0001104659-13-002953.txt : 20130116 0001104659-13-002953.hdr.sgml : 20130116 20130116164019 ACCESSION NUMBER: 0001104659-13-002953 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130116 DATE AS OF CHANGE: 20130116 EFFECTIVENESS DATE: 20130116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEI TAX EXEMPT TRUST CENTRAL INDEX KEY: 0000701817 IRS NUMBER: 236741646 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-76990 FILM NUMBER: 13532829 BUSINESS ADDRESS: STREET 1: SEI INVESTMENTS STREET 2: 1 FREEDOM VALLEY CIRCLE CITY: OAK STATE: PA ZIP: 19456 BUSINESS PHONE: 610 676-3097 MAIL ADDRESS: STREET 1: SEI INVESTMENTS STREET 2: 1 FREEDOM VALLEY CIRCLE CITY: OAK STATE: PA ZIP: 19456 FORMER COMPANY: FORMER CONFORMED NAME: TRUSTFUNDS TAX EXEMPT TRUST DATE OF NAME CHANGE: 19890123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEI TAX EXEMPT TRUST CENTRAL INDEX KEY: 0000701817 IRS NUMBER: 236741646 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03447 FILM NUMBER: 13532830 BUSINESS ADDRESS: STREET 1: SEI INVESTMENTS STREET 2: 1 FREEDOM VALLEY CIRCLE CITY: OAK STATE: PA ZIP: 19456 BUSINESS PHONE: 610 676-3097 MAIL ADDRESS: STREET 1: SEI INVESTMENTS STREET 2: 1 FREEDOM VALLEY CIRCLE CITY: OAK STATE: PA ZIP: 19456 FORMER COMPANY: FORMER CONFORMED NAME: TRUSTFUNDS TAX EXEMPT TRUST DATE OF NAME CHANGE: 19890123

0000701817 S000006430 STET SHORT DURATION MUNICIPAL FUND

C000017624 STET SHORT DURATION MUNICIPAL FUND - CLASS A SUMAX

0000701817 S000006431 STET PENNSYLVANIA MUNICIPAL BOND FUND

C000017625 STET PENNSYLVANIA MUNICIPAL BOND FUND - CLASS B SEIPX

C000017626 STET PENNSYLVANIA MUNICIPAL BOND FUND - CLASS A SEPAX

0000701817 S000006432 STET MASSACHUSETTS MUNICIPAL BOND FUND

C000017627 STET MASSACHUSETTS MUNICIPAL BOND FUND - CLASS A SMAAX

0000701817 S000006434 STET NEW YORK MUNICIPAL BOND FUND

C000017629 STET NEW YORK MUNICIPAL BOND FUND - CLASS A SENYX

0000701817 S000006435 STET NEW JERSEY MUNICIPAL BOND FUND

C000017630 STET NEW JERSEY MUNICIPAL BOND FUND - CLASS A SENJX

0000701817 S000006436 STET CALIFORNIA MUNICIPAL BOND FUND

C000017631 STET CALIFORNIA MUNICIPAL BOND FUND - CLASS A SBDAX

0000701817 S000006437 STET TAX FREE FUND

C000017632 STET TAX FREE FUND - CLASS A TXEXX

0000701817 S000006438 STET INSTITUTIONAL TAX FREE FUND

C000017633 STET INSTITUTIONAL TAX FREE FUND - CLASS A TXWXX

C000017634 STET INSTITUTIONAL TAX FREE FUND - CLASS B SITXX

C000017635 STET INSTITUTIONAL TAX FREE FUND - CLASS C SFCXX

0000701817 S000006439 STET INTERMEDIATE TERM MUNICIPAL FUND

C000017636 STET INTERMEDIATE TERM MUNICIPAL FUND - CLASS A SEIMX

0000701817 S000016947 STET TAX-ADVANTAGED INCOME FUND

C000047166 STET TAX-ADVANTAGED INCOME FUND - CLASS A SEATX

485BPOS 1 a12-28677_13485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

As filed with the Securities and Exchange Commission on January 16, 2013

File No. 002-76990
File No. 811-03447

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

POST-EFFECTIVE AMENDMENT NO. 70x

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

AMENDMENT NO. 72x

SEI TAX EXEMPT TRUST

(Exact Name of Registrant as Specified in Charter)

SEI Investments Company
One Freedom Valley Drive
Oaks, Pennsylvania 19456

(Address of Principal Executive Offices)

(610) 989-1000

Timothy D. Barto
SEI Investments Company
One Freedom Valley Drive
Oaks, Pennsylvania 19456

(Name and Address of Agent for Service)

Copy to:

Timothy W. Levin, Esq.
Morgan, Lewis & Bockius LLP
1701 Market Street
Philadelphia, Pennsylvania 19103

Title of Securities Being Registered. . .Units of Beneficial Interest

It is proposed that this filing will become effective (check appropriate box)

x immediately upon filing pursuant to paragraph (b)
o on [date] pursuant to paragraph (b)
o 60 days after filing pursuant to paragraph (a)(1)
o on [date] pursuant to paragraph (a)(1)
o 75 days after filing pursuant to paragraph (a)(2)
o on [date] pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

o this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 70 to Registration Statement No. 002-76990 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Oaks, Commonwealth of Pennsylvania on the 16th day of January, 2013.

	SEI TAX EXEMPT TRUST

	By:	/s/ Robert A. Nesher
	Robert A. Nesher
	Trustee, President & Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated.

*		Trustee	January 16, 2013
Rosemarie B. Greco

*		Trustee	January 16, 2013
William M. Doran

*		Trustee	January 16, 2013
George J. Sullivan, Jr.

*		Trustee	January 16, 2013
Nina Lesavoy

*		Trustee	January 16, 2013
James M. Williams

*		Trustee	January 16, 2013
Mitchell A. Johnson

*		Trustee	January 16, 2013
Hubert L. Harris, Jr.

/s/ Robert A. Nesher		Trustee, President & Chief Executive Officer	January 16, 2013
Robert A. Nesher

/s/ Peter A. Rodriguez		Controller & Chief Financial Officer	January 16, 2013
Peter A. Rodriguez

*By:	/s/ Robert A. Nesher
	Robert A. Nesher
	Attorney-in-Fact

INDEX TO EXHIBITS

EXHIBIT NO.	DESCRIPTION OF EXHIBIT	PAGE NO.

