UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549

                                   FORM N-PX

                    ANNUAL REPORT OF PROXY VOTING RECORD OF
                    REGISTERED MANAGEMENT INVESTMENT COMPANY

                 Investment Company Act File Number: 811-03447

                              SEI TAX EXEMPT TRUST

                                   REGISTRANT
                              SEI Tax Exempt Trust
                             CT Corporation System
                               101 Federal Street
                                Boston, MA 02110
                                 (800) 342-5734

                               AGENT FOR SERVICE
                             CT Corporation System
                               101 Federal Street
                                Boston, MA 02110

                         Date of Fiscal Year End: 8/31

            Date of Reporting Period: July 1, 2008 to June 30, 2009

1


                                NON-VOTING FUNDS

                         CALIFORNIA MUNICIPAL BOND FUND

The California Municipal Bond Fund invests in securities that do not have
voting rights. No votes have been cast on securities by this fund during the
reporting period.

                          INSTITUTIONAL TAX FREE FUND

The Institutional Tax Free Fund invests in securities that do not have voting
rights.
No votes have been cast on securities by this fund during the reporting period.


                        INTERMEDIATE-TERM MUNICIPAL FUND

No votes have been cast on securities by this fund during the reporting
period.

                       MASSACHUSETTS MUNICIPAL BOND FUND

No votes have been cast on securities by this fund during the reporting
period.

                    MASSACHUSETTS TAX FREE MONEY MARKET FUND

No votes have been cast on securities by this fund during the reporting
period.

                         NEW JERSEY MUNICIPAL BOND FUND

No votes have been cast on securities by this fund during the reporting
period.

                          NEW YORK MUNICIPAL BOND FUND

No votes have been cast on securities by this fund during the reporting
period.

                        PENNSYLVANIA MUNICIPAL BOND FUND

No votes have been cast on securities by this fund during the reporting
period.

                         SHORT DURATION MUNICIPAL FUND

No votes have been cast on securities by this fund during the reporting
period.

                           TAX-ADVANTAGED INCOME FUND

No votes have been cast on securities by this fund during the reporting
period.

2





                                                                                  


                                     STET TAX FREE FUND
 PROPOSAL                                             PROPOSED BY MGT. POSITION    REGISTRANT VOTED
ACE LTD.
 CUSIP: G0070K103 TICKER: ACE
 Meeting Date: 7/14/2008  Meeting Type: Annual
 1.  Election Of Director: Michael G. Atieh To Term
      Expiring In 2009.                                   Management     For          Voted - For
 2.  Election Of Director: Mary A. Cirillo To Term
      Expiring In 2009.                                   Management     For          Voted - For
 3.  Election Of Director: Bruce L. Crockett To Term
      Expiring In 2009.                                   Management     For          Voted - For
 4.  Election Of Director: Thomas J. Neff To Term
      Expiring In 2009.                                   Management     For          Voted - For
 5.  Election Of Director: Gary M. Stuart To Term
      Expiring In 2009.                                   Management     For          Voted - For
 6.  Election Of Director: Robert M. Hernandez To Term
      Expiring In 2010.                                   Management     For          Voted - For
 7.  Election Of Director: Peter Menikoff To Term
      Expiring In 2010.                                   Management     For          Voted - For
 8.  Election Of Director: Robert Ripp To Term Expiring
      In 2010.                                            Management     For          Voted - For
 9.  Election Of Director: Dermot F. Smurfit To Term
      Expiring In 2010.                                   Management     For          Voted - For
 10. Election Of Director: Evan G. Greenberg To Term
      Expiring In 2010                                    Management     For          Voted - For
 11. Election Of Director: John A. Krol To Term Expiring
      In 2011.                                            Management     For          Voted - For
 12. Election Of Director: Leo F. Mullin To Term
      Expiring In 2011.                                   Management     For          Voted - For
 13. Election Of Director: Olivier Steimer To Term
      Expiring In 2011.                                   Management     For          Voted - For
 14. Approval Of The Amendment (The De-Registration
      Amendment ) To The Company's Memorandum Of
      Association And Articles Of Association To Permit
      The Deregistration Of The Company From The Cayman
      Islands                                             Management     For          Voted - For
 15. Approval Of The Amendment (The Financial Statement
      Amendment ) To The Company's Articles Of
      Association To Require The Company To Prepare And
      Provide To Shareholders Not Less Than Annually An
      Unconsolidated Balance Sheet Of The Company         Management     For          Voted - For
 16. Approval Of Amendments To The Articles Of
      Association Which Will Have The Effect Of
      Increasing The Par Value Of The Ordinary Shares
      From $0.041666667 To An Amount In Swiss Francs
      Equal To $11,000,000,000 Divided By The Number Of
      Our Ordinary Shares                                 Management     For          Voted - For
 17. Approval Of The Company's De-Registration From The
      Cayman Islands And Continuation In Switzerland (The
      Continuation)                                       Management     For          Voted - For
 18. Approval Of The Name Of The Company                  Management     For          Voted - For
 19. Approval Of The Change Of The Purpose Of The Company Management     For          Voted - For


3





                                         STET TAX FREE FUND
 PROPOSAL                                                 PROPOSED BY MGT. POSITION REGISTRANT VOTED
 20.  Approval Of The Rearrangement Of The Company's
       Existing Share Capital                             Management     For          Voted - For
 21.  Approval Of The Company's Articles Of Association   Management     For          Voted - For
 22.  Confirmation Of Swiss Law As The Authoritative
       Legislation Governing The Company                  Management     For          Voted - For
 23.  Confirmation Of The Principal Place Of Business Of
       The Company As Zurich, Switzerland                 Management     For          Voted - For
 24.  Ratify Auditors                                     Management     For          Voted - For
 25.  Approval Of The Company's 2004 Long-Term Incentive
       Plan As Amended Through The Fourth Amendment       Management     For          Voted - For
 26.  Ratify Auditors                                     Management     For          Voted - For
 27.  Approval Of Payment Of A Dividend Through A
       Reduction Of The Par Value Of Our Shares In An
       Amount Equal To The Swiss Franc Equivalent Of
       $0.87, Converted Into Swiss Francs                 Management     For          Voted - For
ACTIVISION BLIZZARD, INC.
 CUSIP: 00507V109       TICKER: ATVI
 Meeting Date: 9/24/2008      Meeting Type: Annual
 1.1. Elect Director Philippe G. H. Capron                Management     For          Voted - Withhold
 1.2. Elect Director Robert J. Corti                      Management     For          Voted - Withhold
 1.3. Elect Director Frederic R. Crepin                   Management     For          Voted - Withhold
 1.4. Elect Director Bruce L. Hack                        Management     For          Voted - Withhold
 1.5. Elect Director Brian G. Kelly                       Management     For          Voted - Withhold
 1.6. Elect Director Robert A. Kotick                     Management     For          Voted - Withhold
 1.7. Elect Director Jean-Bernard Levy                    Management     For          Voted - Withhold
 1.8. Elect Director Robert J. Morgado                    Management     For          Voted - Withhold
 1.9. Elect Director Douglas P. Morris                    Management     For          Voted - Withhold
 1.10. Elect Director Rene P. Penisson                    Management     For          Voted - Withhold
 1.11. Elect Director Richard Sarnoff                     Management     For          Voted - Withhold
 2.   Approve Omnibus Stock Plan                          Management     For          Voted - For
 3.   Adopt Policy and Report on Board Diversity          Shareholder    Against      Voted - Against
 4.   Advisory Vote to Ratify Named Executive Officers'
       Compensation                                       Shareholder    Against      Voted - For
ACTIVISION, INC.
 CUSIP: 004930202       TICKER: ATVI
 Meeting Date: 7/8/2008       Meeting Type: Special
 1.   Approve Merger Agreement                            Management     For          Voted - For
 2.   Change Company Name                                 Management     For          Voted - For
 3.   Increase Authorized Common Stock                    Management     For          Voted - For
 4.   Eliminate Class of Preferred Stock                  Management     For          Voted - For
 5.   Amend Quorum Requirements                           Management     For          Voted - For
 6.   Adopt Supermajority Vote Requirement for Amendments Management     For          Voted - For
 7.   Prohibit Board to Amend Bylaws Without Shareholder
       Consent                                            Management     For          Voted - For
 8.   Permit Directors Designated by Vivendi Certain
       Voting Powers                                      Management     For          Voted - For


