Investment Objective

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.

Investment Strategy

The Series invests primarily in municipal bonds that provide income exempt from federal income tax.

May be Appropriate for Investors

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

Daily Price

$10.22

Daily $ Change

$0.02

Daily % Change

0.20%

as of 06/23/2022

Ticker

EXDVX

CUSIP

563821677

Inception Date

02/14/1994

Investment Minimum

$2,000.00

Investment minimum may be waived for participants in an automatic investment program and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
N-Port Part F Reports

Performance

As of 05/31/2022

YTD

-5.42%

1 Year

-5.56%

3 Year

0.65%

5 Year

1.09%

10 Year

1.03%

Inception
(02/14/1994)

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.

Expense Ratio

Gross 0.67%

Top Ten Investments

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.

Sector Allocation

As of 05/31/2022

Revenue 41.36%
G.O. 40.90%
Pre-Refund 3.93%
Cash 10.86%
Other 2.95%

Credit Quality Distribution

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.

May Fund Holdings

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.

Distributions

  • Diversified Tax Exempt Series Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 Distributions
  • Tax Letter

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.

Daily Price

$10.22

Daily $ Change

$0.02

Daily % Change

0.20%

as of 06/23/2022

Ticker

EXDVX

CUSIP

563821677

Inception Date

02/14/1994

Investment Minimum

$2,000.00

Investment minimum may be waived for participants in an automatic investment program and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
N-Port Part F Reports

Investment Objective

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.

Investment Strategy

The Series invests primarily in municipal bonds that provide income exempt from federal income tax.

May be Appropriate for Investors

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

Performance

As of 05/31/2022

YTD

-5.42%

1 Year

-5.56%

3 Year

0.65%

5 Year

1.09%

10 Year

1.03%

Inception
(02/14/1994)

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.

Expense Ratio

Gross 0.67%

Top Ten Investments

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.

Sector Allocation

As of 05/31/2022

Revenue
41.36%
G.O.
40.90%
Pre-Refund
3.93%
Cash
10.86%
Other
2.95%

Credit Quality Distribution

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.

May Fund Holdings

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.

Distributions

  • Diversified Tax Exempt Series Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 Distributions
  • Tax Letter

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.


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