	Risk/return summary of the Funds’ prospectuses as an Interactive Data File using eXtensible Business Reporting Language (“XBRL”)

EX-101.INS 2 ck0000701817-20120831.xml XBRL INSTANCE DOCUMENT 485BPOS 2012-08-31 0000701817 2012-12-31 SEI TAX EXEMPT TRUST false 2012-12-27 2012-12-31 The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 13% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000016947Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/BarChartData_S000016947Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Provide the highest level of income possible in a tax efficient manner.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) reflects no deduction for fees, expenses or taxes <tt>The Tax-Advantaged Income Fund will invest, under normal circumstances, at least 50% of its net assets in municipal securities that pay interest that is exempt from federal income tax, including the alternative minimum tax. The principal issuers of these securities are state and local governments and their agencies located in any of the fifty states, as well as in Puerto Rico and other U.S. territories and possessions. The Fund may invest more than 25% of its total assets in bonds of issuers in California and New York. Under most market conditions, a large percentage of the municipal securities in which the Fund invests will be below investment grade (junk bonds), but the Fund, without limitation, may invest in higher rated municipal securities. To a lesser extent, the Fund will also invest in a full range of preferred stock with an emphasis on preferred securities that, at the time of issuance, are eligible to pay dividends that qualify for certain favorable federal income tax treatment, such as dividends that are treated as qualified dividend income and the dividend received deduction (in each instance, provided certain requirements and holding periods are satisfied, see "Taxes"). Absent further legislation, the favorable federal income tax rates applicable to qualified dividend income will cease to apply in taxable years beginning after December 31, 2012 (for more information, see "Taxes"). The amount invested in preferred stocks at any one time will depend on the attractiveness of the after-tax income stream produced by the preferred securities and will be less than 50% of the Fund's net assets. It is possible that the Fund could own no preferred securities if municipal securities produce a higher yield on an after-tax basis. While a portion of the Fund may invest in securities other than municipal and preferred securities, the Fund will seek to purchase securities that enjoy preferential tax treatment. The Fund may also invest in convertible securities, securities eligible for resale under Rule 144A of the Securities Act of 1933 and other privately placed securities, debt securities subject to federal income tax, common stock and open and closed-end funds. SIMC may directly invest up to 5% of the Fund's assets in closed-end bond funds. The Fund uses a multi-manager approach to manage the Fund's portfolio under the general supervision of SIMC. Each Sub-Adviser and, to the extent applicable, SIMC selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, each Sub-Adviser and, to the extent applicable, SIMC, will attempt to acquire securities that are underpriced relative to other eligible securities. Each Sub-Adviser and, to the extent applicable, SIMC, will seek to maintain duration of four to eleven years for the Fund's entire portfolio. The Fund may invest in securities subject to the alternative minimum tax or in taxable debt securities.</tt> TAX-ADVANTAGED INCOME FUND EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Goal The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Loss of money is a risk of investing in the Fund. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.13 Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing the Fund's performance from year to year for the past four calendar years and by showing how the Fund's average annual returns for 1 year, and since the Fund's inception, compared with those of a broad measure of market performance. <tt>Best Quarter: 17.31% (06/30/09) Worst Quarter: -11.47% (09/30/08) The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 was 13.11%.</tt> 1-800-DIAL-SEI ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Below Investment Grade Securities Risk -- Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. California/New York Investment Risk -- To the extent the Fund invests a material portion of its assets in issuers of California or New York municipal securities, the Fund's performance will be affected by the fiscal and economic health of the States of California or New York, their political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting California or New York municipal issuers. Call Risk -- Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Convertible and Preferred Securities Risk -- Convertible and preferred securities generally have less potential for gain or loss than common stocks. In addition, convertible and preferred securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible and preferred securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible and preferred securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. Convertible and preferred securities are also subject to credit risk and are often lower-quality securities. Credit Risk -- The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. Equity Market Risk -- The risk that stock prices will fall over short or extended periods of time. Extension Risk -- The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Interest Rate Risk -- The risk that the value of fixed income securities will fall due to rising interest rates. Investment Company Risk -- When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. Liquidity Risk -- The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Municipal Securities Risk -- Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Non-Diversified Risk -- The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. Portfolio Turnover Risk -- Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities. Prepayment Risk -- The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Private Placements Risk -- Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Furthermore, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded. Tax Risk -- In order to pay tax-exempt interest, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. Changes or proposed changes in federal tax laws may cause the prices of tax-exempt securities to fall. While the Fund intends, under normal circumstances, to invest at least 50% of its net assets in municipal securities that pay interest that is exempt from federal income tax in order to meet the requirements necessary to pay out exempt-interest dividends to its shareholders, if the Fund fails to meet this requirement, the income from all of its investments, including its municipal securities, may be subject to federal income tax. Loss of money is a risk of investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing the Fund's performance from year to year for the past four calendar years and by showing how the Fund's average annual returns for 1 year, and since the Fund's inception, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000016947Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/PerformanceTableData_S000016947Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>This table compares the Fund's average annual total returns to those of a broad-based index and the Fund's 60/40 Blended Benchmark, which consists of the Barclays Capital High Yield Municipal Bond Index and the Barclays Capital Municipal Bond Index. The Fund's Blended Benchmark is designed to reflect a useful comparison to the Fund's overall performance and reflects the Fund's investment strategy more accurately than the broad-based index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</tt> <div style="display:none">~ http://www.seic.com/role/ShareholderFeesData_S000016947Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> The Fund's 60/40 Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 0.0983 0.0381 2007-09-04 Barclays Capital High Yield Municipal Bond Index (reflects no deduction for fees, expenses or taxes) 0.0925 0.0243 2007-09-04 Class A Shares Return After Taxes on Distributions and Sale of Fund Shares 0.0476 0.0271 2007-09-04 Class A Shares Return After Taxes on Distributions 0.0503 0.0248 2007-09-04 SEATX Worst Quarter: Best Quarter: 2012-09-30 Class A Shares Return Before Taxes 117 2009-06-30 365 -0.1147 0.0525 1398 -0.0050 633 0.1731 0.0570 0.0064 -0.1991 0.0050 2008-09-30 0.3413 The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0570 0.00 0.0115 0.0326 2007-09-04 0.1311 0.0001 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 27% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000006439Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/BarChartData_S000006439Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The highest level of income exempt from federal income tax as is consistent with the preservation of capital.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) reflects no deduction for fees, expenses or taxes <tt>The Intermediate-Term Municipal Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal income tax. 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 uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC). To a limited extent, SIMC may also directly manage a portion of the Fund's portfolio. The Sub-Advisers and, to the extent applicable, SIMC select securities based on their views on the future direction of interest rates and the shape of the yield curve, as well as their views on credit quality and sector allocation issues. Where possible, the Sub-Advisers and, to the extent applicable, SIMC will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Advisers and, to the extent applicable, SIMC will strive to maintain an average dollar-weighted portfolio maturity of three to ten years for the Fund's entire portfolio. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal income tax. The Fund may also invest in municipal securities rated below investment grade (junk bonds).</tt> INTERMEDIATE-TERM MUNICIPAL FUND EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Goal The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Loss of money is a risk of investing in the Fund. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.27 Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compared with those of a broad measure of market performance. <tt>Best Quarter: 6.42% (09/30/09) Worst Quarter: -3.11% (12/31/10) The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 was 4.75%.