4





                                       STET TAX FREE FUND
 PROPOSAL                                                 PROPOSED BY MGT. POSITION REGISTRANT VOTED
 9.   Amend Certificate of Incorporation to Limit Certain
       Business Activities                                Management     For          Voted - For
 10.  Amend Certificate of Incorporation to Establish
       Procedures Allocating Certain Corporate
       Opportunities                                      Management     For          Voted - For
 11.  Amend Certificate of Incorporation to Require
       Vivendi or Activision Blizzard to Acquire all
       Outstanding Shares                                 Management     For          Voted - For
 12.  Amend Certificate of Incorporation to Approve a
       Affiliate Transactions Provision                   Management     For          Voted - For
 13.  Amend Certificate of Incorporation to Restrict
       Business Combination Provision                     Management     For          Voted - For
 14.  Prohibit Board to Amend Bylaws Without Shareholder
       Consent                                            Management     For          Voted - For
 15.  Adjourn Meeting                                     Management     For          Voted - For
AIR FRANCE KLM
 CUSIP: 009119108       TICKER UNKNOWN
 Meeting Date: 7/10/2008    Meeting Type: MIX
 Meeting for ADR Holders
 1.   Approval Of The Corporate Financial Statements For
       The Fiscal Year Ended March 31, 2008.              Management     For          Voted - For
 2.   Approval Of The Consolidated Financial Statements
       For The Fiscal Year Ended March 31, 2008.          Management     For          Voted - For
 3.   Appropriation Of Net Income For The Fiscal Year
       Ended March 31, 2008 And Dividend Distribution.    Management     For          Voted - For
 4.   Approval Of The Agreements Referred To In Article
       L.225-38 Of The French Commercial Code.            Management     For          Voted - For
 5.   Renewal Of The Mandate Of A Principal Statutory
       Auditor.                                           Management     For          Voted - For
 6.   Ratify Auditors                                     Management     For          Voted - For
 7.   Authorization To Be Given To The Board Of Directors
       To Perform Operations In The Company's Shares, As
       Set Forth In The Company's Notice Of Meeting,
       Enclosed Herewith.                                 Management     For          Voted - For
 8.   Amendment To Article 18 Of The Bylaws.              Management     For          Voted - For
AIRGAS, INC.
 CUSIP: 009363102       TICKER: ARG
 Meeting Date: 8/5/2008     Meeting Type: Annual
 1.1. Elect Director William O. Albertini                 Management     For          Voted - For
 1.2. Elect Director Lee M. Thomas                        Management     For          Voted - For
 1.3. Elect Director John C. Van Roden, Jr.               Management     For          Voted - For
 2.   Ratify Auditors                                     Management     For          Voted - For
 3.   Amend Executive Incentive Bonus Plan                Management     For          Voted - For


5





                                     STET TAX FREE FUND
 PROPOSAL                                                  PROPOSED BY MGT. POSITION REGISTRANT VOTED
APPLIED BIOSYSTEMS INC.
 CUSIP: 038149100 TICKER: ABI
 Meeting Date: 10/28/2008 Meeting Type: Special
 1.   Approve Merger Agreement                             Management     For          Voted - For
 2.   Adjourn Meeting                                      Management     For          Voted - For
AVNET, INC.
 CUSIP: 053807103 TICKER: AVT
 Meeting Date: 11/6/2008  Meeting Type: Annual
 1.1. Elect Director Eleanor Baum                          Management     For          Voted - For
 1.2. Elect Director J. Veronica Biggins                   Management     For          Voted - For
 1.3. Elect Director Lawrence W. Clarkson                  Management     For          Voted - For
 1.4. Elect Director Ehud Houminer                         Management     For          Voted - For
 1.5. Elect Director Frank R. Noonan                       Management     For          Voted - For
 1.6. Elect Director Ray M. Robinson                       Management     For          Voted - For
 1.7. Elect Director William P. Sullivan                   Management     For          Voted - For
 1.8. Elect Director Gary L. Tooker                        Management     For          Voted - For
 1.9. Elect Director Roy Vallee                            Management     For          Voted - For
 2.   Ratify Auditors                                      Management     For          Voted - For
BANCO SANTANDER S.A.
 CUSIP: 05964H105 TICKER UNKNOWN
 Meeting Date: 9/21/2008  Meeting Type: Special
 Meeting for ADR Holders
 1.   Approve EUR 71.69 Million Capital Increase via
       Issuance of 143.38 Million New Common Shares with
       EUR 0.5 Par Value Each and a Share Issuance Premium
       to be Determined by the Board, in Accordance With
       Article 153.1c of Spanish Companies Law             Management     For          Voted - For
 2.   Approve Delivery of 100 Banco Santander Shares to
       Each Employee Of the Alliance & Leicester Plc Group
       as Special Bonus at the Completion of the
       Acquisition                                         Management     For          Voted - For
 3.   Authorize Board to Ratify and Execute Approved
       Resolutions                                         Management     For          Voted - For
BE AEROSPACE, INC.
 CUSIP: 073302101 TICKER: BEAV
 Meeting Date: 7/31/2008  Meeting Type: Annual
 1.1. Elect Director Robert J. Khoury                      Management     For          Voted - For
 1.2. Elect Director Jonathan M. Schofield                 Management     For          Voted - Withhold
 2.   Implement MacBride Principles                        Shareholder    Against      Voted - Against


6





                                    STET TAX FREE FUND
 PROPOSAL                                                 PROPOSED BY MGT. POSITION REGISTRANT VOTED
BEBE STORES, INC.
 CUSIP: 075571109 TICKER: BEBE
 Meeting Date: 11/5/2008 Meeting Type: Annual
 1.1. Elect Director Manny Mashouf                        Management     For          Voted - For
 1.2. Elect Director Barbara Bass                         Management     For          Voted - For
 1.3. Elect Director Cynthia Cohen                        Management     For          Voted - For
 1.4. Elect Director Corrado Federico                     Management     For          Voted - For
 1.5. Elect Director Caden Wang                           Management     For          Voted - For
 1.6. Elect Director Gregory Scott                        Management     For          Voted - For
 2.   Amend Omnibus Stock Plan                            Management     For          Voted - Against
 3.   Ratify Auditors                                     Management     For          Voted - For
BG GROUP PLC
 CUSIP: 055434203 TICKER UNKNOWN
 Meeting Date: 9/16/2008 Meeting Type: Special
 Meeting for ADR Holders
 1.   To Approve The Acquisition Of Origin Energy Limited Management     For          Voted - For
BLACK BOX CORP.
 CUSIP: 091826107 TICKER: BBOX
 Meeting Date: 8/12/2008 Meeting Type: Annual
 1.1. Elect Director William F. Andrews                   Management     For          Voted - For
 1.2. Elect Director R. Terry Blakemore                   Management     For          Voted - For
 1.3. Elect Director Richard L. Crouch                    Management     For          Voted - For
 1.4. Elect Director Thomas W. Golonski                   Management     For          Voted - For
 1.5. Elect Director Thomas G. Greig                      Management     For          Voted - For
 1.6. Elect Director E.A. Nicholson, Ph.D.                Management     For          Voted - For
 2.   Approve Omnibus Stock Plan                          Management     For          Voted - For
 3.   Ratify Auditors                                     Management     For          Voted - For
BMC SOFTWARE, INC.
 CUSIP: 055921100 TICKER: BMC
 Meeting Date: 7/22/2008 Meeting Type: Annual
 1.1. Elect Director B. Garland Cupp                      Management     For          Voted - For
 1.2. Elect Director Robert E. Beauchamp                  Management     For          Voted - For
 1.3. Elect Director Jon E. Barfield                      Management     For          Voted - For
 1.4. Elect Director Gary Bloom                           Management     For          Voted - For
 1.5. Elect Director Meldon K. Gafner                     Management     For          Voted - For
 1.6. Elect Director P. Thomas Jenkins                    Management     For          Voted - For
 1.7. Elect Director Louis J. Lavigne, Jr.                Management     For          Voted - For
 1.8. Elect Director Kathleen A. O'Neil                   Management     For          Voted - For
 1.9. Elect Director Tom C. Tinsley                       Management     For          Voted - For
 2.   Ratify Auditors                                     Management     For          Voted - For


