Mutual Funds
Diversified Tax Exempt Series
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
$10.30
Daily $ Change
$0.01
Daily % Change
0.10%
as of 06/30/2025
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
YTD
0.16%
1 Year
2.45%
3 Year
1.36%
5 Year
0.10%
10 Year
1.29%
Inception
(02/14/1994)
3.18%
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 | 0.42% |
| MARYLAND ST LOC FACS LN GO BDS FIRST 20330301 5.000% | 2.55% |
| NEW YORK ST URBAN DEV CORP REV PERS INCOME TAX GEN PURP A 20380315 5.250% | 2.54% |
| MASSACHUSETTS ST GO BDS C 20471001 5.000% | 2.37% |
| WASHINGTON ST VAR PURP GO BDS A 20320801 5.000% | 2.11% |
| ISHARES TRUST SANDP NATL MUN B | 2.09% |
| WISCONSIN ST GO BDS B 20380501 5.000% | 2.02% |
| CLARK CNTY NEV GO FLOOD CONTROL BDS 20311101 5.000% | 1.97% |
| BROWARD CNTY FLA WTR n SWR UTI BDS A 20381001 5.000% | 1.94% |
| WASHINGTON ST VAR PURP GO BDS C 20370201 5.000% | 1.85% |
| NEW YORK N Y CITY TRANSITIONAL FUTURE TAX SECD SUB BDS FISCAL 20440801 5.000% | 1.67% |
Top Ten Investments list is unaudited and excludes cash.
| AA | 67.48% | |
| AAA | 18.22% | |
| A | 13.69% | |
| NR | 0.62% |
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 reflect the median of Moody’s Investors Services and Standard & Poor’s ratings. Data obtained from Bloomberg.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ALASKA MUN BD BK ALASKA MUN BD GO REF BDS O 20251201 5.000% | US | 750,000 | $756,547.50 | |
| ALASKA MUN BD BK ALASKA MUN BD GO REF BDS O 20301201 5.000% | US | 875,000 | $959,288.75 | |
| ALASKA MUN BD BK ALASKA MUN BD GO REF BDS O 20301201 5.000% | US | 490,000 | $537,201.70 | |
| ALASKA MUN BD BK ALASKA MUN BD GO REF BDS O 20311201 5.000% | US | 500,000 | $554,115.00 | |
| APPLETON WIS AREA SCH DIST GO REF BDS 20330301 5.000% | US | 1,260,000 | $1,354,122.00 | |
| ATLANTA GA GO PUB IMPT BDS A 20421201 5.000% | US | 800,000 | $841,064.00 | |
| AUTAUGA CNTY ALA GO WTS 20370301 5.000% | US | 1,345,000 | $1,468,861.05 | |
| BAR HARBOR ME GO BDS 20401015 5.000% | US | 1,000,000 | $1,077,130.00 | |
| BROWARD CNTY FLA WTR n SWR UTI BDS A 20381001 5.000% | US | 4,000,000 | $4,163,800.00 | |
| CAMERON WIS SCH DIST GO PROM NTS 20380401 5.000% | US | 925,000 | $985,032.50 | |
| CENTRAL FLA EXPWY AUTH SR LIEN BDS 20270701 5.000% | US | 500,000 | $520,665.00 | |
| CENTRAL FLA EXPWY AUTH SR LIEN BDS 20380701 5.000% | US | 530,000 | $539,858.00 | |
| CHARLESTON S C WTRWKS n SWR RE CAP IMPT BDS 20440101 5.000% | US | 850,000 | $874,378.00 | |
| CHATTANOOGA TENN ELEC REV SYS BDS 20390901 5.000% | US | 2,000,000 | $2,116,100.00 | |
| CHESTERFIELD CNTY VA GO PUB IMPT BDS B 20410101 4.000% | US | 2,000,000 | $1,951,100.00 | |
| CINCINNATI OHIO UNLTD TAX VARIOUS PURP G A 20271201 5.000% | US | 1,100,000 | $1,157,838.00 | |
| CLARK CNTY NEV GO FLOOD CONTROL BDS 20311101 5.000% | US | 3,970,000 | $4,229,280.70 | |
| CLARKSVILLE TENN ELEC SYS REV REF BDS 20290901 5.000% | US | 1,015,000 | $1,058,005.55 | |
| CLAYTON MO GO REF BDS 20280315 4.000% | US | 510,000 | $524,448.30 | |
| COLUMBIA MO SCH DIST GO REF BDS B 20260301 5.000% | US | 1,635,000 | $1,659,606.75 | |
| CULLMAN ALA UTILS BRD WTR REV BDS 20250901 4.000% | US | 1,000,000 | $1,001,490.00 | |
| DALLAS TEX WTRWKS n SWR SYS RE REF BDS C 20281001 5.000% | US | 1,715,000 | $1,828,121.40 | |
| DENVER COLO CITY n CNTY WASTEW BDS 20291101 5.000% | US | 750,000 | $790,792.50 | |
| DES MOINES IOWA STORMWATER MGM BDS B 20310601 5.000% | US | 865,000 | $946,811.70 | |
| DISTRICT COLUMBIA GO BDS A 20361015 5.000% | US | 1,265,000 | $1,319,104.05 | |
| DISTRICT COLUMBIA GO BDS A 20410101 5.000% | US | 2,000,000 | $2,094,780.00 | |