</tt> 1-800-DIAL-SEI ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Below Investment Grade Securities Risk -- Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Call Risk -- Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Credit Risk -- The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. Extension Risk -- The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Fixed Income Market Risk -- The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In addition, the Fund is subject to the risk that tax-exempt fixed income securities may underperform other fixed income market segments or the fixed income markets as a whole. Interest Rate Risk -- The risk that the value of fixed income securities will fall due to rising interest rates.    Liquidity Risk -- The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Municipal Securities Risk -- State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Prepayment Risk -- The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Taxation Risk -- The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Loss of money is a risk of investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000006439Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/PerformanceTableData_S000006439Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</tt> <div style="display:none">~ http://www.seic.com/role/ShareholderFeesData_S000006439Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays Capital 3-15 Year Intermediate Municipal Blend Index (reflects no deduction for fees, expenses or taxes) 0.0963 0.0574 0.0535 1989-09-05 Class A Shares Return After Taxes on Distributions and Sale of Fund Shares 0.0710 0.0468 0.0434 0.0511 1989-09-05 Class A Shares Return After Taxes on Distributions 0.0908 0.0488 0.0442 0.0517 1989-09-05 SEIMX 0.0887 Worst Quarter: Best Quarter: 2012-09-30 Class A Shares Return Before Taxes 88 2009-09-30 274 -0.0311 0.0264 0.0337 1061 -0.0050 477 0.0264 0.0642 0.0909 0.0053 -0.0090 0.0033 2010-12-31 0.1065 0.0488 0.0133 The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0909 0.0415 0.00 0.0451 0.0086 0.0387 0.0524 1989-09-05 0.0475 <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000006438Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/BarChartData_S000006438Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Preserving principal value and maintaining a high degree of liquidity while providing current income exempt from federal income taxes.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) <tt>The Institutional Tax Free Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal money market securities (i) that pay interest that is exempt from federal income taxes and (ii) the interest on which is not a preference item for purposes of the federal alternative minimum tax. 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 uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC). The Sub-Adviser seeks to purchase liquid securities with appropriate maturities (i.e., that meet the maturity requirements imposed by Rule 2a-7 under the Investment Company Act of 1940, as amended) that offer competitive yields and that are issued by financially sound issuers. The Sub-Adviser also considers sector allocation and relative valuations in selecting securities for the Fund.    The Fund invests in high quality, short-term debt securities, commonly known as money market instruments. These include municipal bonds, notes, tax-exempt commercial paper and industrial development bonds. The Fund may, to a limited extent, invest in certain taxable securities and repurchase agreements, as well as in securities subject to the alternative minimum tax or in taxable municipal securities. The Fund follows strict Securities and Exchange Commission (SEC) rules about the credit quality, maturity and diversification of its investments.</tt> INSTITUTIONAL TAX FREE FUND EXAMPLE Investment Goal The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Principal Risks Although your actual costs may be higher or lower, based on these assumptions your costs would be: Performance Information <tt>Please call 1-800-DIAL-SEI to obtain the Fund's current yield.</tt> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception. <tt>Best Quarter: 0.74% (09/30/07) Worst Quarter: 0.01% (03/31/10) The Fund's Class C total return (pre-tax) from January 1, 2012 to September 30, 2012 was 0.01%.</tt> 1-800-DIAL-SEI ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <tt>Call Risk -- Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Credit Risk -- The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. Extension Risk -- The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Fixed Income Market Risk -- The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In addition, the Fund is subject to the risk that tax-exempt fixed income securities may underperform other fixed income market segments or the fixed income markets as a whole. Income Risk -- An investment in the Fund is subject to income risk, which is the possibility that the Fund's yield will decline due to falling interest rates. Interest Rate Risk -- The risk that the value of fixed income securities will fall due to rising interest rates. A rise in interest rates typically causes a fall in the value of fixed income securities in which the Fund invests, while a fall in interest rates typically causes a rise in the value of such securities. During periods when interest rates are low, the Fund's yield (and total return) also will be low and the income generated by the Fund may not be sufficient to offset all or a significant portion of the Fund's expenses, which could impair the Fund's ability to provide a positive yield and maintain a stable $1.00 share price. Municipal Securities Risk -- State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Prepayment Risk -- The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Redemption Risk -- The Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. This could have a significant adverse effect on the Fund's ability to maintain a stable $1.00 share price, and, in extreme circumstances, could cause the Fund to suspend redemptions and liquidate completely. Taxation Risk -- The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000006438Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/PerformanceTableData_S000006438Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. SFCXX 0.0080 Worst Quarter: Best Quarter: 2012-09-30 Class C Shares 96 2007-09-30 300 0.0001 0.0045 0.0006 1155 520 0.0287 0.0074 0.0005 0.0090 0.0162 0.0004 2010-03-31 0.0019 0.0095 0.0162 The Fund's Class C total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0005 0.0035 0.00 0.0106 0.0094 0.0265 0.0175 1995-09-11 0.0001 <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000006438Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/BarChartData_S000006438Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Preserving principal value and maintaining a high degree of liquidity while providing current income exempt from federal income taxes.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) <tt>The Institutional Tax Free Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal money market securities (i) that pay interest that is exempt from federal income taxes and (ii) the interest on which is not a preference item for purposes of the federal alternative minimum tax. 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 uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC). The Sub-Adviser seeks to purchase liquid securities with appropriate maturities (i.e., that meet the maturity requirements imposed by Rule 2a-7 under the Investment Company Act of 1940, as amended) that offer competitive yields and that are issued by financially sound issuers. The Sub-Adviser also considers sector allocation and relative valuations in selecting securities for the Fund.    The Fund invests in high quality, short-term debt securities, commonly known as money market instruments. These include municipal bonds, notes, tax-exempt commercial paper and industrial development bonds. The Fund may, to a limited extent, invest in certain taxable securities and repurchase agreements, as well as in securities subject to the alternative minimum tax or in taxable municipal securities. The Fund follows strict Securities and Exchange Commission (SEC) rules about the credit quality, maturity and diversification of its investments.</tt> INSTITUTIONAL TAX FREE FUND EXAMPLE Investment Goal The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Principal Risks Although your actual costs may be higher or lower, based on these assumptions your costs would be: Performance Information <tt>Please call 1-800-DIAL-SEI to obtain the Fund's current yield.</tt> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception. <tt>Best Quarter: 0.79% (06/30/07) Worst Quarter: 0.01% (03/31/10) The Fund's Class B total return (pre-tax) from January 1, 2012 to September 30, 2012 was 0.01%.</tt> 1-800-DIAL-SEI ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <tt>Call Risk -- Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Credit Risk -- The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. Extension Risk -- The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Fixed Income Market Risk -- The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In addition, the Fund is subject to the risk that tax-exempt fixed income securities may underperform other fixed income market segments or the fixed income markets as a whole. Income Risk -- An investment in the Fund is subject to income risk, which is the possibility that the Fund's yield will decline due to falling interest rates. Interest Rate Risk -- The risk that the value of fixed income securities will fall due to rising interest rates. A rise in interest rates typically causes a fall in the value of fixed income securities in which the Fund invests, while a fall in interest rates typically causes a rise in the value of such securities. During periods when interest rates are low, the Fund's yield (and total return) also will be low and the income generated by the Fund may not be sufficient to offset all or a significant portion of the Fund's expenses, which could impair the Fund's ability to provide a positive yield and maintain a stable $1.00 share price. Municipal Securities Risk -- State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund.    Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Prepayment Risk -- The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Redemption Risk -- The Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. This could have a significant adverse effect on the Fund's ability to maintain a stable $1.00 share price, and, in extreme circumstances, could cause the Fund to suspend redemptions and liquidate completely. Taxation Risk -- The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000006438Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/PerformanceTableData_S000006438Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. SITXX 0.0100 Worst Quarter: Best Quarter: 2012-09-30 Class B Shares 76 2007-06-30 237 0.0001 0.0065 0.0006 918 411 0.0309 0.0079 0.0005 0.0070 0.0182 0.0004 2010-03-31 0.0029 0.0106 0.0183 The Fund's Class B total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0005 0.0055 0.00 0.0121 0.0074 0.0286 0.0220 1990-10-15 0.0001 <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000006438Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/BarChartData_S000006438Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Preserving principal value and maintaining a high degree of liquidity while providing current income exempt from federal income taxes.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) <tt>The Institutional Tax Free Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal money market securities (i) that pay interest that is exempt from federal income taxes and (ii) the interest on which is not a preference item for purposes of the federal alternative minimum tax. 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 uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC). The Sub-Adviser seeks to purchase liquid securities with appropriate maturities (i.e., that meet the maturity requirements imposed by Rule 2a-7 under the Investment Company Act of 1940, as amended) that offer competitive yields and that are issued by financially sound issuers. The Sub-Adviser also considers sector allocation and relative valuations in selecting securities for the Fund.    The Fund invests in high quality, short-term debt securities, commonly known as money market instruments. These include municipal bonds, notes, tax-exempt commercial paper and industrial development bonds. The Fund may, to a limited extent, invest in certain taxable securities and repurchase agreements, as well as in securities subject to the alternative minimum tax or in taxable municipal securities. The Fund follows strict Securities and Exchange Commission (SEC) rules about the credit quality, maturity and diversification of its investments.</tt> INSTITUTIONAL TAX FREE FUND EXAMPLE Investment Goal The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Principal Risks Although your actual costs may be higher or lower, based on these assumptions your costs would be: Performance Information <tt>Please call 1-800-DIAL-SEI to obtain the Fund's current yield.</tt> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception. <tt>Best Quarter: 0.87% (06/30/07) Worst Quarter: 0.01% (06/30/11) The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 was 0.02%.</tt> 1-800-DIAL-SEI ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <tt>Call Risk -- Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Credit Risk -- The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. Extension Risk -- The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Fixed Income Market Risk -- The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In addition, the Fund is subject to the risk that tax-exempt fixed income securities may underperform other fixed income market segments or the fixed income markets as a whole. Income Risk -- An investment in the Fund is subject to income risk, which is the possibility that the Fund's yield will decline due to falling interest rates. Interest Rate Risk -- The risk that the value of fixed income securities will fall due to rising interest rates. A rise in interest rates typically causes a fall in the value of fixed income securities in which the Fund invests, while a fall in interest rates typically causes a rise in the value of such securities. During periods when interest rates are low, the Fund's yield (and total return) also will be low and the income generated by the Fund may not be sufficient to offset all or a significant portion of the Fund's expenses, which could impair the Fund's ability to provide a positive yield and maintain a stable $1.00 share price. Municipal Securities Risk -- State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Prepayment Risk -- The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.    Redemption Risk -- The Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. This could have a significant adverse effect on the Fund's ability to maintain a stable $1.00 share price, and, in extreme circumstances, could cause the Fund to suspend redemptions and liquidate completely. Taxation Risk -- The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000006438Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/PerformanceTableData_S000006438Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. TXWXX 0.0130 Worst Quarter: Best Quarter: 2012-09-30 Class A Shares 70 2007-06-30 221 0.0001 0.0095 0.0006 859 384 0.0339 0.0087 0.0006 0.0065 0.0213 0.0004 2011-06-30 0.0048 0.0122 0.0213 The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0006 0.0085 0.00 0.0145 0.0069 0.0316 0.0316 1982-11-03 0.0002 <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000006437Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/BarChartData_S000006437Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Preserving principal value and maintaining a high degree of liquidity while providing current income exempt from federal income taxes.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) <tt>The Tax Free Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal money market securities (i) that pay interest that is exempt from federal income taxes and (ii) the interest on which is not a preference item for purposes of the federal alternative minimum tax. 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 uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC). The Sub-Adviser seeks to purchase liquid securities with appropriate maturities (i.e., that meet the maturity requirements imposed by Rule 2a-7 under the Investment Company Act of 1940, as amended) that offer competitive yields and that are issued by financially sound issuers. The Sub-Adviser also considers sector allocation and relative valuations in selecting securities for the Fund. The Fund invests in high quality, short-term debt securities, commonly known as money market instruments. These include municipal bonds, notes, tax-exempt commercial paper and industrial development bonds. The Fund may, to a limited extent, invest in certain taxable securities and repurchase agreements, as well as in securities subject to the alternative minimum tax or in taxable municipal securities. The Fund follows strict Securities and Exchange Commission (SEC) rules about the credit quality, maturity and diversification of its investments.</tt> TAX FREE FUND EXAMPLE Investment Goal The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Principal Risks Although your actual costs may be higher or lower, based on these assumptions your costs would be: Performance Information <tt>Please call 1-800-DIAL-SEI to obtain the Fund's current yield.</tt> The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception. <tt>Best Quarter: 0.84% (06/30/07) Worst Quarter: 0.00% (03/31/11) The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 was 0.01%.</tt> 1-800-DIAL-SEI ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <tt>Call Risk -- Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Credit Risk -- The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. Extension Risk -- The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Fixed Income Market Risk -- The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In addition, the Fund is subject to the risk that tax-exempt fixed income securities may underperform other fixed income market segments or the fixed income markets as a whole. Income Risk -- An investment in the Fund is subject to income risk, which is the possibility that the Fund's yield will decline due to falling interest rates. Interest Rate Risk -- The risk that the value of fixed income securities will fall due to rising interest rates. A rise in interest rates typically causes a fall in the value of fixed income securities in which the Fund invests, while a fall in interest rates typically causes a rise in the value of such securities. During periods when interest rates are low, the Fund's yield (and total return) also will be low and the income generated by the Fund may not be sufficient to offset all or a significant portion of the Fund's expenses, which could impair the Fund's ability to provide a positive yield and maintain a stable $1.00 share price. Municipal Securities Risk -- State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Prepayment Risk -- The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.    Redemption Risk -- The Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. This could have a significant adverse effect on the Fund's ability to maintain a stable $1.00 share price, and, in extreme circumstances, could cause the Fund to suspend redemptions and liquidate completely. Taxation Risk -- The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000006437Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/PerformanceTableData_S000006437Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. TXEXX 0.0115 Worst Quarter: Best Quarter: 2012-09-30 Class A Shares 70 2007-06-30 221 0.0000 0.0081 0.0004 859 384 0.0328 0.0084 0.0001 0.0065 0.0200 0.0004 2011-03-31 0.0034 0.0113 0.0200 The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0001 0.0070 0.00 0.0133 0.0069 0.0304 0.0304 1982-11-12 0.0001 The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000006436Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/BarChartData_S000006436Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The highest level of current income exempt from federal and California state income taxes as is consistent with the preservation of capital.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) reflects no deduction for fees, expenses or taxes <tt>The California Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and California state income taxes. The principal issuers of these securities are state and local governments and their agencies located in California, as well as in Puerto Rico and other U.S. territories and possessions. The Fund uses a Sub-Adviser to manage the Fund's portfolio under the general supervision of SIMC. The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of three to ten years. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and California state income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).</tt> CALIFORNIA MUNICIPAL BOND FUND EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Goal The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Loss of money is a risk of investing in the Fund. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.20 Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compared with those of a broad measure of market performance. <tt>Best Quarter: 6.20% (09/30/09) Worst Quarter: -3.23% (12/31/10) The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 was 4.18%.