7





                                        STET TAX FREE FUND
 PROPOSAL                                               PROPOSED BY MGT. POSITION REGISTRANT VOTED
CACI INTERNATIONAL, INC.
 CUSIP: 127190304 TICKER: CACI
 Meeting Date: 11/19/2008    Meeting Type: Annual
 1.1. Elect Director Dan R. Bannister                   Management     For          Voted - For
 1.2. Elect Director Paul M. Cofoni                     Management     For          Voted - For
 1.3. Elect Director Gregory G. Johnson                 Management     For          Voted - For
 1.4. Elect Director Richard L. Leatherwood             Management     For          Voted - For
 1.5. Elect Director J. Phillip London                  Management     For          Voted - For
 1.6. Elect Director Michael J. Mancuso                 Management     For          Voted - For
 1.7. Elect Director James L. Pavitt                    Management     For          Voted - For
 1.8. Elect Director Warren R. Phillips                 Management     For          Voted - For
 1.9. Elect Director Charles P. Revoile                 Management     For          Voted - For
 2.   Amend Omnibus Stock Plan                          Management     For          Voted - For
 3.   Adjourn Meeting                                   Management     For          Voted - Against
 4.   Ratify Auditors                                   Management     For          Voted - For
CARDINAL HEALTH, INC.
 CUSIP: 14149Y108 TICKER: CAH
 Meeting Date: 11/5/2008     Meeting Type: Annual
 1.1. Elect Director Colleen F. Arnold                  Management     For          Voted - For
 1.2. Elect Director R. Kerry Clark                     Management     For          Voted - For
 1.3. Elect Director Calvin Darden                      Management     For          Voted - For
 1.4. Elect Director John F. Finn                       Management     For          Voted - For
 1.5. Elect Director Philip L. Francis                  Management     For          Voted - For
 1.6. Elect Director Gregory B. Kenny                   Management     For          Voted - For
 1.7. Elect Director J. Michael Losh                    Management     For          Voted - For
 1.8. Elect Director John B. McCoy                      Management     For          Voted - For
 1.9. Elect Director Richard C. Notebaert               Management     For          Voted - For
 1.10. Elect Director Michael D. O'Halleran             Management     For          Voted - For
 1.11. Elect Director David W. Raisbeck                 Management     For          Voted - For
 1.12. Elect Director Jean G. Spaulding                 Management     For          Voted - For
 2.   Ratify Auditors                                   Management     For          Voted - For
 3.   Adopt Majority Voting for Uncontested Election of
       Directors                                        Management     For          Voted - For
 4.   Eliminate Cumulative Voting                       Management     For          Voted - For
 5.   Require Advance Notice for Shareholder
       Proposals/Nominations                            Management     For          Voted - For
 6.   Amend Articles of Incorporation to State that
       Common Shares Have No Stated Capital             Management     For          Voted - For
 7.   Amend Omnibus Stock Plan                          Management     For          Voted - For
 8.   Amend Qualified Employee Stock Purchase Plan      Management     For          Voted - For
 9.   Performance-Based and/or Time-Based Equity Awards Shareholder    Against      Voted - For


8





                                    STET TAX FREE FUND
 PROPOSAL                                                  PROPOSED BY MGT. POSITION REGISTRANT VOTED
CASEY'S GENERAL STORES, INC.
 CUSIP: 147528103 TICKER: CASY
 Meeting Date: 9/19/2008 Meeting Type: Annual
 1.1. Elect Director Ronald M. Lamb                        Management     For          Voted - Withhold
 1.2. Elect Director Robert J. Myers                       Management     For          Voted - Withhold
 1.3. Elect Director Diane C. Bridgewater                  Management     For          Voted - For
 1.4. Elect Director Johnny Danos                          Management     For          Voted - For
 1.5. Elect Director Patricia Clare Sullivan               Management     For          Voted - For
 1.6. Elect Director Kenneth H. Haynie                     Management     For          Voted - For
 1.7. Elect Director William C. Kimball                    Management     For          Voted - For
 1.8. Elect Director Jeffrey M. Lamberti                   Management     For          Voted - Withhold
 2.   Ratify Auditors                                      Management     For          Voted - For
CENTEX CORP.
 CUSIP: 152312104 TICKER: CTX
 Meeting Date: 7/10/2008 Meeting Type: Annual
 1.1. Elect Director Barbara T. Alexander                  Management     For          Voted - For
 1.2. Elect Director Timothy R. Eller                      Management     For          Voted - For
 1.3. Elect Director James J. Postl                        Management     For          Voted - For
 2.   Ratify Auditors                                      Management     For          Voted - For
 3.   Amend Articles of Incorporation to Remove Certain
       Provisions                                          Management     For          Voted - For
 4.   Approve Executive Incentive Bonus Plan               Management     For          Voted - For
 5.   Amend Omnibus Stock Plan                             Management     For          Voted - For
 6.   Amend Omnibus Stock Plan                             Management     For          Voted - For
 7.   Adopt Greenhouse Gas Goals for Products and
       Operations                                          Shareholder    Against      Voted - For
 8.   Declassify the Board of Directors                    Shareholder    Against      Voted - For
CHINA NETCOM GROUP CORP HONGKONG LTD
 CUSIP: 16940Q101 TICKER UNKNOWN
 Meeting Date: 9/17/2008 Meeting Type: Special
 Meeting for ADR Holders
 1.   To Approve The Scheme Of Arrangement (The Scheme )
       Between The Company And The Holders Of Scheme
       Shares, As Described In More Detail In The Enclosed
       Scheme Document.                                    Management     For          Voted - For
 2.   (A) Scheme Of Arrangement Dated August 15, 2008
       (The Scheme ) Between The Company And The Holders
       Of The Scheme Shares In The Form Of Print Which Has
       Been Produced To This Meeting; And (B) For Purposes
       Of Giving Effect To The Scheme                      Management     For          Voted - For


9





                                    STET TAX FREE FUND
 PROPOSAL                                         PROPOSED BY MGT. POSITION REGISTRANT VOTED
CME GROUP INC.
 CUSIP: 12572Q105 TICKER: CME
 Meeting Date: 8/18/2008 Meeting Type: Special
 1.   Approve Increase in Size of Board           Management     For          Voted - For
 2.   Issue Shares in Connection with Acquisition Management     For          Voted - For
 3.   Adjourn Meeting                             Management     For          Voted - For
CONSTELLATION ENERGY GROUP, INC.
 CUSIP: 210371100 TICKER: CEG
 Meeting Date: 7/18/2008 Meeting Type: Annual
 1.1. Elect Director Yves C. de Balmann           Management     For          Voted - For
 1.2. Elect Director Douglas L. Becker            Management     For          Voted - For
 1.3. Elect Director Ann C. Berzin                Management     For          Voted - For
 1.4. Elect Director James T. Brady               Management     For          Voted - For
 1.5. Elect Director Edward A. Crooke             Management     For          Voted - For
 1.6. Elect Director James R. Curtiss             Management     For          Voted - For
 1.7. Elect Director Freeman A. Hrabowski, III    Management     For          Voted - For
 1.8. Elect Director Nancy Lampton                Management     For          Voted - For
 1.9. Elect Director Robert J. Lawless            Management     For          Voted - For
 1.10. Elect Director Lynn M. Martin              Management     For          Voted - For
 1.11. Elect Director Mayo A. Shattuck, III       Management     For          Voted - For
 1.12. Elect Director John L. Skolds              Management     For          Voted - For
 1.13. Elect Director Michael D. Sullivan         Management     For          Voted - For
 2.   Ratify Auditors                             Management     For          Voted - For
 3.   Increase Authorized Common Stock            Management     For          Voted - For
CYBERONICS, INC.
 CUSIP: 23251P102 TICKER: CYBX
 Meeting Date: 9/25/2008 Meeting Type: Annual
 1.1. Elect Director Guy C. Jackson               Management     For          Voted - For
 1.2. Elect Director J.E. Laptewicz, Jr.          Management     For          Voted - For
 1.3. Elect Director Daniel J. Moore              Management     For          Voted - For
 1.4. Elect Director Hugh M. Morrison             Management     For          Voted - For
 1.5. Elect Director Alfred J. Novak              Management     For          Voted - For
 1.6. Elect Director Alan Olsen                   Management     For          Voted - For
 1.7. Elect Director A.L. Rosenthal               Management     For          Voted - For
 1.8. Elect Director M.J. Strauss                 Management     For          Voted - For
 1.9. Elect Director Reese S. Terry, Jr.          Management     For          Voted - Withhold
 2.   Ratify Auditors                             Management     For          Voted - For


