Fund Evaluator:
SEI Massachusetts Municipal Bd F (STET) (SMAAX)
Follow This Fund
Best Performing in Muni Massachusetts Over the Last Year
| 4.9% | Vanguard MA Tax-Exempt Inv (VMATX) |
| 4.0% | Fidelity Massachusetts Municipal Income (FDMMX) |
| 3.1% | Columbia Massachusetts Itmt MuncplBdInst (SEMAX) |
| 2.5% | BNY Mellon MA Interm Muni Bd M (MMBMX) |
Fund Details
SEI Massachusetts Municipal Bd F (STET) Overview
SEI Massachusetts Municipal Bd F (STET) (SMAAX) is an actively managed Municipal Bond Muni Massachusetts fund. SEI launched the fund in 1998.
The investment seeks the highest level of current income exempt from federal and Massachusetts 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 Massachusetts state income taxes, including, but not limited to, municipal bonds, notes and commercial paper. It is non-diversified.
About SEI Massachusetts Municipal Bd F (STET) (SMAAX)
There are 4 members of the management team with an average tenure of 12.18 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 U.S. Municipal Bond TR USD index with a weighting of 100% and Bloomberg MA Interm Municipal TR USD index with a weighting of 100%. SEI Massachusetts Municipal Bd F (STET) has 73 securities in its portfolio. The top 10 holdings constitute 28.9% 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 Massachusetts Municipal Bd F (STET) is part of the Fixed Income global asset class and is within the Municipal Bond fund group. SEI Massachusetts Municipal Bd 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 98.6% (97.9% domestic bond, 0.7% foreign bond and 0.0% convertible bond). SEI Massachusetts Municipal Bd F (STET) has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $59 million in total assets, which is below the $216 million average for the Muni Massachusetts 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.
SMAAX 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 Massachusetts Municipal Bd F (STET) expense ratio is above average compared to funds in the Muni Massachusetts category. SEI Massachusetts Municipal Bd F (STET) has an expense ratio of 0.63%, which is 23% lower than its category average, making the fund expense ratio grade a B. 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 Massachusetts Municipal Bd F (STET) has a portfolio turnover rate of 20%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 25% for the Muni Massachusetts category.
Recently, in the month of August 2026, SEI Massachusetts Municipal Bd F (STET) returned 0.3%, which earned it a grade of A, as the Muni Massachusetts category had an average return of -0.2%. 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 Massachusetts Municipal Bd F (STET) has a trailing yield of 2.15%, which is below the 2.97% 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 Massachusetts Municipal Bd F (STET) Grades
Year to date, the fund has returned -0.7%, 0.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 1.9% over the past year (grade of F), 2.5% over the past three years (grade of F) and 0.0% per year over the past five years (grade of C) and 1.0% per year over the past 10 years (grade of D).
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SMAAX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SMAAX Return (NAV) | 0.3% | -1.0% | 1.9% | 2.5% | 0.0% | 1.0% |
| SMAAX Grade | A | B | F | F | C | D |
| +/- Category | 0.6% | 0.2% | -2.3% | -0.4% | 0.2% | -0.2% |
| Muni Massachusetts Avg | -0.2% | -1.2% | 4.2% | 2.9% | -0.1% | 1.2% |
| SMAAX Tax Cost Ratio | na | na | -0.0% | 0.0% | 0.0% | 0.1% |
SMAAX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SMAAX Return (NAV) | -0.7% | 4.8% | -0.2% | 4.2% | -6.8% | -0.9% | 4.4% | 6.2% | 0.6% | 3.5% | -1.2% |
| SMAAX Grade | F | A | F | F | A | F | C | F | B | F | F |
| +/- Category | -0.9% | 1.6% | -1.5% | -1.2% | 3.1% | -2.1% | 0.2% | -0.6% | 0.4% | -1.1% | -1.0% |
| Muni Massachusetts Avg | 0.2% | 3.2% | 1.2% | 5.5% | -9.9% | 1.2% | 4.2% | 6.8% | 0.2% | 4.5% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 4.7% |
| Total Risk Index: | 0.38 - Low |
| Category Risk Index: | 0.86 - Low |
| Category Risk Grade: | A (15% Rank) |
| Beta: | 0.80 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $59 Mil |
| Fund Total Assets: | $ 59 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 20% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 26.7 years | |||
| Average Tenure: 12.2 years | |||
| Managers (Year): Bamford Richard (1999), Rabasco Daniel (2010), Falkowski Daniel (2022), Karaminas Anthony (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 73 |
| % in Top 10 Holdings: | 28.9% |
| 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: | 97.9% |
| Foreign Bond: | 0.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.4% |
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 (%): | 0.63% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | SEI Massachusetts Municipal Bd F (STET) |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