</tt> 1-800-DIAL-SEI ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Below Investment Grade Securities Risk -- Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. California Investment Risk -- The Fund's performance will be affected by the fiscal and economic health of the State of California, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting California municipal issuers. Call Risk -- Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Credit Risk -- The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. Extension Risk -- The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Fixed Income Market Risk -- The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In addition, the Fund is subject to the risk that tax-exempt fixed income securities may underperform other fixed income market segments or the fixed income markets as a whole. Interest Rate Risk -- The risk that the value of fixed income securities will fall due to rising interest rates. Liquidity Risk -- The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.    Municipal Securities Risk -- State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Non-Diversified Risk -- The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. Prepayment Risk -- The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Taxation Risk -- The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Loss of money is a risk of investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000006436Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/PerformanceTableData_S000006436Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</tt> <div style="display:none">~ http://www.seic.com/role/ShareholderFeesData_S000006436Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays Capital MF California Intermediate Municipal Index (reflects no deduction for fees, expenses or taxes) 0.1120 0.0628 0.0554 0.0535 1998-08-19 Class A Shares Return After Taxes on Distributions and Sale of Fund Shares 0.0727 0.0478 0.0428 0.0448 1998-08-19 Class A Shares Return After Taxes on Distributions 0.0945 0.0500 0.0437 0.0457 1998-08-19 SBDAX 0.0781 Worst Quarter: Best Quarter: 2012-09-30 Class A Shares Return Before Taxes 88 2009-09-30 274 -0.0323 0.0314 0.0373 1061 -0.0050 477 0.0364 0.0620 0.0945 0.0053 0.0089 0.0033 2010-12-31 0.0763 0.0502 0.0118 The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0945 0.0404 0.00 0.0445 0.0086 0.0337 0.0466 1998-08-19 0.0418 The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000006435Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/BarChartData_S000006435Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The highest level of current income exempt from federal and New Jersey state income taxes as is consistent with the preservation of capital.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) reflects no deduction for fees, expenses or taxes <tt>The New Jersey Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and New Jersey state income taxes. The principal issuers of these securities are state and local governments and their agencies located in New Jersey, as well as in Puerto Rico and other U.S. territories and possessions. The Fund uses a Sub-Adviser to manage the Fund's portfolio under the general supervision of SIMC. The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of three to ten years. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and New Jersey state income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).</tt> NEW JERSEY MUNICIPAL BOND FUND EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Goal The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Loss of money is a risk of investing in the Fund. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.16 Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compared with those of a broad measure of market performance. <tt>Best Quarter: 4.48% (09/30/09) Worst Quarter: -2.67% (12/31/10) The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 was 3.19%.</tt> 1-800-DIAL-SEI ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Below Investment Grade Securities Risk -- Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Call Risk -- Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Credit Risk -- The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. Extension Risk -- The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Fixed Income Market Risk -- The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In addition, the Fund is subject to the risk that tax-exempt fixed income securities may underperform other fixed income market segments or the fixed income markets as a whole. Interest Rate Risk -- The risk that the value of fixed income securities will fall due to rising interest rates. Liquidity Risk -- The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Municipal Securities Risk -- State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. New Jersey Investment Risk -- The Fund's performance will be affected by the fiscal and economic health of the State of New Jersey, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New Jersey municipal issuers. Non-Diversified Risk -- The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. Prepayment Risk -- The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Taxation Risk -- The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Loss of money is a risk of investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000006435Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/PerformanceTableData_S000006435Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</tt> <div style="display:none">~ http://www.seic.com/role/ShareholderFeesData_S000006435Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays Capital 3-10 Year Intermediate Municipal Blend Index (reflects no deduction for fees, expenses or taxes) 0.0856 0.0572 0.0509 0.0503 1998-08-18 Class A Shares Return After Taxes on Distributions and Sale of Fund Shares 0.0604 0.0451 0.0409 0.0414 1998-08-18 Class A Shares Return After Taxes on Distributions 0.0760 0.0471 0.0417 0.0421 1998-08-18 SENJX 0.0834 Worst Quarter: Best Quarter: 2012-09-30 Class A Shares Return Before Taxes 88 2009-09-30 274 -0.0267 0.0231 0.0278 1061 -0.0050 477 0.0401 0.0448 0.0761 0.0053 0.0161 0.0033 2010-12-31 0.0774 0.0472 0.0104 The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0761 0.0400 0.00 0.0424 0.0086 0.0328 0.0427 1998-08-18 0.0319 The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000006434Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/BarChartData_S000006434Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The highest level of current income exempt from federal and New York state and city income taxes as is consistent with the preservation of capital.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) reflects no deduction for fees, expenses or taxes <tt>The New York Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and New York state and city income taxes. The principal issuers of these securities are state and local governments and their agencies located in New York, as well as in Puerto Rico and other U.S. territories and possessions. The Fund uses a Sub-Adviser to manage the Fund's portfolio under the general supervision of SIMC. The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of three to ten years. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and New York state and city income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).</tt> NEW YORK MUNICIPAL BOND FUND EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Goal The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Loss of money is a risk of investing in the Fund. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.17 Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compared with those of a broad measure of market performance. <tt>Best Quarter: 5.32% (09/30/09) Worst Quarter: -2.86% (12/31/10) The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 was 3.20%.</tt> 1-800-DIAL-SEI ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Below Investment Grade Securities Risk -- Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Call Risk -- Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Credit Risk -- The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. Extension Risk -- The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Fixed Income Market Risk -- The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In addition, the Fund is subject to the risk that tax-exempt fixed income securities may underperform other fixed income market segments or the fixed income markets as a whole. Interest Rate Risk -- The risk that the value of fixed income securities will fall due to rising interest rates. Liquidity Risk -- The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Municipal Securities Risk -- State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. New York Investment Risk -- The Fund's performance will be affected by the fiscal and economic health of the State of New York, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting New York municipal issuers. Non-Diversified Risk -- The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. Prepayment Risk -- The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Taxation Risk -- The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Loss of money is a risk of investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000006434Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/PerformanceTableData_S000006434Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</tt> <div style="display:none">~ http://www.seic.com/role/ShareholderFeesData_S000006434Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays Capital MF New York Intermediate Municipal Index (reflects no deduction for fees, expenses or taxes) 0.0977 0.0620 0.0556 0.0538 1998-08-18 Class A Shares Return After Taxes on Distributions and Sale of Fund Shares 0.0641 0.0475 0.0446 0.0444 1998-08-18 Class A Shares Return After Taxes on Distributions 0.0780 0.0493 0.0456 0.0452 1998-08-18 SENYX 0.0961 Worst Quarter: Best Quarter: 2012-09-30 Class A Shares Return Before Taxes 89 2009-09-30 278 -0.0286 0.0253 0.0298 1073 -0.0050 482 0.0401 0.0532 0.0796 0.0054 0.0067 0.0033 2010-12-31 0.0964 0.0500 0.0108 The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0796 0.0500 0.00 0.0465 0.0087 0.0348 0.0460 1998-08-18 0.0320 The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 10% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000006432Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/BarChartData_S000006432Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The highest level of current income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) reflects no deduction for fees, expenses or taxes <tt>The Massachusetts Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and Massachusetts state income taxes. The principal issuers of these securities are state and local governments and their agencies located in Massachusetts, as well as in Puerto Rico and other U.S. territories and possessions. The Fund uses a Sub-Adviser to manage the Fund's portfolio under the general supervision of SIMC. The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of three to ten years. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and Massachusetts state income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).</tt> MASSACHUSETTS MUNICIPAL BOND FUND EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Goal The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Loss of money is a risk of investing in the Fund. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.10 Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compared with those of a broad measure of market performance. <tt>Best Quarter: 5.73% (09/30/09) Worst Quarter: -3.45% (12/31/10) The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 was 3.54%.</tt> 1-800-DIAL-SEI ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Below Investment Grade Securities Risk -- Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Call Risk -- Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Credit Risk -- The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. Extension Risk- - The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Fixed Income Market Risk -- The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In addition, the Fund is subject to the risk that tax-exempt fixed income securities may underperform other fixed income market segments or the fixed income markets as a whole. Interest Rate Risk -- The risk that the value of fixed income securities will fall due to rising interest rates. Liquidity Risk -- The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Massachusetts Investment Risk -- The Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Massachusetts, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Massachusetts municipal issuers.    Municipal Securities Risk -- State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Non-Diversified Risk -- The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. Prepayment Risk -- The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Taxation Risk -- The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Loss of money is a risk of investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000006432Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/PerformanceTableData_S000006432Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</tt> <div style="display:none">~ http://www.seic.com/role/ShareholderFeesData_S000006432Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays Capital MF Massachusetts Intermediate Municipal Index (reflects no deduction for fees, expenses or taxes) 0.1074 0.0655 0.0572 0.0552 1998-08-19 Class A Shares Return After Taxes on Distributions and Sale of Fund Shares 0.0757 0.0522 0.0473 0.0457 1998-08-19 Class A Shares Return After Taxes on Distributions 0.0979 0.0549 0.0485 0.0466 1998-08-19 SMAAX 0.0972 Worst Quarter: Best Quarter: 2012-09-30 Class A Shares Return Before Taxes 88 2009-09-30 274 -0.0345 0.0283 0.0313 1061 -0.0050 477 0.0406 0.0573 0.0989 0.0053 0.0071 0.0033 2010-12-31 0.1024 0.0554 0.0140 The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0989 0.0463 0.00 0.0498 0.0086 0.0368 0.0476 1998-08-19 0.0354 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000006431Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/BarChartData_S000006431Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Current income exempt from federal and Pennsylvania income taxes consistent with the preservation of capital.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) reflects no deduction for fees, expenses or taxes <tt>The Pennsylvania Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and Pennsylvania state income taxes. The principal issuers of these securities are state and local governments and their agencies located in Pennsylvania, as well as in Puerto Rico and other U.S. territories and possessions. The Fund uses a sub-adviser (the Sub-Adviser) to manage the Fund's portfolio under the general supervision of SEI Investments Management Corporation, the Fund's adviser (SIMC). The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of seven years or less. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and Pennsylvania state income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).</tt> PENNSYLVANIA MUNICIPAL BOND FUND EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Goal The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Loss of money is a risk of investing in the Fund. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.12 Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compared with those of a broad measure of market performance. <tt>Best Quarter: 5.30% (09/30/09) Worst Quarter: -3.10% (12/31/10) The Fund's Class B total return (pre-tax) from January 1, 2012 to September 30, 2012 was 3.74%.</tt> 1-800-DIAL-SEI ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Below Investment Grade Securities Risk -- Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Call Risk -- Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Credit Risk -- The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. Extension Risk -- The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Fixed Income Market Risk -- The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In addition, the Fund is subject to the risk that tax-exempt fixed income securities may underperform other fixed income market segments or the fixed income markets as a whole. Interest Rate Risk -- The risk that the value of fixed income securities will fall due to rising interest rates. Liquidity Risk -- The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Municipal Securities Risk -- State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Pennsylvania Investment Risk -- The Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Pennsylvania, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Pennsylvania municipal issuers. Prepayment Risk -- The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Taxation Risk -- The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Loss of money is a risk of investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000006431Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/PerformanceTableData_S000006431Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</tt> <div style="display:none">~ http://www.seic.com/role/ShareholderFeesData_S000006431Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays Capital MF Pennsylvania Intermediate Municipal Index (reflects no deduction for fees, expenses or taxes) 0.1018 0.0621 0.0552 1989-08-14 Class B Shares Return After Taxes on Distributions and Sale of Fund Shares 0.0759 0.0451 0.0454 0.0528 1989-08-14 Class B Shares Return After Taxes on Distributions 0.0986 0.0465 0.0459 0.0532 1989-08-14 SEIPX 0.0982 Worst Quarter: Best Quarter: 2012-09-30 Class B Shares Return Before Taxes 91 2009-09-30 284 -0.0310 0.0257 0.0330 1096 -0.0050 493 0.0363 0.0530 0.0986 0.0054 -0.0140 0.0035 2010-12-31 0.0827 0.0466 0.0213 The Fund's Class B total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0986 0.0487 0.00 0.0463 0.0089 0.0379 0.0538 1989-08-14 0.0374 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000006431Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/BarChartData_S000006431Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Current income exempt from federal and Pennsylvania state income taxes consistent with the preservation of capital.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) reflects no deduction for fees, expenses or taxes <tt>The Pennsylvania Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal and Pennsylvania state income taxes. The principal issuers of these securities are state and local governments and their agencies located in Pennsylvania, as well as in Puerto Rico and other U.S. territories and possessions. The Fund uses a Sub-Adviser to manage the Fund's portfolio under the general supervision of SIMC. The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain an average weighted portfolio maturity of seven years or less. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal and Pennsylvania state income taxes. The Fund may also invest in municipal securities rated below investment grade (junk bonds).</tt> PENNSYLVANIA MUNICIPAL BOND FUND EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Goal The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Loss of money is a risk of investing in the Fund. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.12 Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compared with those of a broad measure of market performance. <tt>Best Quarter: 5.17% (09/30/09) Worst Quarter: -3.14% (12/31/10) The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 was 3.62%.</tt> 1-800-DIAL-SEI ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Below Investment Grade Securities Risk -- Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Call Risk -- Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Credit Risk -- The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. Extension Risk -- The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Fixed Income Market Risk -- The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In addition, the Fund is subject to the risk that tax-exempt fixed income securities may underperform other fixed income market segments or the fixed income markets as a whole. Interest Rate Risk -- The risk that the value of fixed income securities will fall due to rising interest rates. Liquidity Risk -- The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.    Municipal Securities Risk -- State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Pennsylvania Investment Risk -- The Fund's performance will be affected by the fiscal and economic health of the Commonwealth of Pennsylvania, its political subdivisions, municipalities, agencies and authorities and political and regulatory developments affecting Pennsylvania municipal issuers. Prepayment Risk -- The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Taxation Risk -- The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Loss of money is a risk of investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past ten calendar years and by showing how the Fund's average annual returns for 1, 5 and 10 years, and since the Fund's inception, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000006431Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/PerformanceTableData_S000006431Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</tt> <div style="display:none">~ http://www.seic.com/role/ShareholderFeesData_S000006431Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays Capital MF Pennsylvania Intermediate Municipal Index (reflects no deduction for fees, expenses or taxes) 0.1018 0.0621 0.0552 0.0531 1998-08-26 Class A Shares Return After Taxes on Distributions and Sale of Fund Shares 0.0750 0.0438 0.0440 0.0437 1998-08-26 Class A Shares Return After Taxes on Distributions 0.0981 0.0451 0.0446 0.0440 1998-08-26 SEPAX 0.0969 Worst Quarter: Best Quarter: 2012-09-30 Class A Shares Return Before Taxes 86 2009-09-30 268 -0.0314 0.0245 0.0314 1037 -0.0050 466 0.0351 0.0517 0.0981 0.0049 -0.0152 0.0035 2010-12-31 0.0803 0.0452 0.0201 The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0981 0.0474 0.00 0.0450 0.0084 0.0367 0.0444 1998-08-26 0.0362 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 42% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.seic.com/role/ExpenseExample_S000006430Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/BarChartData_S000006430Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>High level of income exempt from federal income tax consistent with the preservation of capital.