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Ohio Tax Exempt Series   

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Investment Objective

The Ohio Tax Exempt Series seeks to provide as high a level of current income exempt from federal income tax and Ohio state personal income tax as the Advisor believes is consistent with the preservation of capital.

Investment Strategy

The Series invests primarily in municipal bonds that provide income exempt from federal income tax and Ohio state personal income tax.

May be Appropriate for Investors:

  • Seeking income that is exempt from federal and Ohio state income taxes
  • Seeking a long-term investment and willing to accept the risk of interest rate fluctuations
  • Seeking to diversify a portfolio by adding a municipal bond component

A Word About Risk

All investments involve risks, including possible loss of principal. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. The income earned by the Series may be subject to the Alternative Minimum Tax (AMT), depending on your tax situation.

Availability

Available in Ohio.


Fund Facts

Ticker EXOTX
CUSIP 563821685
Inception Date 02/14/1994
Account Minimum $2,000*
Expense Ratio 0.77%

*May be waived for qualified retirement plans and investors who establish an automatic investment plan.

Annualized Performance 1
(as of 03/31/2014)

Year-to-Date (01/01/2014 - 03/31/2014) 0.66%
One Year (04/01/2013 - 03/31/2014) -0.84%
Three Year (04/01/2011 - 03/31/2014) 3.20%
Five Year (04/01/2009 - 03/31/2014) 3.66%
Ten Year (04/01/2004 - 03/31/2014) 3.30%
US Bond Market Cycle (07/01/2003 - 03/31/2014) 3.26%

Top Ten Investments 2
(as of 03/31/2014)

CANAL WINCHESTER OHIO LOC SCH DI 5.00000 06/01/2015 3.61%
FRANKLIN CNTY OH 4.00000 06/01/2017 3.18%
LICKING HEIGHTS OHIO LOC SCH 5.25000 06/01/2014 2.90%
CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2017 2.90%
COLUMBUS OHIO 5.00000 07/01/2014 2.28%
N E OH REGL SWR DIST 5.00000 11/15/2021 2.23%
OHIO ST UNIV 5.00000 12/01/2018 2.11%
AMERICAN MUNI PWR-OHIO INC 5.00000 02/15/2019 2.09%
LAKEWOOD OHIO CITY SCH DIST 5.25000 12/01/2014 1.84%
CLEVELAND OH WTRWRKS REV 5.00000 01/01/2016 1.63%

1

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

2

Top Ten Investments list is unaudited and excludes cash.


View data:

Annualized Performance 1
(as of 03/31/2014)

Year-to-Date (01/01/2014 - 03/31/2014) 0.66%
One Year (04/01/2013 - 03/31/2014) -0.84%
Three Year (04/01/2011 - 03/31/2014) 3.20%
Five Year (04/01/2009 - 03/31/2014) 3.66%
Ten Year (04/01/2004 - 03/31/2014) 3.30%
US Bond Market Cycle (07/01/2003 - 03/31/2014) 3.26%

Daily Price (NAV)
(as of 04/17/2014)

Price / Share $10.63
Change ($) Up 0.00
Change (%) Up 0.00

Expense Ratio

0.77%

1

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.


View data:

Top Ten Investments 1
(as of 03/31/2014)

CANAL WINCHESTER OHIO LOC SCH DI 5.00000 06/01/2015 3.61%
FRANKLIN CNTY OH 4.00000 06/01/2017 3.18%
LICKING HEIGHTS OHIO LOC SCH 5.25000 06/01/2014 2.90%
CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2017 2.90%
COLUMBUS OHIO 5.00000 07/01/2014 2.28%
N E OH REGL SWR DIST 5.00000 11/15/2021 2.23%
OHIO ST UNIV 5.00000 12/01/2018 2.11%
AMERICAN MUNI PWR-OHIO INC 5.00000 02/15/2019 2.09%
LAKEWOOD OHIO CITY SCH DIST 5.25000 12/01/2014 1.84%
CLEVELAND OH WTRWRKS REV 5.00000 01/01/2016 1.63%

Fund Holdings

March Holdings 03/31/2014
February Holdings 02/28/2014
January Holdings 01/31/2014
December Holdings 12/31/2013

Sector Allocation
(as of 03/31/2014)

G.O. 39.67%
Revenue 30.96%
Pre-Refund 24.84%
Cash 4.53%

Credit Quality Distribution
(as of 03/31/2014)

AAA 28.76%
AA 59.93%
A 4.89%
BBB 1.06%
NR 5.36%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). NR is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard and Poor’s are used.

1

Top Ten Investments list is unaudited and excludes cash.

Investments will change over time.