10





                                    STET TAX FREE FUND
 PROPOSAL                                               PROPOSED BY MGT. POSITION REGISTRANT VOTED
DEL MONTE FOODS CO.
 CUSIP: 24522P103 TICKER: DLM
 Meeting Date: 9/25/2008 Meeting Type: Annual
 1.   Elect Director Timothy G. Bruer                   Management     For          Voted - For
 2.   Elect Director Mary R. Henderson                  Management     For          Voted - For
 3.   Elect Director Sharon L. McCollam                 Management     For          Voted - For
 4.   Ratify Auditors                                   Management     For          Voted - For
DELL INC.
 CUSIP: 24702R101 TICKER: DELL
 Meeting Date: 7/18/2008 Meeting Type: Annual
 1.1. Elect Director Donald J. Carty                    Management     For          Voted - For
 1.2. Elect Director Michael S. Dell                    Management     For          Voted - For
 1.3. Elect Director William H. Gray, III               Management     For          Voted - For
 1.4. Elect Director Sallie L. Krawcheck                Management     For          Voted - For
 1.5. Elect Director Alan (A.G.) Lafley                 Management     For          Voted - For
 1.6. Elect Director Judy C. Lewent                     Management     For          Voted - For
 1.7. Elect Director Thomas W. Luce, III                Management     For          Voted - For
 1.8. Elect Director Klaus S. Luft                      Management     For          Voted - For
 1.9. Elect Director Alex J. Mandl                      Management     For          Voted - For
 1.10. Elect Director Michael A. Miles                  Management     For          Voted - For
 1.11. Elect Director Samuel A. Nunn, Jr.               Management     For          Voted - For
 2.   Ratify Auditors                                   Management     For          Voted - For
 3.   Amend Executive Incentive Bonus Plan              Management     For          Voted - For
 4.   Reimburse Proxy Expenses                          Shareholder    Against      Voted - For
 5.   Advisory Vote to Ratify Named Executive Officers'
       Compensation                                     Shareholder    Against      Voted - For
DYNCORP INTERNATIONAL INC
 CUSIP: 26817C101 TICKER: DCP
 Meeting Date: 7/15/2008 Meeting Type: Annual
 1.1. Elect Director William L. Ballhaus                Management     For          Voted - Withhold
 1.2. Elect Director Michael J. Bayer                   Management     For          Voted - For
 1.3. Elect Director Charles S. Ream                    Management     For          Voted - For
 1.4. Elect Director Peter J. Schoomaker                Management     For          Voted - For
 2.   Ratify Auditors                                   Management     For          Voted - For
ELECTRONIC ARTS INC.
 CUSIP: 285512109 TICKER: ERTS
 Meeting Date: 7/31/2008 Meeting Type: Annual
 1.   Elect Director Leonard S. Coleman                 Management     For          Voted - For
 2.   Elect Director Gary M. Kusin                      Management     For          Voted - For
 3.   Elect Director Gregory B. Maffei                  Management     For          Voted - For
 4.   Elect Director Vivek Paul                         Management     For          Voted - For
 5.   Elect Director Lawrence F. Probst III             Management     For          Voted - For


11


STET TAX FREE FUND




 PROPOSAL                                                  PROPOSED BY MGT. POSITION REGISTRANT VOTED
 6.   Elect Director John S. Riccitiello                   Management     For          Voted - For
 7.   Elect Director Richard A. Simonson                   Management     For          Voted - For
 8.   Elect Director Linda J. Srere                        Management     For          Voted - For
 9.   Amend Omnibus Stock Plan                             Management     For          Voted - For
 10.  Amend Qualified Employee Stock Purchase Plan         Management     For          Voted - For
 11.  Ratify Auditors                                      Management     For          Voted - For
ELECTRONIC DATA SYSTEMS CORP.
 CUSIP: 285661104 TICKER UNKNOWN
 Meeting Date: 7/31/2008  Meeting Type: Special
 1.   Approve Merger Agreement                             Management     For          Voted - For
 2.   Adjourn Meeting                                      Management     For          Voted - For
EMULEX CORP.
 CUSIP: 292475209 TICKER: ELX
 Meeting Date: 11/19/2008 Meeting Type: Annual
 1.1. Elect Director Fred B. Cox                           Management     For          Voted - Withhold
 1.2. Elect Director Michael P. Downey                     Management     For          Voted - For
 1.3. Elect Director Bruce C. Edwards                      Management     For          Voted - For
 1.4. Elect Director Paul F. Folino                        Management     For          Voted - Withhold
 1.5. Elect Director Robert H. Goon                        Management     For          Voted - For
 1.6. Elect Director Don M. Lyle                           Management     For          Voted - For
 1.7. Elect Director James M. McCluney                     Management     For          Voted - Withhold
 1.8. Elect Director Dean A. Yoost                         Management     For          Voted - For
 2.   Approve Stock Option Exchange Program                Management     For          Voted - For
 3.   Amend Omnibus Stock Plan                             Management     For          Voted - Against
 4.   Amend Omnibus Stock Plan                             Management     For          Voted - For
 5.   Amend Qualified Employee Stock Purchase Plan         Management     For          Voted - For
 6.   Ratify Auditors                                      Management     For          Voted - For
ENERGY XXI (BERMUDA) LIMITED
 CUSIP: G10082108 TICKER UNKNOWN
 Meeting Date: 11/4/2008  Meeting Type: Annual
 1.1. Elect Director J. Daniel Schiller, Jr.               Management     For          Voted - For
 1.2. Elect Director William Colvin                        Management     For          Voted - For
 2.   To Approve The Energy Xxi Services, Llc Employee
       Stock Purchase Plan Attached To The Proxy Statement
       As Appendix A.                                      Management     For          Voted - For
 3.   Ratify Auditors                                      Management     For          Voted - For
ETHAN ALLEN INTERIORS INC.
 CUSIP: 297602104 TICKER: ETH
 Meeting Date: 11/11/2008 Meeting Type: Annual
 1.1. Elect Director M. Farooq Kathwari                    Management     For          Voted - For
 1.2. Elect Director John P. Birkelund                     Management     For          Voted - For
 2.   Ratify Auditors                                      Management     For          Voted - For


12





                                     STET TAX FREE FUND
 PROPOSAL                                                  PROPOSED BY MGT. POSITION REGISTRANT VOTED
FLEXTRONICS INTERNATIONAL LTD.
 CUSIP: Y2573F102 TICKER: FLEX
 Meeting Date: 9/30/2008  Meeting Type: Annual
 1.   Re-Election Of Mr. H. Raymond Bingham As A Director
       Of Flextronics.                                     Management     For          Voted - For
 2.   Re-Election Of Mr. Ajay B. Shah As A Director Of
       Flextronics.                                        Management     For          Voted - For
 3.   Re-Election Of Dr. Willy C. Shih As A Director Of
       Flextronics.                                        Management     For          Voted - For
 4.   Re-Appointment Of Mr. Rockwell A. Schnabel As A
       Director Of Flextronics.                            Management     For          Voted - For
 5.   Ratify Auditors                                      Management     For          Voted - For
 6.   To Approve The General Authorization For The
       Directors Of Flextronics To Allot And Issue
       Ordinary Shares.                                    Management     For          Voted - For
 7.   To Approve The Renewal Of The Share Purchase
       Mandate Relating To Acquisitions By Flextronics Of
       Its Own Issued Ordinary Shares.                     Management     For          Voted - For
 8.   Approve An Amendment To 2001 Equity Incentive Plan
       To Increase The Sub-Limit On The Maximum Number Of
       Ordinary Shares Which May Be Issued As Share
       Bonuses By 5,000,000 Ordinary Shares.               Management     For          Voted - Against
 9.   To Approve An Amendment To The 2001 Equity
       Incentive Plan To Increase The Sub-Limit On The
       Maximum Number Of Ordinary Shares Subject To Awards
       Which May Be Granted To A Person In A Single
       Calendar Year By 2,000,000 Ordinary Shares.         Management     For          Voted - Against
 10.  To Approve An Amendment To The 2001 Equity
       Incentive Plan To Increase The Number Of Ordinary
       Shares Reserved For Issuance By 20,000,000 Ordinary
       Shares.                                             Management     For          Voted - Against
FOUNDRY NETWORKS, INC.
 CUSIP: 35063R100 TICKER: FDRY
 Meeting Date: 11/7/2008  Meeting Type: Special
 1.   Approve Merger Agreement                             Management     For          Voted - For
 2.   Adjourn Meeting                                      Management     For          Voted - For
G&K SERVICES, INC.
 CUSIP: 361268105 TICKER: GKSR
 Meeting Date: 11/13/2008 Meeting Type: Annual
 1.1. Elect Director Lynn Crump-Caine                      Management     For          Voted - For
 1.2. Elect Director J. Patrick Doyle                      Management     For          Voted - Withhold
 1.3. Elect Director M. Lenny Pippin                       Management     For          Voted - For
 2.   Ratify Auditors                                      Management     For          Voted - For


13





                                       STET TAX FREE FUND
 PROPOSAL                                              PROPOSED BY MGT. POSITION REGISTRANT VOTED
ILLUMINA, INC.
 CUSIP: 452327109       TICKER: ILMN
 Meeting Date: 9/9/2008     Meeting Type: Special
 1.   Increase Authorized Common Stock                 Management     For          Voted - For
INTERACTIVE BROKERS GROUP INC.
 CUSIP: 45841N107       TICKER: IBKR
 Meeting Date: 7/8/2008     Meeting Type: Annual
 1.1. Elect Director Thomas Peterffy                   Management     For          Voted - Against
 1.2. Elect Director Earl H. Nemser                    Management     For          Voted - Against
 1.3. Elect Director Paul J. Brody                     Management     For          Voted - Against
 1.4. Elect Director Milan Galik                       Management     For          Voted - Against
 1.5. Elect Director Lawrence E. Harris                Management     For          Voted - For
 1.6. Elect Director Hans R. Stoll                     Management     For          Voted - For
 1.7. Elect Director Ivers W. Riley                    Management     For          Voted - For
 2.   Approve Omnibus Stock Plan                       Management     For          Voted - Against
 3.   Ratify Auditors                                  Management     For          Voted - For
INVITROGEN CORP.
 CUSIP: 46185R100       TICKER: LIFE
 Meeting Date: 10/28/2008   Meeting Type: Special
 1.   Issue Shares in Connection with Acquisition      Management     For          Voted - For
 2.   Increase Authorized Common Stock                 Management     For          Voted - For
 3.   Adjourn Meeting                                  Management     For          Voted - For
KANSAS CITY SOUTHERN
 CUSIP: 485170302       TICKER: KSU
 Meeting Date: 10/7/2008    Meeting Type: Special
 1.   Approve Omnibus Stock Plan                       Management     For          Voted - For
KOOKMIN BANK
 CUSIP: 50049M109       TICKER: KOKBFG
 Meeting Date: 8/25/2008    Meeting Type: Special
 Meeting for GDR Holders
 1.   Approval of Stock Transfer Plan to Establish
       Financial Holding Company through Comprehensive
       Stock Transfer                                  Management     For          Voted - For
 2.   Amend Articles Regarding Settlement Method for
       Outstanding Stock Options                       Management     For          Voted - For


14





                                     STET TAX FREE FUND
 PROPOSAL                                                  PROPOSED BY MGT. POSITION REGISTRANT VOTED
LAWSON SOFTWARE, INC.
 CUSIP: 52078P102 TICKER: LWSN
 Meeting Date: 10/16/2008 Meeting Type: Annual
 1.1. Elect Director Steven C. Chang                       Management     For          Voted - For
 1.2. Elect Director Harry Debes                           Management     For          Voted - For
 1.3. Elect Director Peter Gyenes                          Management     For          Voted - For
 1.4. Elect Director David R. Hubers                       Management     For          Voted - For
 1.5. Elect Director H. Richard Lawson                     Management     For          Voted - For
 1.6. Elect Director Michael A. Rocca                      Management     For          Voted - For
 1.7. Elect Director Robert A. Schriesheim                 Management     For          Voted - For
 1.8. Elect Director Romesh Wadhwani                       Management     For          Voted - For
 1.9. Elect Director Paul Wahl                             Management     For          Voted - For
 2.   Ratify Auditors                                      Management     For          Voted - For
LOGITECH INTERNATIONAL SA
 CUSIP: H50430232 TICKER UNKNOWN
 Meeting Date: 9/10/2008  Meeting Type: Annual
      This is a duplicate meeting for ballots received
       via the Broadridge North American Ballot
       distribution system.
 1.   Approval Of The Annual Report, The Compensation
       Report, The Consolidated Financial Statements And
       The Statutory Financial Statements Of Logitech
       International S.A. For Fiscal Year 2008             Management     For          Voted - For
 2.   Appropriation Of Retained Earnings Without Payment
       Of A Dividend For Fiscal Year 2008                  Management     For          Voted - For
 3.   Decrease Of Conditional Capital For Employee Equity
       Incentive Plans                                     Management     For          Voted - For
 4.   Increase Of Shares Available For Issuance Under
       Employee Share Purchase Plans                       Management     For          Voted - For
 5.   Authorization Of Conditional Capital For Future
       Convertible Bond Issuance                           Management     For          Voted - For
 6.   Approval Of Logitech Management Performance Bonus
       Plan                                                Management     For          Voted - Against
 7.   Release Of The Board Of Directors For Liability For
       Activities During Fiscal Year 2008                  Management     For          Voted - For
 8.   Election Of Director: Gerald Quindlen                Management     For          Voted - For
 9.   Election Of Director: Richard Laube                  Management     For          Voted - For
 10.  Re-Election Of Director: Matthew Bousquette          Management     For          Voted - For
 11.  Re-Election Of PriceWaterhouseCoopers Sa As Auditors Management     For          Voted - For
MCAFEE, INC.
 CUSIP: 579064106 TICKER: MFE
 Meeting Date: 7/28/2008  Meeting Type: Annual
 1.1. Elect Director Mr. Thomas E. Darcy                   Management     For          Voted - For
 1.2. Elect Director Mr. Denis J. O'Leary                  Management     For          Voted - For
 1.3. Elect Director Mr. Robert W. Pangia                  Management     For          Voted - Withhold


15





                                       STET TAX FREE FUND
 PROPOSAL                                                 PROPOSED BY MGT. POSITION REGISTRANT VOTED
 1.4. Elect Director Mr. Carl Bass                        Management     For          Voted - For
 1.5. Elect Director Mr. Jeffrey A. Miller                Management     For          Voted - For
 1.6. Elect Director Mr. Anthony Zingale                  Management     For          Voted - For
 2.   Approve Executive Incentive Bonus Plan              Management     For          Voted - For
 3.   Amend Omnibus Stock Plan                            Management     For          Voted - For
 4.   Ratify Auditors                                     Management     For          Voted - For
MYRIAD GENETICS, INC.
 CUSIP: 62855J104       TICKER: MYGN
 Meeting Date: 11/13/2008   Meeting Type: Annual
 1.1. Elect Director Walter Gilbert, Ph.D.                Management     For          Voted - For
 1.2. Elect Director D.H. Langer, M.D.                    Management     For          Voted - For
 2.   Increase Authorized Common Stock                    Management     For          Voted - Against
 3.   Amend Stock Option Plan                             Management     For          Voted - For
 4.   Ratify Auditors                                     Management     For          Voted - For
PEDIATRIX MEDICAL GROUP, INC.
 CUSIP: 705324101       TICKER: MD
 Meeting Date: 9/24/2008    Meeting Type: Special
 1.   Amend Nonqualified Employee Stock Purchase Plan     Management     For          Voted - For
PERFECT WORLD CO LTD
 CUSIP: 71372U104       TICKER: PWRD
 Meeting Date: 7/4/2008     Meeting Type: Annual
 1.   Amend Share Incentive Plan                          Management     For          Voted - For
 2.   Ratify PricewaterhouseCoopers as Auditors for 2007  Management     For          Voted - For
 3.   Ratify PricewaterhouseCoopers as Auditors for 2008  Management     For          Voted - For
 4.   Accept Financial Statements and Statutory Reports
       (Voting)                                           Management     For          Voted - For
 5.   Authorize Directors to Implement Resolutions 1 to 4 Management     For          Voted - For
PERFECT WORLD CO., LTD.
 CUSIP: 71372U104       TICKER: PWRD
 Meeting Date: 10/7/2008    Meeting Type: Special
 Meeting for ADR Holders
 1.   The Resolution As Set Out In Paragraph 1 Of The
       Notice Of Extraordinary General Meeting Regarding
       The Amendment To The Company's Articles Of
       Association.                                       Management     For          Voted - Against
PERRIGO CO.
 CUSIP: 714290103       TICKER: PRGO
 Meeting Date: 11/4/2008    Meeting Type: Annual
 1.1. Elect Director Moshe Arkin                          Management     For          Voted - Withhold
 1.2. Elect Director Gary K. Kunkle, Jr.                  Management     For          Voted - For


16


STET TAX FREE FUND




 PROPOSAL                                            PROPOSED BY MGT. POSITION REGISTRANT VOTED
 1.3. Elect Director Herman Morris, Jr.              Management     For          Voted - For
 1.4. Elect Director Ben-Zion Zilberfarb             Management     For          Voted - For
 2.   Approve Executive Incentive Bonus Plan         Management     For          Voted - For
 3.   Amend Omnibus Stock Plan                       Management     For          Voted - For
POWERWAVE TECHNOLOGIES, INC.
 CUSIP: 739363109 TICKER: PWAV
 Meeting Date: 8/12/2008 Meeting Type: Annual
 1.1. Elect Director Moiz M. Beguwala                Management     For          Voted - For
 1.2. Elect Director Ken J. Bradley                  Management     For          Voted - For
 1.3. Elect Director Ronald J. Buschur               Management     For          Voted - For
 1.4. Elect Director John L. Clendenin               Management     For          Voted - For
 1.5. Elect Director David L. George                 Management     For          Voted - For
 1.6. Elect Director Eugene L. Goda                  Management     For          Voted - For
 1.7. Elect Director Carl W. Neun                    Management     For          Voted - For
 2.   Amend Qualified Employee Stock Purchase Plan   Management     For          Voted - For
 3.   Ratify Auditors                                Management     For          Voted - For
PRECISION CASTPARTS CORP.
 CUSIP: 740189105 TICKER: PCP
 Meeting Date: 8/12/2008 Meeting Type: Annual
 1.1. Elect Director Don R. Graber                   Management     For          Voted - For
 1.2. Elect Director Lester L. Lyles                 Management     For          Voted - For
 2.   Approve Qualified Employee Stock Purchase Plan Management     For          Voted - For
 3.   Amend Omnibus Stock Plan                       Management     For          Voted - For
 4.   Ratify Auditors                                Management     For          Voted - For
PSS WORLD MEDICAL, INC.
 CUSIP: 69366A100 TICKER: PSSI
 Meeting Date: 8/21/2008 Meeting Type: Annual
 1.1. Elect Director Charles E. Adair                Management     For          Voted - For
 1.2. Elect Director Alvin R. Carpenter              Management     For          Voted - For
 1.3. Elect Director Stephen H. Rogers               Management     For          Voted - For
QLOGIC CORP.
 CUSIP: 747277101 TICKER: QLGC
 Meeting Date: 8/28/2008 Meeting Type: Annual
 1.1. Elect Director H.K. Desai                      Management     For          Voted - For
 1.2. Elect Director Joel S. Birnbaum                Management     For          Voted - For
 1.3. Elect Director James R. Fiebiger               Management     For          Voted - For
 1.4. Elect Director Balakrishnan S. Iyer            Management     For          Voted - For
 1.5. Elect Director Kathryn B. Lewis                Management     For          Voted - For
 1.6. Elect Director George D. Wells                 Management     For          Voted - For
 2.   Amend Omnibus Stock Plan                       Management     For          Voted - For
 3.   Amend Qualified Employee Stock Purchase Plan   Management     For          Voted - For
 4.   Ratify Auditors                                Management     For          Voted - For


17





                                     STET TAX FREE FUND
 PROPOSAL                                                 PROPOSED BY MGT. POSITION REGISTRANT VOTED
RALCORP HOLDINGS, INC.
 CUSIP: 751028101 TICKER: RAH
 Meeting Date: 7/17/2008  Meeting Type: Special
 1.   Issue Shares in Connection with Acquisition         Management     For          Voted - For
 2.   Adjourn Meeting                                     Management     For          Voted - For
RBC BEARINGS, INC.
 CUSIP: 75524B104 TICKER: ROLL
 Meeting Date: 9/10/2008  Meeting Type: Annual
 1.   Elect Director Michael J. Hartnett                  Management     For          Voted - For
 2.   Elect Director Thomas O?Brien                       Management     For          Voted - For
 3.   Elect Director Amir Faghri                          Management     For          Voted - For
 4.   Ratify Auditors                                     Management     For          Voted - For
REGIS CORP.
 CUSIP: 758932107 TICKER: RGS
 Meeting Date: 10/23/2008 Meeting Type: Annual
 1.1. Elect Director Rolf F. Bjelland                     Management     For          Voted - For
 1.2. Elect Director Paul D. Finkelstein                  Management     For          Voted - For
 1.3. Elect Director Thomas L. Gregory                    Management     For          Voted - For
 1.4. Elect Director Van Zandt Hawn                       Management     For          Voted - For
 1.5. Elect Director Susan S. Hoyt                        Management     For          Voted - For
 1.6. Elect Director David B. Kunin                       Management     For          Voted - For
 1.7. Elect Director Stephen Watson                       Management     For          Voted - For
 2.   Ratify Auditors                                     Management     For          Voted - For
 3.   Other Business                                      Management     For          Voted - Against
RESEARCH IN MOTION LTD
 CUSIP: 760975102 TICKER: RIM
 Meeting Date: 7/15/2008  Meeting Type: Annual
 1.   Elect James Balsillie, Mike Lazaridis, James
       Estill, David Kerr, Roger Martin, John Richardson,
       Barbara Stymiest and John Wetmore as Directors     Management     For          Voted - For
 2.   Approve Ernst & Young LLP as Auditors and Authorize
       Board to Fix Their Remuneration                    Management     For          Voted - For
RICHARDSON ELECTRONICS, LTD.
 CUSIP: 763165107 TICKER: RELL
 Meeting Date: 10/7/2008  Meeting Type: Annual
 1.1. Elect Director Edward J. Richardson                 Management     For          Voted - For
 1.2. Elect Director Jacques Bouyer                       Management     For          Voted - For
 1.3. Elect Director Scott Hodes                          Management     For          Voted - Withhold
 1.4. Elect Director Ad Ketelaars                         Management     For          Voted - For
 1.5. Elect Director John R. Peterson                     Management     For          Voted - For
 1.6. Elect Director Harold L. Purkey                     Management     For          Voted - For