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) reflects no deduction for fees, expenses or taxes <tt>The Short Duration Municipal Fund will invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade municipal securities that pay interest that is exempt from federal income tax. 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. Duration is a weighted average term-to-maturity of the security's cash flow. The weights are the present values of each cash flow as a percentage of the present value of all cash flows (i.e., the weights are the present value of each cash flow as a percentage of the bond's full price). The Fund uses one or more Sub-Advisers to manage the Fund's portfolio under the general supervision of SIMC. The Sub-Adviser selects securities based on its view on the future direction of interest rates and the shape of the yield curve, as well as its views on credit quality and sector allocation issues. Where possible, the Sub-Adviser will attempt to acquire securities that are underpriced relative to other eligible securities. The Sub-Adviser will strive to maintain a portfolio duration of three years or less. The Fund may, to a limited extent, invest in securities subject to the alternative minimum tax or in debt securities subject to federal income tax.</tt> SHORT DURATION MUNICIPAL FUND EXAMPLE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment Goal The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Loss of money is a risk of investing in the Fund. Principal Risks SHAREHOLDER FEES (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.42 Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past eight calendar years and by showing how the Fund's average annual returns for 1 and 5 years, and since the Fund's inception, compared with those of a broad measure of market performance. <tt>Best Quarter: 1.51% (12/31/08) Worst Quarter: -0.26% (06/30/04) The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 was 0.79%.</tt> 1-800-DIAL-SEI ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Call Risk -- Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. Bonds may be called due to falling interest rates or non-economical circumstances. Credit Risk -- The Fund could lose money if the issuer or guarantor of a portfolio security or a counterparty to a contract fails to make timely payment or otherwise honor its obligations. If the Fund purchases securities supported by credit enhancements from banks and other financial institutions, changes in the credit quality of these institutions could cause losses to the Fund and affect its share price. Extension Risk -- The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value. Fixed Income Market Risk -- The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In addition, the Fund is subject to the risk that tax-exempt fixed income securities may underperform other fixed income market segments or the fixed income markets as a whole. Interest Rate Risk -- The risk that the value of fixed income securities will fall due to rising interest rates. Liquidity Risk -- The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Municipal Securities Risk -- State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Prepayment Risk -- The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Taxation Risk -- The Fund may invest a portion of its assets in securities that generate income that is subject to federal, state and local income tax, including the federal alternative minimum tax. Loss of money is a risk of investing in the Fund.</tt> Fees and Expenses Principal Investment Strategies <tt>The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for the past eight calendar years and by showing how the Fund's average annual returns for 1 and 5 years, and since the Fund's inception, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call 1-800-DIAL-SEI.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold Fund shares.</tt> <div style="display:none">~ http://www.seic.com/role/OperatingExpensesData_S000006430Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.seic.com/role/PerformanceTableData_S000006430Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</tt> <div style="display:none">~ http://www.seic.com/role/ShareholderFeesData_S000006430Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays Capital 1-Year Municipal Bond Index (reflects no deduction for fees, expenses or taxes) 0.0158 0.0303 0.0259 2003-11-13 Class A Shares Return After Taxes on Distributions and Sale of Fund Shares 0.0144 0.0260 0.0225 2003-11-13 Class A Shares Return After Taxes on Distributions 0.0151 0.0264 0.0226 2003-11-13 SUMAX Worst Quarter: Best Quarter: 2012-09-30 Class A Shares Return Before Taxes 88 2008-12-31 274 -0.0026 0.0072 0.0089 1061 -0.0050 477 0.0377 0.0151 0.0152 0.0053 0.0376 0.0033 2004-06-30 0.0342 0.0266 0.0142 The Fund's Class A total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0152 0.00 0.0086 0.0288 0.0228 2003-11-13 0.0079 0000701817 ck0000701817:SummaryS000006430Memberck0000701817:S000006430Memberck0000701817:C000017624Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006430Memberck0000701817:S000006430Memberrr:AfterTaxesOnDistributionsMemberck0000701817:C000017624Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006430Memberck0000701817:S000006430Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000701817:C000017624Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006430Memberck0000701817:S000006430Memberck0000701817:RRINDEX00001Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006430Memberck0000701817:S000006430Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006431-1Memberck0000701817:S000006431Memberck0000701817:C000017626Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006431-1Memberck0000701817:S000006431Memberrr:AfterTaxesOnDistributionsMemberck0000701817:C000017626Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006431-1Memberck0000701817:S000006431Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000701817:C000017626Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006431-1Memberck0000701817:S000006431Memberck0000701817:RRINDEX00002Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006431-1Memberck0000701817:S000006431Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006431-2Memberck0000701817:S000006431Memberck0000701817:C000017625Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006431-2Memberck0000701817:S000006431Memberrr:AfterTaxesOnDistributionsMemberck0000701817:C000017625Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006431-2Memberck0000701817:S000006431Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000701817:C000017625Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006431-2Memberck0000701817:S000006431Memberck0000701817:RRINDEX00002Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006431-2Memberck0000701817:S000006431Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006432Memberck0000701817:S000006432Memberck0000701817:C000017627Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006432Memberck0000701817:S000006432Memberrr:AfterTaxesOnDistributionsMemberck0000701817:C000017627Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006432Memberck0000701817:S000006432Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000701817:C000017627Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006432Memberck0000701817:S000006432Memberck0000701817:RRINDEX00003Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006432Memberck0000701817:S000006432Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006434Memberck0000701817:S000006434Memberck0000701817:C000017629Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006434Memberck0000701817:S000006434Memberrr:AfterTaxesOnDistributionsMemberck0000701817:C000017629Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006434Memberck0000701817:S000006434Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000701817:C000017629Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006434Memberck0000701817:S000006434Memberck0000701817:RRINDEX00004Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006434Memberck0000701817:S000006434Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006435Memberck0000701817:S000006435Memberck0000701817:C000017630Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006435Memberck0000701817:S000006435Memberrr:AfterTaxesOnDistributionsMemberck0000701817:C000017630Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006435Memberck0000701817:S000006435Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000701817:C000017630Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006435Memberck0000701817:S000006435Memberck0000701817:RRINDEX00005Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006435Memberck0000701817:S000006435Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006436Memberck0000701817:S000006436Memberck0000701817:C000017631Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006436Memberck0000701817:S000006436Memberrr:AfterTaxesOnDistributionsMemberck0000701817:C000017631Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006436Memberck0000701817:S000006436Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000701817:C000017631Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006436Memberck0000701817:S000006436Memberck0000701817:RRINDEX00006Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006436Memberck0000701817:S000006436Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006437Memberck0000701817:S000006437Memberck0000701817:C000017632Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006437Memberck0000701817:S000006437Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006438-1Memberck0000701817:S000006438Memberck0000701817:C000017633Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006438-1Memberck0000701817:S000006438Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006438-2Memberck0000701817:S000006438Memberck0000701817:C000017634Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006438-2Memberck0000701817:S000006438Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006438-3Memberck0000701817:S000006438Memberck0000701817:C000017635Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006438-3Memberck0000701817:S000006438Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006439Memberck0000701817:S000006439Memberck0000701817:C000017636Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006439Memberck0000701817:S000006439Memberrr:AfterTaxesOnDistributionsMemberck0000701817:C000017636Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006439Memberck0000701817:S000006439Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000701817:C000017636Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006439Memberck0000701817:S000006439Memberck0000701817:RRINDEX00007Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000006439Memberck0000701817:S000006439Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000016947Memberck0000701817:S000016947Memberck0000701817:C000047166Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000016947Memberck0000701817:S000016947Memberrr:AfterTaxesOnDistributionsMemberck0000701817:C000047166Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000016947Memberck0000701817:S000016947Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000701817:C000047166Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000016947Memberck0000701817:S000016947Memberck0000701817:RRINDEX00008Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000016947Memberck0000701817:S000016947Memberck0000701817:RRINDEX00009Member 2012-12-31 2012-12-31 0000701817 ck0000701817:SummaryS000016947Memberck0000701817:S000016947Member 2012-12-31 2012-12-31 0000701817 2012-12-31 2012-12-31 pure iso4217:USD Index returns are shown from November 30, 2003. Index returns are shown from August 31, 1998. The Barclays Capital MF Pennsylvania Intermediate Municipal Index returns for the "Since Inception" period are not provided since index returns are not available prior to June 30, 1993. The Barclays Capital 3-15 Year Intermediate Municipal Blend Index returns for the "Since Inception" period are not provided since index returns are not available prior to June 30, 1993. Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements (or the "Financial Highlights" section in the prospectus) because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Index returns are shown from September 30, 2007. EX-101.SCH 3 ck0000701817-20120831.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 00101 - Document - Document And Entity Information {Elements} link:calculationLink link:presentationLink link:definitionLink 01102 - Document - Risk/Return Summary {Unlabeled} (STET INTERMEDIATE TERM MUNICIPAL FUND) link:calculationLink link:presentationLink link:definitionLink 01103 - Schedule - Shareholder Fees link:calculationLink link:presentationLink link:definitionLink 01104 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 01105 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 01106 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 01107 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06109 - Document - Risk/Return Summary {Unlabeled} (STET SHORT DURATION MUNICIPAL FUND) link:calculationLink link:presentationLink link:definitionLink 06110 - Schedule - Shareholder Fees link:calculationLink link:presentationLink link:definitionLink 06111 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06112 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06113 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06114 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06115 - Disclosure - Risk/Return Detail Data {Elements} (STET SHORT DURATION MUNICIPAL FUND) link:calculationLink link:presentationLink link:definitionLink 06116 - Document - Risk/Return Summary {Unlabeled} (STET CALIFORNIA MUNICIPAL BOND FUND) link:calculationLink link:presentationLink link:definitionLink 06117 - Schedule - Shareholder Fees link:calculationLink link:presentationLink link:definitionLink 06118 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06119 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06120 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06121 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06122 - Disclosure - Risk/Return Detail Data {Elements} (STET CALIFORNIA MUNICIPAL BOND FUND) link:calculationLink link:presentationLink link:definitionLink 06123 - Document - Risk/Return Summary {Unlabeled} (STET MASSACHUSETTS MUNICIPAL BOND FUND) link:calculationLink link:presentationLink link:definitionLink 06124 - Schedule - Shareholder Fees link:calculationLink link:presentationLink link:definitionLink 06125 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06126 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06127 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06128 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06129 - Disclosure - Risk/Return Detail Data {Elements} (STET MASSACHUSETTS MUNICIPAL BOND FUND) link:calculationLink link:presentationLink link:definitionLink 06130 - Document - Risk/Return Summary {Unlabeled} (STET NEW JERSEY MUNICIPAL BOND FUND) link:calculationLink link:presentationLink link:definitionLink 06131 - Schedule - Shareholder Fees link:calculationLink link:presentationLink link:definitionLink 06132 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06133 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06134 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06135 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06136 - Disclosure - Risk/Return Detail Data {Elements} (STET NEW JERSEY MUNICIPAL BOND FUND) link:calculationLink link:presentationLink link:definitionLink 06137 - Document - Risk/Return Summary {Unlabeled} (STET NEW YORK MUNICIPAL BOND FUND) link:calculationLink link:presentationLink link:definitionLink 06138 - Schedule - Shareholder Fees link:calculationLink link:presentationLink link:definitionLink 06139 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06140 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06141 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06142 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06143 - Disclosure - Risk/Return Detail Data {Elements} (STET NEW YORK MUNICIPAL BOND FUND) link:calculationLink link:presentationLink link:definitionLink 06144 - Document - Risk/Return Summary {Unlabeled} (STET PENNSYLVANIA MUNICIPAL BOND FUND - CLASS A) link:calculationLink link:presentationLink link:definitionLink 06145 - Schedule - Shareholder Fees link:calculationLink link:presentationLink link:definitionLink 06146 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06147 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06148 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06149 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06150 - Disclosure - Risk/Return Detail Data {Elements} (STET PENNSYLVANIA MUNICIPAL BOND FUND - CLASS A) link:calculationLink link:presentationLink link:definitionLink 06151 - Document - Risk/Return Summary {Unlabeled} (STET TAX-ADVANTAGED INCOME FUND) link:calculationLink link:presentationLink link:definitionLink 06152 - Schedule - Shareholder Fees link:calculationLink link:presentationLink link:definitionLink 06153 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06154 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06155 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06156 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06157 - Disclosure - Risk/Return Detail Data {Elements} (STET TAX-ADVANTAGED INCOME FUND) link:calculationLink link:presentationLink link:definitionLink 06158 - Document - Risk/Return Summary {Unlabeled} (STET PENNSYLVANIA MUNICIPAL BOND FUND - CLASS B) link:calculationLink link:presentationLink link:definitionLink 06159 - Schedule - Shareholder Fees link:calculationLink link:presentationLink link:definitionLink 06160 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06161 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06162 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06163 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06164 - Disclosure - Risk/Return Detail Data {Elements} (STET PENNSYLVANIA MUNICIPAL BOND FUND - CLASS B) link:calculationLink link:presentationLink link:definitionLink 06165 - Document - Risk/Return Summary {Unlabeled} (STET INSTITUTIONAL TAX FREE FUND - CLASS A) link:calculationLink link:presentationLink link:definitionLink 06166 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06167 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06168 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06169 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06170 - Disclosure - Risk/Return Detail Data {Elements} (STET INSTITUTIONAL TAX FREE FUND - CLASS A) link:calculationLink link:presentationLink link:definitionLink 06171 - Document - Risk/Return Summary {Unlabeled} (STET INSTITUTIONAL TAX FREE FUND - CLASS B) link:calculationLink link:presentationLink link:definitionLink 06172 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06173 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06174 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06175 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06176 - Disclosure - Risk/Return Detail Data {Elements} (STET INSTITUTIONAL TAX FREE FUND - CLASS B) link:calculationLink link:presentationLink link:definitionLink 06177 - Document - Risk/Return Summary {Unlabeled} (STET INSTITUTIONAL TAX FREE FUND - CLASS C) link:calculationLink link:presentationLink link:definitionLink 06178 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06179 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06180 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06181 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06182 - Disclosure - Risk/Return Detail Data {Elements} (STET INSTITUTIONAL TAX FREE FUND - CLASS C) link:calculationLink link:presentationLink link:definitionLink 06183 - Document - Risk/Return Summary {Unlabeled} (STET TAX FREE FUND) link:calculationLink link:presentationLink link:definitionLink 06184 - Schedule - Annual Fund Operating Expenses link:calculationLink link:presentationLink link:definitionLink 06185 - Schedule - Expense Example {Transposed} link:calculationLink link:presentationLink link:definitionLink 06186 - Schedule - Annual Total Returns link:calculationLink link:presentationLink link:definitionLink 06187 - Schedule - Average Annual Total Returns {Transposed} link:calculationLink link:presentationLink link:definitionLink 06188 - Disclosure - Risk/Return Detail Data {Elements} (STET TAX FREE FUND) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 4 ck0000701817-20120831_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 ck0000701817-20120831_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT