 as of 03/31/2023 Bloomberg 3-15 Year Municipal Blend (2-17) (USD) Bloomberg 1 Year Municipal Bond Index (1-2) (USD) Performance Performance Cumulative Total Return Annualized Total Return Calendar Funds' Summary Performance Trend Report SEI Tax-Exempt Trust - Class F (Formerly Class A)