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To provide as high a level of current income exempt from federal income tax as the Advisor believes is consistent with the preservation of capital.
The Series invests primarily in municipal bonds that provide income exempt from federal income tax.
$10.22
$0.02
0.20%
as of 06/23/2022
EXDVX
563821677
02/14/1994
$2,000.00
Investment minimum may be waived for participants in an automatic investment program and discretionary investment accounts of the Advisor.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms | |
| N-Port Part F Reports |
As of 05/31/2022
-5.42%
-5.56%
0.65%
1.09%
1.03%
3.38%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. 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.
| Gross | 0.67% |
As of 05/31/2022
| ISHARES S&P NAT AMT-FREE MUN 2.01400 | 3.31% |
| FAIRFAX CNTY 5.00000 10/01/2024 | 3.09% |
| WISCONSIN ST 5.00000 05/01/2024 | 3.00% |
| GEORGIA ST 5.00000 07/01/2023 | 2.97% |
| MARYLAND ST 5.00000 03/01/2031 | 2.94% |
| WASHINGTON ST 5.00000 08/01/2029 | 2.42% |
| MECKLENBURG CNTY NC 5.00000 03/01/2030 | 2.15% |
| FAIRFAX CNTY VA 5.00000 04/01/2026 | 1.96% |
| NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 | 1.89% |
| IRVING TX 5.00000 09/15/2031 | 1.80% |
Top Ten Investments list is unaudited and excludes cash.
As of 05/31/2022
| Revenue | 41.36% |
| G.O. | 40.90% |
| Pre-Refund | 3.93% |
| Cash | 10.86% |
| Other | 2.95% |
As of 05/31/2022
| AAA | 39.42% |
| AA | 36.25% |
| A | 18.50% |
| BBB | 2.82% |
| NR | 3.01% |
Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (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 & Poor’s are used.
As of 05/31/2022
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ALASKA ST MUNI BOND BANK AUTH 5.00000 12/01/2025 | US | 750,000 | $816,110.97 | |
| ALASKA ST MUNI BOND BANK AUTH 5.00000 12/01/2030 | US | 875,000 | $1,010,921.00 | |
| ALASKA ST MUNI BOND 5.00000 05/31/2022 | US | 135,000 | $135,383.50 | |
| ALBUQUERQUE BERNALILLO NM WTR 5.00000 07/01/2022 | US | 1,250,000 | $1,254,034.43 | |
| ALBUQUERQUE NM 5.00000 07/01/2025 | US | 1,000,000 | $1,087,514.19 | |
| AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2022 | US | 500,000 | $504,680.18 | |
| AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2023 | US | 625,000 | $635,975.26 | |
| AUSTIN TX ELEC UTILITY SYS REVEN 5.00000 11/15/2022 | US | 500,000 | $508,771.59 | |
| BALTIMORE CNTY MD 5.00000 03/01/2023 | US | 665,000 | $682,890.19 | |
| BALTIMORE CNTY MD 5.00000 08/01/2028 | US | 1,000,000 | $1,158,254.55 | |
| BERNALILLO CNTY NM 4.00000 08/15/2024 | US | 785,000 | $820,400.82 | |
| BRECKSVILLE-BROADVIEW HEIGHTSOH 5.00000 12/01/2023 | US | 1,000,000 | $1,048,267.67 | |
| BROWARD CNTY FL SCH DIST 5.00000 07/01/2031 | US | 1,895,000 | $2,262,924.24 | |
| CALIFORNIA ST 5.00000 08/01/2025 | US | 1,410,000 | $1,540,697.06 | |
| CEDAR FALLS IA MUNI ELEC UTILITY 5.00000 12/01/2023 | US | 2,000,000 | $2,095,196.54 | |
| CENTRL FL EXPRESSWAY 5.00000 07/01/2024 | US | 500,000 | $529,304.66 | |
| CENTRL FL EXPRESSWAY AUTH SR 5.00000 07/01/2027 | US | 530,000 | $572,566.88 | |
| CENTRL FL EXPRESSWAY AUTH 5.00000 07/01/2027 | US | 500,000 | $559,393.96 | |
| CHARLOTTE NC 5.00000 08/01/2022 | US | 615,000 | $619,090.60 | |
| CINCINNATI OH 5.00000 12/01/2027 | US | 1,100,000 | $1,255,042.33 | |
| CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2031 | US | 1,410,000 | $1,707,498.35 | |
| CLAYTON MO 4.00000 03/15/2028 | US | 510,000 | $555,950.86 | |
| CORPUS CHRISTI TX 5.00000 03/01/2024 | US | 1,000,000 | $1,051,848.07 | |
| CULLMAN AL UTILITIES 4.00000 09/01/2025 | US | 1,000,000 | $1,050,909.12 | |
| DALLAS TX WTRWRKS & SWR SYS REV 5.00000 10/01/2028 | US | 1,715,000 | $1,986,693.10 | |
| DENVER CO 5.00000 11/01/2028 | US | 750,000 | $866,310.94 | |
| DIST OF COLUMBIA 5.00000 06/01/2022 | US | 1,385,000 | $1,385,000.00 | |
| DIST OF COLUMBIA 5.00000 06/01/2022 | US | 1,250,000 | $1,250,000.00 | |
| DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2022 | US | 1,000,000 | $1,013,180.69 | |
| E-470 CO PUBLIC HIGHWAY AUTH 5.00000 09/01/2026 | US | 1,000,000 | $1,100,090.10 | |
| FAIRFAX CNTY 5.00000 10/01/2024 | US | 5,855,000 | $6,272,381.40 | |
| FAIRFAX CNTY VA 5.00000 04/01/2026 | US | 3,580,000 | $3,970,848.79 | |
| FLORIDA ST BRD OF EDU PUBLIC EDU 5.00000 06/01/2024 | US | 930,000 | $988,124.65 | |
| FLORIDA ST TURNPIKE 2.50000 07/01/2026 | US | 505,000 | $504,633.06 | |
| GEORGIA ST 5.00000 07/01/2023 | US | 5,000,000 | $6,022,451.00 | |
| HARRIS CNTY TX 5.00000 08/15/2023 | US | 600,000 | $623,188.61 | |
| HAWAII ST TXBL-REF-SER GJ 1.03300 08/01/2025 | US | 500,000 | $469,304.35 | |
| HONOLULU CITY 5.00000 09/01/2027 | US | 500,000 | $565,704.77 | |
| HONOLULU CITY & CNTY HI 5.00000 03/01/2027 | US | 2,000,000 | $2,251,995.08 | |
| HOUSTON TX UTILITY SYS REVENUE 5.00000 05/15/2024 | US | 1,005,000 | $1,063,198.79 | |
| HOUSTON TX UTILITY SYS REVENUE 5.00000 11/15/2031 | US | 1,140,000 | $1,369,218.96 | |
| ILLINOIS ST MUNI ELEC AGY PWR 5.00000 02/01/2025 | US | 2,000,000 | $2,137,050.78 | |
| ILLINOIS ST MUNI ELEC AGY 5.00000 08/01/2025 | US | 730,000 | $786,338.08 | |
| ILLINOIS ST 5.00000 11/01/2024 | US | 1,800,000 | $1,892,589.34 | |
| ILLINOIS ST TOLL HIGHWAY AUTH 5.00000 07/01/2026 | US | 1,050,000 | $1,131,964.84 | |
| ILLINOIS ST TOLL HIGHWAY AUTH 5.00000 01/01/2030 | US | 1,500,000 | $1,735,307.36 | |
| IRVING TX 5.00000 09/15/2031 | US | 3,030,000 | $3,645,631.25 | |
| ISHARES S&P NAT AMT-FREE MUN 2.01400 | US | 62,191 | $6,722,847.10 | |
| JEA FL ELEC SYS REVENUE 5.00000 10/01/2028 | US | 1,000,000 | $1,133,117.68 | |
| JOHNSTON IA 5.00000 06/01/2023 | US | 520,000 | $536,466.53 | |
| KANSAS CITY MO SANTN SWR SYS REV 4.00000 01/01/2025 | US | 750,000 | $784,813.90 | |
| KENTUCKY ST MUNI 5.00000 09/01/2024 | US | 1,355,000 | $1,415,451.81 | |
| KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 | US | 800,000 | $802,567.75 | |
| KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 | US | 705,000 | $707,272.41 | |
| KNOXVILLE TN WSTWTR SYS REVENUE 5.00000 04/01/2032 | US | 2,500,000 | $2,978,335.58 | |
| LINCOLN NE ELEC SYS REVENUE 5.00000 09/01/2025 | US | 1,000,000 | $1,092,294.24 | |
| LOUISVILLE & JEFFERSON CNTY KY 4.90000 11/15/2023 | US | 2,760,000 | $2,837,991.39 | |
| MAINE ST MUNI BOND BANK 5.00000 09/01/2027 | US | 675,000 | $758,390.92 | |
| MAINE ST TURNPIKE AUTH 5.00000 07/01/2030 | US | 550,000 | $638,190.00 | |
| MARYLAND ST 5.00000 08/01/2025 | US | 1,000,000 | $1,093,429.87 | |
| MARYLAND ST 5.00000 08/01/2030 | US | 1,000,000 | $1,179,152.83 | |
| MARYLAND ST 5.00000 03/01/2031 | US | 5,000,000 | $5,963,951.10 | |
| MARYLAND ST HLTH 5.00000 07/01/2025 | US | 1,010,000 | $1,102,008.54 | |
| MASON OH 3.00000 12/01/2023 | US | 595,000 | $605,492.94 | |
| MASON OH 2.00000 12/01/2023 | US | 680,000 | $681,991.31 | |
| MASSACHUSETTS ST 5.00000 04/01/2026 | US | 1,095,000 | $1,211,809.66 | |
| MASSACHUSETTS ST 5.00000 07/01/2024 | US | 410,000 | $436,328.34 | |
| MECKLENBURG CNTY NC 5.00000 03/01/2030 | US | 3,675,000 | $4,356,719.63 | |
| MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2023 | US | 1,050,000 | $1,086,647.70 | |
| MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2024 | US | 1,200,000 | $1,272,515.17 | |
| METRO OR 5.00000 06/01/2022 | US | 825,000 | $827,644.60 | |
| MET GOVT NASHVILLE & DAVIDSON 1.03100 07/01/2025 | US | 650,000 | $608,025.13 | |
| MET TRANSPRTN AUTH NY REVENUE 4.75000 05/15/2030 | US | 2,000,000 | $2,085,699.16 | |
| MIAMI-DADE CNTY FL WTR & SWR REV 5.00000 10/01/2028 | US | 2,000,000 | $2,284,725.34 | |
| MIAMI-DADE CNTY FL STORMWTR 5.00000 04/01/2028 | US | 1,015,000 | $1,150,574.74 | |
| MID-STATE WI TECH CLG DIST 2.00000 03/01/2024 | US | 600,000 | $599,294.41 | |
| MIDDLETOWN OH CITY SCH DIST 5.25000 12/01/2022 | US | 1,000,000 | $1,020,581.59 | |
| MILWAUKEE WI MET SEWERAGE DIST 4.00000 10/01/2026 | US | 1,900,000 | $2,047,593.12 | |
| MINNESOTA ST 5.00000 08/01/2025 | US | 1,030,000 | $1,122,776.62 | |
| MISSISSIPPI ST 1.12200 10/01/2025 | US | 500,000 | $469,876.06 | |
| MISSOURI JT MUNI ELEC 5.00000 01/01/2027 | US | 1,410,000 | $1,562,877.84 | |
| NEBRASKA ST PUBLIC PWR DIST REV 5.00000 01/01/2030 | US | 640,000 | $740,971.00 | |
| NEW JERSEY ST ECON 5.00000 06/15/2028 | US | 700,000 | $767,410.04 | |
| NEW JERSEY ST ECON 5.00000 06/15/2029 | US | 750,000 | $824,267.00 | |
| NEW JERSEY ST TRANSPRTN 5.00000 06/15/2025 | US | 1,445,000 | $1,539,884.02 | |
| NEW ORLEANS LA SEWAGE 5.00000 06/01/2023 | US | 300,000 | $308,890.07 | |
| NEW ORLEANS LA SEWAGE SVC 5.00000 06/01/2027 | US | 500,000 | $553,543.63 | |
| NEW YORK NY SER J 5.00000 08/01/2023 | US | 950,000 | $987,430.60 | |
| NEW YORK NY 5.00000 08/01/2026 | US | 1,905,000 | $2,120,666.63 | |
| NEW YORK NY 5.00000 12/01/2024 | US | 825,000 | $887,719.31 | |
| NEW YORK NY 1.21600 08/01/2026 | US | 1,200,000 | $1,090,283.11 | |
| NEW YORK NY 5.00000 08/01/2027 | US | 1,600,000 | $1,815,690.91 | |
| NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 | US | 3,500,000 | $3,838,958.90 | |
| NEW YORK CITY NY TRANSITIONAL 5.00000 07/15/2023 | US | 645,000 | $668,616.28 | |
| NEW YORK ST URBAN DEV CORP 2.02000 03/15/2024 | US | 475,000 | $465,699.61 | |
| NEW YORK ST DORM AUTH REVENUES 5.00000 10/01/2023 | US | 860,000 | $894,439.76 | |
| NEW YORK ST DORM AUTH ST 5.00000 03/15/2023 | US | 2,000,000 | $2,055,840.76 | |
| NEW YORK ST DORM AUTH ST 0.88700 03/15/2025 | US | 950,000 | $886,096.35 | |
| NEW YORK ST DORM 1.18700 03/15/2026 | US | 1,110,000 | $1,013,058.52 | |
| NEW YORK ST THRUWAY 4.00000 01/01/2030 | US | 2,390,000 | $2,438,579.33 | |
| NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2023 | US | 765,000 | $785,251.91 | |
| NORTH CAROLINA ST TURNPIKE AUTH 5.00000 02/01/2024 | US | 1,500,000 | $1,563,319.94 | |
| N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2024 | US | 500,000 | $521,634.14 | |
| N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2026 | US | 2,000,000 | $2,179,208.84 | |
| N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2029 | US | 925,000 | $1,047,805.41 | |
| N TEXAS ST MUNI 5.00000 09/01/2027 | US | 1,500,000 | $1,696,480.19 | |
| OMAHA NE 2.50000 01/15/2023 | US | 760,000 | $766,156.85 | |
| OREGON ST POLL CONTROL 5.00000 08/01/2023 | US | 575,000 | $597,037.38 | |
| ORLANDO FL 5.00000 10/01/2025 | US | 665,000 | $725,473.18 | |
| PENNSYLVANIA ST TURNPIKE COMMISS 5.00000 12/01/2023 | US | 1,200,000 | $1,257,021.88 | |
| PENNSYLVANIA ST TURNPIKE 5.00000 06/01/2026 | US | 590,000 | $641,709.94 | |
| PENNSYLVANIA ST TURNPIKE 5.00000 12/01/2029 | US | 750,000 | $849,955.16 | |
| PENNSYLVANIA ST TURNPIKE 5.00000 12/01/2029 | US | 850,000 | $961,648.75 | |
| PHILADELPHIA PA WTR & WSTWTR REV 5.00000 11/01/2030 | US | 2,450,000 | $2,774,218.45 | |
| PITTSBURGH PA WTR SWR AUTH 5.00000 09/01/2030 | US | 300,000 | $342,327.37 | |
| PORT AUTH OF NEW YORK 5.00000 07/15/2030 | US | 1,185,000 | $1,367,520.67 | |
| PORT SAINT LUCIE FL UTILITY REVE 5.25000 09/01/2023 | US | 500,000 | $520,670.44 | |
| PUTNAM CNTY 5.00000 04/01/2025 | US | 500,000 | $539,811.75 | |
| RALEIGH NC 5.00000 09/01/2023 | US | 700,000 | $728,832.17 | |
| RICHMOND VA PUBLIC 2.08600 01/15/2025 | US | 515,000 | $501,549.22 | |
| SAN ANGELO TX 5.00000 02/15/2024 | US | 1,645,000 | $1,728,514.33 | |
| SAN ANTONIO TX ELEC & GAS 5.00000 08/01/2022 | US | 1,000,000 | $1,006,493.15 | |
| SAN ANTONIO TX WTR REVENUE 5.00000 05/15/2028 | US | 1,075,000 | $1,215,782.67 | |
| SCOTTSDALE AZ WTR & SWR 5.25000 07/01/2022 | US | 1,130,000 | $1,133,986.71 | |
| SHREVEPORT LA WTR & SWR REVENUE 3.00000 12/01/2022 | US | 300,000 | $302,578.28 | |
| SOUTH BEND IN SEWAGE 3.00000 12/01/2025 | US | 1,075,000 | $1,103,704.37 | |
| SULLIVAN CNTY 5.00000 05/01/2027 | US | 1,000,000 | $1,124,905.09 | |
| TAMPA-HILLSBOROUGH CNTY FL 5.00000 07/01/2028 | US | 1,000,000 | $1,138,765.11 | |
| TARRANT CNTY TX 5.00000 07/15/2031 | US | 2,300,000 | $2,698,679.70 | |
| TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2026 | US | 200,000 | $213,460.53 | |
| TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2027 | US | 600,000 | $641,302.69 | |
| TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2028 | US | 250,000 | $268,769.15 | |
| TEXAS ST TRANSPRTN COMMISSION 5.00000 08/15/2024 | US | 1,470,000 | $1,546,192.32 | |
| TEXAS ST WTR DEV BRD 5.00000 10/15/2025 | US | 1,000,000 | $1,096,644.82 | |
| TEXAS ST 5.00000 10/15/2025 | US | 1,845,000 | $2,028,347.15 | |
| TOPEKA KS 4.00000 08/15/2024 | US | 1,440,000 | $1,501,154.08 | |
| TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 05/15/2023 | US | 2,805,000 | $2,893,400.78 | |
| WASHINGTON ST 5.00000 08/01/2023 | US | 1,480,000 | $1,534,208.94 | |
| WASHINGTON ST 5.00000 08/01/2027 | US | 2,000,000 | $2,262,392.58 | |
| WASHINGTON ST 5.00000 08/01/2029 | US | 4,255,000 | $4,914,110.14 | |
| WASHOE CNTY NV 5.00000 10/01/2025 | US | 1,230,000 | $1,338,389.53 | |
| WSTRN WI TECH CLG DIST 3.00000 04/01/2025 | US | 600,000 | $612,049.03 | |
| WICHITA KS WTR 5.00000 10/01/2024 | US | 500,000 | $533,570.18 | |
| WISCONSIN ST 5.00000 05/01/2024 | US | 5,750,000 | $6,092,000.69 | |
| US DOLLAR | US | 24,716,878.56 | $24,716,878.56 |
Investments will change over time.
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.
$10.22
$0.02
0.20%
as of 06/23/2022
EXDVX
563821677
02/14/1994
$2,000.00
Investment minimum may be waived for participants in an automatic investment program and discretionary investment accounts of the Advisor.
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Fact Sheet | |
| Applications & Forms | |
| N-Port Part F Reports |
To provide as high a level of current income exempt from federal income tax as the Advisor believes is consistent with the preservation of capital.
The Series invests primarily in municipal bonds that provide income exempt from federal income tax.
As of 05/31/2022
-5.42%
-5.56%
0.65%
1.09%
1.03%
3.38%
Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. 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.
| Gross | 0.67% |
As of 05/31/2022
| ISHARES S&P NAT AMT-FREE MUN 2.01400 | 3.31% |
| FAIRFAX CNTY 5.00000 10/01/2024 | 3.09% |
| WISCONSIN ST 5.00000 05/01/2024 | 3.00% |
| GEORGIA ST 5.00000 07/01/2023 | 2.97% |
| MARYLAND ST 5.00000 03/01/2031 | 2.94% |
| WASHINGTON ST 5.00000 08/01/2029 | 2.42% |
| MECKLENBURG CNTY NC 5.00000 03/01/2030 | 2.15% |
| FAIRFAX CNTY VA 5.00000 04/01/2026 | 1.96% |
| NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 | 1.89% |
| IRVING TX 5.00000 09/15/2031 | 1.80% |
Top Ten Investments list is unaudited and excludes cash.
As of 05/31/2022
| Revenue | 41.36% | |
| G.O. | 40.90% | |
| Pre-Refund | 3.93% | |
| Cash | 10.86% | |
| Other | 2.95% |
As of 05/31/2022
| AAA | 39.42% | |
| AA | 36.25% | |
| A | 18.50% | |
| BBB | 2.82% | |
| NR | 3.01% |
Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (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 & Poor’s are used.
As of 05/31/2022
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ALASKA ST MUNI BOND BANK AUTH 5.00000 12/01/2025 | US | 750,000 | $816,110.97 | |
| ALASKA ST MUNI BOND BANK AUTH 5.00000 12/01/2030 | US | 875,000 | $1,010,921.00 | |
| ALASKA ST MUNI BOND 5.00000 05/31/2022 | US | 135,000 | $135,383.50 | |
| ALBUQUERQUE BERNALILLO NM WTR 5.00000 07/01/2022 | US | 1,250,000 | $1,254,034.43 | |
| ALBUQUERQUE NM 5.00000 07/01/2025 | US | 1,000,000 | $1,087,514.19 | |
| AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2022 | US | 500,000 | $504,680.18 | |
| AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2023 | US | 625,000 | $635,975.26 | |
| AUSTIN TX ELEC UTILITY SYS REVEN 5.00000 11/15/2022 | US | 500,000 | $508,771.59 | |
| BALTIMORE CNTY MD 5.00000 03/01/2023 | US | 665,000 | $682,890.19 | |
| BALTIMORE CNTY MD 5.00000 08/01/2028 | US | 1,000,000 | $1,158,254.55 | |
| BERNALILLO CNTY NM 4.00000 08/15/2024 | US | 785,000 | $820,400.82 | |
| BRECKSVILLE-BROADVIEW HEIGHTSOH 5.00000 12/01/2023 | US | 1,000,000 | $1,048,267.67 | |
| BROWARD CNTY FL SCH DIST 5.00000 07/01/2031 | US | 1,895,000 | $2,262,924.24 | |
| CALIFORNIA ST 5.00000 08/01/2025 | US | 1,410,000 | $1,540,697.06 | |
| CEDAR FALLS IA MUNI ELEC UTILITY 5.00000 12/01/2023 | US | 2,000,000 | $2,095,196.54 | |
| CENTRL FL EXPRESSWAY 5.00000 07/01/2024 | US | 500,000 | $529,304.66 | |
| CENTRL FL EXPRESSWAY AUTH SR 5.00000 07/01/2027 | US | 530,000 | $572,566.88 | |
| CENTRL FL EXPRESSWAY AUTH 5.00000 07/01/2027 | US | 500,000 | $559,393.96 | |
| CHARLOTTE NC 5.00000 08/01/2022 | US | 615,000 | $619,090.60 | |
| CINCINNATI OH 5.00000 12/01/2027 | US | 1,100,000 | $1,255,042.33 | |
| CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2031 | US | 1,410,000 | $1,707,498.35 | |
| CLAYTON MO 4.00000 03/15/2028 | US | 510,000 | $555,950.86 | |
| CORPUS CHRISTI TX 5.00000 03/01/2024 | US | 1,000,000 | $1,051,848.07 | |
| CULLMAN AL UTILITIES 4.00000 09/01/2025 | US | 1,000,000 | $1,050,909.12 | |
| DALLAS TX WTRWRKS & SWR SYS REV 5.00000 10/01/2028 | US | 1,715,000 | $1,986,693.10 | |
| DENVER CO 5.00000 11/01/2028 | US | 750,000 | $866,310.94 | |
| DIST OF COLUMBIA 5.00000 06/01/2022 | US | 1,385,000 | $1,385,000.00 | |
| DIST OF COLUMBIA 5.00000 06/01/2022 | US | 1,250,000 | $1,250,000.00 | |
| DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2022 | US | 1,000,000 | $1,013,180.69 | |
| E-470 CO PUBLIC HIGHWAY AUTH 5.00000 09/01/2026 | US | 1,000,000 | $1,100,090.10 | |
| FAIRFAX CNTY 5.00000 10/01/2024 | US | 5,855,000 | $6,272,381.40 | |
| FAIRFAX CNTY VA 5.00000 04/01/2026 | US | 3,580,000 | $3,970,848.79 | |
| FLORIDA ST BRD OF EDU PUBLIC EDU 5.00000 06/01/2024 | US | 930,000 | $988,124.65 | |
| FLORIDA ST TURNPIKE 2.50000 07/01/2026 | US | 505,000 | $504,633.06 | |
| GEORGIA ST 5.00000 07/01/2023 | US | 5,000,000 | $6,022,451.00 | |
| HARRIS CNTY TX 5.00000 08/15/2023 | US | 600,000 | $623,188.61 | |
| HAWAII ST TXBL-REF-SER GJ 1.03300 08/01/2025 | US | 500,000 | $469,304.35 | |
| HONOLULU CITY 5.00000 09/01/2027 | US | 500,000 | $565,704.77 | |
| HONOLULU CITY & CNTY HI 5.00000 03/01/2027 | US | 2,000,000 | $2,251,995.08 | |
| HOUSTON TX UTILITY SYS REVENUE 5.00000 05/15/2024 | US | 1,005,000 | $1,063,198.79 | |
| HOUSTON TX UTILITY SYS REVENUE 5.00000 11/15/2031 | US | 1,140,000 | $1,369,218.96 | |
| ILLINOIS ST MUNI ELEC AGY PWR 5.00000 02/01/2025 | US | 2,000,000 | $2,137,050.78 | |
| ILLINOIS ST MUNI ELEC AGY 5.00000 08/01/2025 | US | 730,000 | $786,338.08 | |
| ILLINOIS ST 5.00000 11/01/2024 | US | 1,800,000 | $1,892,589.34 | |
| ILLINOIS ST TOLL HIGHWAY AUTH 5.00000 07/01/2026 | US | 1,050,000 | $1,131,964.84 | |
| ILLINOIS ST TOLL HIGHWAY AUTH 5.00000 01/01/2030 | US | 1,500,000 | $1,735,307.36 | |
| IRVING TX 5.00000 09/15/2031 | US | 3,030,000 | $3,645,631.25 | |
| ISHARES S&P NAT AMT-FREE MUN 2.01400 | US | 62,191 | $6,722,847.10 | |
| JEA FL ELEC SYS REVENUE 5.00000 10/01/2028 | US | 1,000,000 | $1,133,117.68 | |
| JOHNSTON IA 5.00000 06/01/2023 | US | 520,000 | $536,466.53 | |
| KANSAS CITY MO SANTN SWR SYS REV 4.00000 01/01/2025 | US | 750,000 | $784,813.90 | |
| KENTUCKY ST MUNI 5.00000 09/01/2024 | US | 1,355,000 | $1,415,451.81 | |
| KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 | US | 800,000 | $802,567.75 | |
| KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 | US | 705,000 | $707,272.41 | |
| KNOXVILLE TN WSTWTR SYS REVENUE 5.00000 04/01/2032 | US | 2,500,000 | $2,978,335.58 | |
| LINCOLN NE ELEC SYS REVENUE 5.00000 09/01/2025 | US | 1,000,000 | $1,092,294.24 | |
| LOUISVILLE & JEFFERSON CNTY KY 4.90000 11/15/2023 | US | 2,760,000 | $2,837,991.39 | |
| MAINE ST MUNI BOND BANK 5.00000 09/01/2027 | US | 675,000 | $758,390.92 | |
| MAINE ST TURNPIKE AUTH 5.00000 07/01/2030 | US | 550,000 | $638,190.00 | |
| MARYLAND ST 5.00000 08/01/2025 | US | 1,000,000 | $1,093,429.87 | |
| MARYLAND ST 5.00000 08/01/2030 | US | 1,000,000 | $1,179,152.83 | |
| MARYLAND ST 5.00000 03/01/2031 | US | 5,000,000 | $5,963,951.10 | |
| MARYLAND ST HLTH 5.00000 07/01/2025 | US | 1,010,000 | $1,102,008.54 | |
| MASON OH 3.00000 12/01/2023 | US | 595,000 | $605,492.94 | |
| MASON OH 2.00000 12/01/2023 | US | 680,000 | $681,991.31 | |
| MASSACHUSETTS ST 5.00000 04/01/2026 | US | 1,095,000 | $1,211,809.66 | |
| MASSACHUSETTS ST 5.00000 07/01/2024 | US | 410,000 | $436,328.34 | |
| MECKLENBURG CNTY NC 5.00000 03/01/2030 | US | 3,675,000 | $4,356,719.63 | |
| MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2023 | US | 1,050,000 | $1,086,647.70 | |
| MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2024 | US | 1,200,000 | $1,272,515.17 | |
| METRO OR 5.00000 06/01/2022 | US | 825,000 | $827,644.60 | |
| MET GOVT NASHVILLE & DAVIDSON 1.03100 07/01/2025 | US | 650,000 | $608,025.13 | |
| MET TRANSPRTN AUTH NY REVENUE 4.75000 05/15/2030 | US | 2,000,000 | $2,085,699.16 | |
| MIAMI-DADE CNTY FL WTR & SWR REV 5.00000 10/01/2028 | US | 2,000,000 | $2,284,725.34 | |
| MIAMI-DADE CNTY FL STORMWTR 5.00000 04/01/2028 | US | 1,015,000 | $1,150,574.74 | |
| MID-STATE WI TECH CLG DIST 2.00000 03/01/2024 | US | 600,000 | $599,294.41 | |
| MIDDLETOWN OH CITY SCH DIST 5.25000 12/01/2022 | US | 1,000,000 | $1,020,581.59 | |
| MILWAUKEE WI MET SEWERAGE DIST 4.00000 10/01/2026 | US | 1,900,000 | $2,047,593.12 | |
| MINNESOTA ST 5.00000 08/01/2025 | US | 1,030,000 | $1,122,776.62 | |
| MISSISSIPPI ST 1.12200 10/01/2025 | US | 500,000 | $469,876.06 | |
| MISSOURI JT MUNI ELEC 5.00000 01/01/2027 | US | 1,410,000 | $1,562,877.84 | |
| NEBRASKA ST PUBLIC PWR DIST REV 5.00000 01/01/2030 | US | 640,000 | $740,971.00 | |
| NEW JERSEY ST ECON 5.00000 06/15/2028 | US | 700,000 | $767,410.04 | |
| NEW JERSEY ST ECON 5.00000 06/15/2029 | US | 750,000 | $824,267.00 | |
| NEW JERSEY ST TRANSPRTN 5.00000 06/15/2025 | US | 1,445,000 | $1,539,884.02 | |
| NEW ORLEANS LA SEWAGE 5.00000 06/01/2023 | US | 300,000 | $308,890.07 | |
| NEW ORLEANS LA SEWAGE SVC 5.00000 06/01/2027 | US | 500,000 | $553,543.63 | |
| NEW YORK NY SER J 5.00000 08/01/2023 | US | 950,000 | $987,430.60 | |
| NEW YORK NY 5.00000 08/01/2026 | US | 1,905,000 | $2,120,666.63 | |
| NEW YORK NY 5.00000 12/01/2024 | US | 825,000 | $887,719.31 | |
| NEW YORK NY 1.21600 08/01/2026 | US | 1,200,000 | $1,090,283.11 | |
| NEW YORK NY 5.00000 08/01/2027 | US | 1,600,000 | $1,815,690.91 | |
| NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 | US | 3,500,000 | $3,838,958.90 | |
| NEW YORK CITY NY TRANSITIONAL 5.00000 07/15/2023 | US | 645,000 | $668,616.28 | |
| NEW YORK ST URBAN DEV CORP 2.02000 03/15/2024 | US | 475,000 | $465,699.61 | |
| NEW YORK ST DORM AUTH REVENUES 5.00000 10/01/2023 | US | 860,000 | $894,439.76 | |
| NEW YORK ST DORM AUTH ST 5.00000 03/15/2023 | US | 2,000,000 | $2,055,840.76 | |
| NEW YORK ST DORM AUTH ST 0.88700 03/15/2025 | US | 950,000 | $886,096.35 | |
| NEW YORK ST DORM 1.18700 03/15/2026 | US | 1,110,000 | $1,013,058.52 | |
| NEW YORK ST THRUWAY 4.00000 01/01/2030 | US | 2,390,000 | $2,438,579.33 | |
| NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2023 | US | 765,000 | $785,251.91 | |
| NORTH CAROLINA ST TURNPIKE AUTH 5.00000 02/01/2024 | US | 1,500,000 | $1,563,319.94 | |
| N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2024 | US | 500,000 | $521,634.14 | |
| N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2026 | US | 2,000,000 | $2,179,208.84 | |