18


STET TAX FREE FUND




 PROPOSAL                                      PROPOSED BY MGT. POSITION REGISTRANT VOTED
 1.7. Elect Director Samuel Rubinovitz         Management     For          Voted - For
 2.   Ratify Auditors                          Management     For          Voted - For
RPM INTERNATIONAL INC.
 CUSIP: 749685103 TICKER: RPM
 Meeting Date: 10/10/2008 Meeting Type: Annual
 1.1. Elect Director Frederick R. Nance        Management     For          Voted - Withhold
 1.2. Elect Director Charles A. Ratner         Management     For          Voted - For
 1.3. Elect Director William B. Summers, Jr.   Management     For          Voted - For
 1.4. Elect Director Jerry Sue Thornton        Management     For          Voted - For
 2.   Ratify Auditors                          Management     For          Voted - For
SAFECO CORP.
 CUSIP: 786429100 TICKER: SAF
 Meeting Date: 7/29/2008  Meeting Type: Annual
 1.   Approve Merger Agreement                 Management     For          Voted - For
 2.1. Elect Director Joseph W. Brown           Management     For          Voted - For
 2.2. Elect Director Kerry Killinger           Management     For          Voted - For
 2.3. Elect Director Gary F. Locke             Management     For          Voted - For
 2.4. Elect Director Charles R. Rinehart       Management     For          Voted - For
 2.5. Elect Director Gerardo I. Lopez          Management     For          Voted - For
 3.   Ratify Auditors                          Management     For          Voted - For
 4.   Adjourn Meeting                          Management     For          Voted - For
SALESFORCE.COM, INC.
 CUSIP: 79466L302 TICKER: CRM
 Meeting Date: 7/10/2008  Meeting Type: Annual
 1.1. Elect Director Marc Benioff              Management     For          Voted - For
 1.2. Elect Director Craig Conway              Management     For          Voted - For
 1.3. Elect Director Alan Hassenfeld           Management     For          Voted - For
 2.   Ratify Auditors                          Management     For          Voted - For
 3.   Amend Omnibus Stock Plan                 Management     For          Voted - Against
 4.   Amend Omnibus Stock Plan                 Management     For          Voted - For
SARA LEE CORP.
 CUSIP: 803111103 TICKER: SLE
 Meeting Date: 10/30/2008 Meeting Type: Annual
 1.   Elect Director Brenda C. Barnes          Management     For          Voted - For
 2.   Elect Director Christopher B. Begley     Management     For          Voted - For
 3.   Elect Director Crandall C. Bowles        Management     For          Voted - For
 4.   Elect Director Virgis W. Colbert         Management     For          Voted - For
 5.   Elect Director James S. Crown            Management     For          Voted - For
 6.   Elect Director Laurette T. Koellner      Management     For          Voted - For
 7.   Elect Director Cornelis J.A. van Lede    Management     For          Voted - For
 8.   Elect Director John McAdam               Management     For          Voted - For
 9.   Elect Director Ian Prosser               Management     For          Voted - For


19





                                       STET TAX FREE FUND
 PROPOSAL                                                  PROPOSED BY MGT. POSITION REGISTRANT VOTED
 10.  Elect Director Rozanne L. Ridgway                    Management     For          Voted - For
 11.  Elect Director Norman R. Sorensen                    Management     For          Voted - For
 12.  Elect Director Jeffrey W. Ubben                      Management     For          Voted - For
 13.  Elect Director Jonathan P. Ward                      Management     For          Voted - For
 14.  Ratify Auditors                                      Management     For          Voted - For
 15.  Re-Approve Performance Measures                      Management     For          Voted - For
SCHOOL SPECIALTY, INC.
 CUSIP: 807863105       TICKER: SCHS
 Meeting Date: 8/19/2008    Meeting Type: Annual
 1.1. Elect Director Edward C. Emma                        Management     For          Voted - For
 1.2. Elect Director Jonathan J. Ledecky                   Management     For          Voted - For
 2.   Approve Omnibus Stock Plan                           Management     For          Voted - Against
 3.   Ratify Auditors                                      Management     For          Voted - For
SEAGATE TECHNOLOGY
 CUSIP: G7945J104       TICKER: STX
 Meeting Date: 10/30/2008   Meeting Type: Annual
 1.   Elect William D. Watkins As A Director               Management     For          Voted - For
 2.   Elect Stephen J. Luczo As A Director                 Management     For          Voted - For
 3.   Elect Frank J. Biondi As A Director                  Management     For          Voted - For
 4.   Elect William W. Bradley As A Director               Management     For          Voted - For
 5.   Elect Donald E. Kiernan As A Director                Management     For          Voted - For
 6.   Elect David F. Marquardt As A Director               Management     For          Voted - For
 7.   Elect Lydia M. Marshall As A Director                Management     For          Voted - For
 8.   Elect C.S. Park As A Director                        Management     For          Voted - For
 9.   Elect Gregorio Reyes As A Director                   Management     For          Voted - For
 10.  Elect John W. Thompson As A Director                 Management     For          Voted - For
 11.  Proposal To Approve The Seagate Technology
       Executive Officer Performance Bonus Plan.           Management     For          Voted - For
 12.  Proposal To Ratify The Appointment Of Ernst & Young
       Llp As The Independent Registered Public Accounting
       Firm Of Seagate Technology For The Fiscal Year
       Ending July 3, 2009.                                Management     For          Voted - For
SINA CORP. (FORMERLY SINA.COM)
 CUSIP: G81477104       TICKER: SINA
 Meeting Date: 9/8/2008     Meeting Type: Annual
 1.1. Elect Director Pehong Chen                           Management     For          Voted - For
 1.2. Elect Director Lip-Bu Tan                            Management     For          Voted - For
 1.3. Elect Director Yichen Zhang                          Management     For          Voted - For
 2.   Ratify Auditors                                      Management     For          Voted - For
 3.   Approval Of The Amendment And Restatement Of
       Amended And Restated Articles Of Association.       Management     For          Voted - Against


20





                                     STET TAX FREE FUND
 PROPOSAL                                               PROPOSED BY MGT. POSITION REGISTRANT VOTED
SUEZ
 CUSIP: 864686100 TICKER UNKNOWN
 Meeting Date: 7/16/2008  Meeting Type: MIX
 Meeting for ADR Holders
 1.   Approve Merger by Absorption of Rivolam           Management     For          Voted - For
 2.   Approve Spin-Off of Suez Environnement            Management     For          Voted - For
 3.   Approve Distribution of 65 percent of Suez
       Environnement to Suez's Shareholders             Management     For          Voted - For
 4.   Approve Special Auditors' Report Regarding
       Related-Party Transactions                       Management     For          Voted - For
 5.   Approve Merger by Absorption of Suez by GDF       Management     For          Voted - For
 6.   Authorize Filing of Required Documents/Other
       Formalities                                      Management     For          Voted - For
TEVA PHARMACEUTICAL INDUSTRIES LTD.
 CUSIP: 881624209 TICKER UNKNOWN
 Meeting Date: 9/25/2008  Meeting Type: Special
 Meeting for ADR Holders
 1.   Elect Joseph (Yosi) Nitzani as External Director  Management     For          Voted - For
THE PROCTER & GAMBLE COMPANY
 CUSIP: 742718109 TICKER: PG
 Meeting Date: 10/14/2008 Meeting Type: Annual
 1.1. Elect Director Kenneth I. Chenault                Management     For          Voted - For
 1.2. Elect Director Scott D. Cook                      Management     For          Voted - For
 1.3. Elect Director Rajat K. Gupta                     Management     For          Voted - For
 1.4. Elect Director A.G. Lafley                        Management     For          Voted - For
 1.5. Elect Director Charles R. Lee                     Management     For          Voted - For
 1.6. Elect Director Lynn M. Martin                     Management     For          Voted - For
 1.7. Elect Director W. James McNerney, Jr.             Management     For          Voted - For
 1.8. Elect Director Johnathan A. Rodgers               Management     For          Voted - For
 1.9. Elect Director Ralph Snyderman                    Management     For          Voted - For
 1.10. Elect Director Margaret C. Whitman               Management     For          Voted - For
 1.11. Elect Director Patricia A. Woertz                Management     For          Voted - For
 1.12. Elect Director Ernesto Zedillo                   Management     For          Voted - For
 2.   Ratify Auditors                                   Management     For          Voted - For
 3.   Adopt Majority Voting for Uncontested Election of
       Directors                                        Management     For          Voted - For
 4.   Rotate Annual Meeting Location                    Shareholder    Against      Voted - Against
 5.   Advisory Vote to Ratify Named Executive Officers'
       Compensation                                     Shareholder    Against      Voted - For


21





                                     STET TAX FREE FUND
 PROPOSAL                                                PROPOSED BY MGT. POSITION REGISTRANT VOTED
THE SOUTH FINANCIAL GROUP INC.
 CUSIP: 837841105 TICKER: TSFG
 Meeting Date: 7/18/2008  Meeting Type: Special
 1.   Approve Conversion of Securities                   Management     For          Voted - For
 2.   Adjourn Meeting                                    Management     For          Voted - For
TRIUMPH GROUP, INC.
 CUSIP: 896818101 TICKER: TGI
 Meeting Date: 7/24/2008  Meeting Type: Annual
 1.1. Elect Director Richard C. Ill                      Management     For          Voted - For
 1.2. Elect Director Richard C. Gozon                    Management     For          Voted - For
 1.3. Elect Director Claude F. Kronk                     Management     For          Voted - For
 1.4. Elect Director William O. Albertini                Management     For          Voted - For
 1.5. Elect Director George Simpson                      Management     For          Voted - For
 2.   Increase Authorized Common Stock                   Management     For          Voted - For
 3.   Ratify Auditors                                    Management     For          Voted - For
VISA INC.
 CUSIP: 92826C839 TICKER: V
 Meeting Date: 10/14/2008 Meeting Type: Special
 1.   Amend Certificate of Incorporation to Declassify
       the Board of Directors and Eliminate Certain
       Provisions                                        Management     For          Voted - For
VODAFONE GROUP PLC
 CUSIP: 92857W209 TICKER UNKNOWN
 Meeting Date: 7/29/2008  Meeting Type: Annual
 Meeting for ADR Holders
 1.   Accept Financial Statements and Statutory Reports  Management     For          Voted - For
 2.   Re-elect Sir John Bond as Director                 Management     For          Voted - For
 3.   Re-elect John Buchanan as Director                 Management     For          Voted - For
 4.   Re-elect Vittorio Colao as Director                Management     For          Voted - For
 5.   Re-elect Andy Halford as Director                  Management     For          Voted - For
 6.   Re-elect Alan Jebson as Director                   Management     For          Voted - For
 7.   Re-elect Nick Land as Director                     Management     For          Voted - For
 8.   Re-elect Anne Lauvergeon as Director               Management     For          Voted - For
 9.   Re-elect Simon Murray as Director                  Management     For          Voted - For
 10.  Re-elect Luc Vandevelde as Director                Management     For          Voted - For
 11.  Re-elect Anthony Watson as Director                Management     For          Voted - For
 12.  Re-elect Philip Yea as Director                    Management     For          Voted - For
 13.  Approve Final Dividend of 5.02 Pence Per Ordinary
       Share                                             Management     For          Voted - For
 14.  Approve Remuneration Report                        Management     For          Voted - For
 15.  Reappoint Deloitte & Touche LLP as Auditors of the
       Company                                           Management     For          Voted - For


22





                                     STET TAX FREE FUND
 PROPOSAL                                                 PROPOSED BY MGT. POSITION REGISTRANT VOTED
 16. Authorise the Audit Committee to Fix Remuneration
      of Auditors                                         Management     For          Voted - For
 17. Authorise Issue of Equity or Equity-Linked
      Securities with Pre-emptive Rights up to Aggregate
      Nominal Amount of USD 1,100,000,000                 Management     For          Voted - For
 18. Subject to the Passing of Resolution 17, Authorise
      Issue of Equity or Equity-Linked Securities without
      Pre-emptive Rights up to Aggregate Nominal Amount
      of USD 300,000,000                                  Management     For          Voted - For
 19. Authorise 5,300,000,000 Ordinary Shares for Market
      Purchase                                            Management     For          Voted - For
 20. Authorise the Company and its Subsidiaries to Make
      EU Political Donations to Political Parties, and/or
      Independent Election Candidates, to Political
      Organisations Other Than Political Parties And
      Incur EU Political Expenditure up to GBP 100,000    Management     For          Voted - For
 21. Amend Articles of Association                        Management     For          Voted - For
 22. Approve Vodafone Group 2008 Sharesave Plan           Management     For          Voted - For
WATSON WYATT WORLDWIDE INC
 CUSIP: 942712100 TICKER: WW
 Meeting Date: 11/14/2008 Meeting Type: Annual
 1.  Elect Director John J. Gabarro                       Management     For          Voted - For
 2.  Elect Director John J. Haley                         Management     For          Voted - For
 3.  Elect Director R. Michael McCullough                 Management     For          Voted - For
 4.  Elect Director Brendan R. O'Neill                    Management     For          Voted - For
 5.  Elect Director Linda D. Rabbitt                      Management     For          Voted - For
 6.  Elect Director Gilbert T. Ray                        Management     For          Voted - For
 7.  Elect Director John C. Wright                        Management     For          Voted - For
 8.  Ratify Auditors                                      Management     For          Voted - For
 9.  Amend Deferred Compensation Plan                     Management     For          Voted - For
WESTERN DIGITAL CORP.
 CUSIP: 958102105 TICKER: WDC
 Meeting Date: 11/6/2008  Meeting Type: Annual
 1.  Elect Director Peter D. Behrendt                     Management     For          Voted - For
 2.  Elect Director Kathleen A. Cote                      Management     For          Voted - For
 3.  Elect Director John F. Coyne                         Management     For          Voted - For
 4.  Elect Director Henry T. DeNero                       Management     For          Voted - For
 5.  Elect Director William L. Kimsey                     Management     For          Voted - For
 6.  Elect Director Michael D. Lambert                    Management     For          Voted - For
 7.  Elect Director Matthew E. Massengill                 Management     For          Voted - For
 8.  Elect Director Roger H. Moore                        Management     For          Voted - For
 9.  Elect Director Thomas E. Pardun                      Management     For          Voted - For
 10. Elect Director Arif Shakeel                          Management     For          Voted - For
 11. Amend Qualified Employee Stock Purchase Plan         Management     For          Voted - For
 12. Ratify Auditors                                      Management     For          Voted - For


23





                                     STET TAX FREE FUND
 PROPOSAL                                                  PROPOSED BY MGT. POSITION REGISTRANT VOTED
ZALE CORP.
 CUSIP: 988858106 TICKER: ZLC
 Meeting Date: 11/18/2008 Meeting Type: Annual
 1.1. Elect Director J. Glen Adams                         Management     For          Voted - For
 1.2. Elect Director Yuval Braverman                       Management     For          Voted - For
 1.3. Elect Director Richard C. Breeden                    Management     For          Voted - For
 1.4. Elect Director James M. Cotter                       Management     For          Voted - For
 1.5. Elect Director Neal L. Goldberg                      Management     For          Voted - For
 1.6. Elect Director John B. Lowe, Jr.                     Management     For          Voted - For
 1.7. Elect Director Thomas C. Shull                       Management     For          Voted - For
 1.8. Elect Director Charles M. Sonsteby                   Management     For          Voted - For
 1.9. Elect Director David M. Szymanski                    Management     For          Voted - For
 2.   Amend Bundled Compensation Plans                     Management     For          Voted - For
 3.   Advisory Vote on Executive Compensation- Approve
       Application of Compensation Policies and Procedures Management     For          Voted - For
 4.   Ratify Auditors                                      Management     For          Voted - For



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                                   SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Name of Registrant: SEI Tax Exempt Trust

By: /s/ Robert A. Nesher

President

Date: August 31, 2009

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