Fund Evaluator:

SEI Pennsylvania Municipal Bond F (STET) Overview

SEI Pennsylvania Municipal Bond F (STET) (SEPAX) is an actively managed Municipal Bond Muni Pennsylvania fund. SEI launched the fund in 1998.

The investment seeks current income exempt from federal and Pennsylvania state income taxes 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 Pennsylvania state income taxes, including, but not limited to, municipal bonds, notes and commercial paper.

About SEI Pennsylvania Municipal Bond F (STET) (SEPAX)

There are 4 members of the management team with an average tenure of 12.09 years: Richard Bamford (1999), Anthony Karaminas (2023), Daniel Falkowski (2022), Daniel Rabasco (2010). 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 PA Interm Municipal TR USD index with a weighting of 100%. SEI Pennsylvania Municipal Bond F (STET) has 114 securities in its portfolio. The top 10 holdings constitute 23.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

SEI Pennsylvania Municipal Bond F (STET) is part of the Fixed Income global asset class and is within the Municipal Bond fund group. SEI Pennsylvania 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 99.4% (98.7% domestic bond, 0.7% foreign bond and 0.0% convertible bond). SEI Pennsylvania Municipal Bond F (STET) has 0.6% of the portfolio in cash.

Assets Under Management

The fund has $136 million in total assets, which is below the $189 million average for the Muni Pennsylvania 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.

SEPAX 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 Pennsylvania Municipal Bond F (STET) expense ratio is above average compared to funds in the Muni Pennsylvania category. SEI Pennsylvania Municipal Bond F (STET) has an expense ratio of 0.63%, which is 25% 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 Pennsylvania Municipal Bond F (STET) has a portfolio turnover rate of 18%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 27% for the Muni Pennsylvania category.

Recently, in the month of July 2026, SEI Pennsylvania Municipal Bond F (STET) returned -1.3%, which earned it a grade of A, as the Muni Pennsylvania category had an average return of -1.9%. 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 Pennsylvania Municipal Bond F (STET) has a trailing yield of 2.29%, which is below the 3.51% 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 Pennsylvania Municipal Bond F (STET) Grades

Year to date, the fund has returned -0.5%, 1.1 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.6% over the past year (grade of F), 2.5% over the past three years (grade of F) and 0.1% per year over the past five years (grade of C) and 1.3% per year over the past 10 years (grade of D).

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