Fund Evaluator:
SEI California Municipal Bond F (STET) (SBDAX)
Follow This Fund
Best Performing in Muni California Intermediate Over the Last Year
| 4.7% | Green California Tax-Free Income Inv (CFNTX) |
| 4.5% | Vanguard CA Interm-Term Tax-Exempt Adm (VCADX) |
| 4.5% | American Century CA Interm-T T-Fr Bd Y (ACYTX) |
| 4.5% | Vanguard CA Interm-Term Tax-Exempt Inv (VCAIX) |
| 4.3% | American Century CA Interm-T T-Fr Bd Inv (BCITX) |
Fund Details
SEI California Municipal Bond F (STET) Overview
SEI California Municipal Bond F (STET) (SBDAX) is an actively managed Municipal Bond Muni California Intermediate fund. SEI launched the fund in 1998.
The investment seeks the highest level of current income exempt from federal and California state income taxes as is consistent with the preservation of capital. The 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, including, but not limited to, municipal bonds, notes and commercial paper. It is non-diversified.
About SEI California Municipal Bond F (STET) (SBDAX)
There are 5 members of the management team with an average tenure of 11.60 years: Jeffrey Burger (2013), Richard Bamford (1999), Anthony Karaminas (2023), Daniel Falkowski (2022), Thomas Casey (2013). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal MF CA Interm TR USD index with a weighting of 100%. SEI California Municipal Bond F (STET) has 136 securities in its portfolio. The top 10 holdings constitute 22.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
SEI California Municipal Bond F (STET) is part of the Fixed Income global asset class and is within the Municipal Bond fund group. SEI California Municipal Bond F (STET) has 0.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.0% (98.3% domestic bond, 0.7% foreign bond and 0.0% convertible bond). SEI California Municipal Bond F (STET) has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $199 million in total assets, which is below the $621 million average for the Muni California Intermediate category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SBDAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The SEI California Municipal Bond F (STET) expense ratio is above average compared to funds in the Muni California Intermediate category. SEI California Municipal Bond F (STET) has an expense ratio of 0.60%, which is 11% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. SEI California Municipal Bond F (STET) has a portfolio turnover rate of 28%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 47% for the Muni California Intermediate category.
Recently, in the month of July 2026, SEI California Municipal Bond F (STET) returned -1.6%, which earned it a grade of D, as the Muni California Intermediate category had an average return of -1.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
SEI California Municipal Bond F (STET) has a trailing yield of 2.29%, which is below the 3.02% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
SEI California Municipal Bond F (STET) Grades
Year to date, the fund has returned -1.1%, 1.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.8% over the past year (grade of F), 2.3% over the past three years (grade of F) and 0.0% per year over the past five years (grade of F) and 1.0% per year over the past 10 years (grade of F).
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SBDAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SBDAX Return (NAV) | -1.6% | -0.9% | 2.8% | 2.3% | 0.0% | 1.0% |
| SBDAX Grade | D | F | F | F | F | F |
| +/- Category | -0.2% | -0.4% | -1.5% | -0.6% | -0.5% | -0.4% |
| Muni California Intermediate Avg | -1.5% | -0.5% | 4.3% | 2.9% | 0.5% | 1.5% |
| SBDAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.1% |
SBDAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SBDAX Return (NAV) | -1.1% | 5.0% | 0.1% | 4.3% | -6.9% | -0.2% | 3.8% | 5.7% | 0.9% | 3.7% | -1.2% |
| SBDAX Grade | F | A | F | D | C | F | C | D | C | D | F |
| +/- Category | -1.2% | 1.0% | -1.6% | -0.6% | 0.3% | -1.2% | 0.0% | -0.5% | 0.1% | -0.7% | -0.8% |
| Muni California Intermediate Avg | 0.2% | 4.0% | 1.7% | 4.9% | -7.2% | 0.9% | 3.7% | 6.2% | 0.8% | 4.4% | -0.4% |
| Risk Measures | |
| Standard Deviation: | 4.8% |
| Total Risk Index: | 0.39 - Low |
| Category Risk Index: | 1.12 - High |
| Category Risk Grade: | F (88% Rank) |
| Beta: | 0.81 |
| R-Squared: | 94% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $217 Mil |
| Fund Total Assets: | $ 199 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 28% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 26.6 years | |||
| Average Tenure: 11.6 years | |||
| Managers (Year): Bamford Richard (1999), Burger Jeffrey (2013), Casey Thomas (2013), Falkowski Daniel (2022), Karaminas Anthony (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 136 |
| % in Top 10 Holdings: | 22.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.3% |
| Foreign Bond: | 0.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.0% |
Purchase Information
| Fund Family: | SEI |
| Phone Number: | 800-858-7233 |
| Website: | www.seic.com |
| Status: | Open |
| Inception Date: | August 19, 1998 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.60% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | SEI California Municipal Bond F (STET) |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