| N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2029 | US | 925,000 | $1,047,805.41 | |
| N TEXAS ST MUNI 5.00000 09/01/2027 | US | 1,500,000 | $1,696,480.19 | |
| OMAHA NE 2.50000 01/15/2023 | US | 760,000 | $766,156.85 | |
| OREGON ST POLL CONTROL 5.00000 08/01/2023 | US | 575,000 | $597,037.38 | |
| ORLANDO FL 5.00000 10/01/2025 | US | 665,000 | $725,473.18 | |
| PENNSYLVANIA ST TURNPIKE COMMISS 5.00000 12/01/2023 | US | 1,200,000 | $1,257,021.88 | |
| PENNSYLVANIA ST TURNPIKE 5.00000 06/01/2026 | US | 590,000 | $641,709.94 | |
| PENNSYLVANIA ST TURNPIKE 5.00000 12/01/2029 | US | 750,000 | $849,955.16 | |
| PENNSYLVANIA ST TURNPIKE 5.00000 12/01/2029 | US | 850,000 | $961,648.75 | |
| PHILADELPHIA PA WTR & WSTWTR REV 5.00000 11/01/2030 | US | 2,450,000 | $2,774,218.45 | |
| PITTSBURGH PA WTR SWR AUTH 5.00000 09/01/2030 | US | 300,000 | $342,327.37 | |
| PORT AUTH OF NEW YORK 5.00000 07/15/2030 | US | 1,185,000 | $1,367,520.67 | |
| PORT SAINT LUCIE FL UTILITY REVE 5.25000 09/01/2023 | US | 500,000 | $520,670.44 | |
| PUTNAM CNTY 5.00000 04/01/2025 | US | 500,000 | $539,811.75 | |
| RALEIGH NC 5.00000 09/01/2023 | US | 700,000 | $728,832.17 | |
| RICHMOND VA PUBLIC 2.08600 01/15/2025 | US | 515,000 | $501,549.22 | |
| SAN ANGELO TX 5.00000 02/15/2024 | US | 1,645,000 | $1,728,514.33 | |
| SAN ANTONIO TX ELEC & GAS 5.00000 08/01/2022 | US | 1,000,000 | $1,006,493.15 | |
| SAN ANTONIO TX WTR REVENUE 5.00000 05/15/2028 | US | 1,075,000 | $1,215,782.67 | |
| SCOTTSDALE AZ WTR & SWR 5.25000 07/01/2022 | US | 1,130,000 | $1,133,986.71 | |
| SHREVEPORT LA WTR & SWR REVENUE 3.00000 12/01/2022 | US | 300,000 | $302,578.28 | |
| SOUTH BEND IN SEWAGE 3.00000 12/01/2025 | US | 1,075,000 | $1,103,704.37 | |
| SULLIVAN CNTY 5.00000 05/01/2027 | US | 1,000,000 | $1,124,905.09 | |
| TAMPA-HILLSBOROUGH CNTY FL 5.00000 07/01/2028 | US | 1,000,000 | $1,138,765.11 | |
| TARRANT CNTY TX 5.00000 07/15/2031 | US | 2,300,000 | $2,698,679.70 | |
| TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2026 | US | 200,000 | $213,460.53 | |
| TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2027 | US | 600,000 | $641,302.69 | |
| TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2028 | US | 250,000 | $268,769.15 | |
| TEXAS ST TRANSPRTN COMMISSION 5.00000 08/15/2024 | US | 1,470,000 | $1,546,192.32 | |
| TEXAS ST WTR DEV BRD 5.00000 10/15/2025 | US | 1,000,000 | $1,096,644.82 | |
| TEXAS ST 5.00000 10/15/2025 | US | 1,845,000 | $2,028,347.15 | |
| TOPEKA KS 4.00000 08/15/2024 | US | 1,440,000 | $1,501,154.08 | |
| TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 05/15/2023 | US | 2,805,000 | $2,893,400.78 | |
| WASHINGTON ST 5.00000 08/01/2023 | US | 1,480,000 | $1,534,208.94 | |
| WASHINGTON ST 5.00000 08/01/2027 | US | 2,000,000 | $2,262,392.58 | |
| WASHINGTON ST 5.00000 08/01/2029 | US | 4,255,000 | $4,914,110.14 | |
| WASHOE CNTY NV 5.00000 10/01/2025 | US | 1,230,000 | $1,338,389.53 | |
| WSTRN WI TECH CLG DIST 3.00000 04/01/2025 | US | 600,000 | $612,049.03 | |
| WICHITA KS WTR 5.00000 10/01/2024 | US | 500,000 | $533,570.18 | |
| WISCONSIN ST 5.00000 05/01/2024 | US | 5,750,000 | $6,092,000.69 | |
| US DOLLAR | US | 24,716,878.56 | $24,716,878.56 |
Investments will change over time.
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.
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