| DISTRICT COLUMBIA INCOME TAX R SECURED BDS A 20410701 5.000% | US | 1,115,000 | $1,161,227.90 | |
| DISTRICT COLUMBIA INCOME TAX R SECURED BDS A 20420701 5.000% | US | 1,895,000 | $1,962,064.05 | |
| DISTRICT COLUMBIA WTR n SWR AU SUB LIEN BDS B 20471001 5.000% | US | 1,000,000 | $1,016,480.00 | |
| DORCHESTER CNTY S C SCH DIST N GO BDS A 20310301 5.000% | US | 1,380,000 | $1,524,955.20 | |
| E PUB HWY AUTH COLO REV SR BDS A 20260901 5.000% | US | 1,000,000 | $1,024,780.00 | |
| EAU CLAIRE WIS AREA SCH DIST GO REF BDS 20320401 5.000% | US | 1,380,000 | $1,486,853.40 | |
| ELGIN ILL GO CORPORATE PURP BDS 20361215 5.000% | US | 1,310,000 | $1,424,638.10 | |
| FARGO N D REF IMPT BDS A 20380501 5.000% | US | 2,235,000 | $2,395,361.25 | |
| FARGO N D REF IMPT BDS A 20390501 5.000% | US | 2,350,000 | $2,496,804.50 | |
| FEDERAL HOME LN MTG CORP MULTI STRUCTURED PASS THRU CTF ML- C 20361225 3.996% | US | 2,156,724.57 | $2,127,759.76 | |
| FLORIDA ST TPK AUTH TPK REV REV REF BDS B 20260701 2.500% | US | 505,000 | $499,535.90 | |
| FOND DU LAC WIS GO PROM NTS A 20310301 5.000% | US | 2,565,000 | $2,746,781.55 | |
| FORT LAUDERDALE FLA GO BDS A 20430701 5.000% | US | 1,010,000 | $1,056,954.90 | |
| FORT ZUMWALT MO SCH DIST GO REF IMPT BDS 20330301 5.000% | US | 1,260,000 | $1,356,415.20 | |
| GEORGIA ST GO BDS A 20330701 5.000% | US | 3,000,000 | $3,316,290.00 | |
| HAMILTON CNTY OHIO PKG FAC LTD TAX GO BDS A 20371201 5.000% | US | 1,000,000 | $1,066,240.00 | |
| HAWAII ST GO REF BDS FE 20251001 5.000% | US | 1,505,000 | $1,514,948.05 | |
| HAWAII ST TAXABLE GO REF BDS G 20250801 1.033% | US | 500,000 | $497,195.00 | |
| HONOLULU HAWAII CITY n CNTY GO BDS E 20270301 5.000% | US | 2,000,000 | $2,074,140.00 | |
| HONOLULU HAWAII CITY n CNTY GO BDS E 20280901 5.000% | US | 500,000 | $520,285.00 | |
| HONOLULU HAWAII CITY n CNTY WA SR FIRST RESOLUTION BDS A 20320701 5.000% | US | 2,855,000 | $3,198,941.85 | |
| ILLINOIS MUN ELEC AGY PWR SUPP REF BDS A 20260201 5.000% | US | 730,000 | $731,503.80 | |
| ILLINOIS ST TOLL HWY AUTH TOLL REV BDS B 20380101 5.000% | US | 1,050,000 | $1,057,308.00 | |
| ILLINOIS ST TOLL HWY AUTH TOLL SR REF BDS B 20310101 5.000% | US | 1,500,000 | $1,618,065.00 | |
| INDIANA MUN PWR AGY PWR SUPPLY BDS A 20320101 5.000% | US | 375,000 | $415,398.75 | |
| INDIANA MUN PWR AGY PWR SUPPLY BDS A 20330101 5.000% | US | 625,000 | $697,050.00 | |
| INDIANAPOLIS IND LOC PUB IMPT CMNTY JUSTICE CAMPUS BDS A 20300201 5.000% | US | 500,000 | $531,560.00 | |
| IRVING TEX GO BDS 20320915 5.000% | US | 3,030,000 | $3,334,787.70 | |
| ISHARES TRUST SANDP NATL MUN B | US | MUB | 43,351 | $4,502,001.35 |
| JEA FLA ELEC SYS REV SUB BDS A 20281001 5.000% | US | 1,000,000 | $1,065,300.00 | |
| JUDSON TEX INDPT SCH DIST UNLTD TAX REF BDS 20360201 5.000% | US | 835,000 | $910,275.25 | |
| KENTON CNTY KY SCH DIST 5.0 20360601 | US | 1,050,000 | $1,126,923.00 | |
| KENTUCKY ST MUN ENERGY AGY PWR BDS 20330101 5.000% | US | 1,375,000 | $1,506,230.00 | |
| KENTUCKY ST PPTY n BLDGS COMMN BDS A 20301001 5.000% | US | 125,000 | $136,090.00 | |
| KNOX CNTY TENN GO BDS 20400601 4.000% | US | 2,805,000 | $2,697,905.10 | |
| LANCASTER PA SCH DIST GO BDS A 20320601 5.000% | US | 500,000 | $552,480.00 | |
| LANCASTER PA SCH DIST GO BDS A 20330601 5.000% | US | 750,000 | $832,222.50 | |
| LANCASTER PA SCH DIST GO BDS A 20340601 5.000% | US | 1,000,000 | $1,102,050.00 | |
| MADISON WIS MET SCH DIST GO BLDG FAC IMPT BDS 20330301 5.000% | US | 1,095,000 | $1,173,314.40 | |
| MAINE MUN BD BK GRANT ANTIC BDS A 20270901 5.000% | US | 675,000 | $705,145.50 | |
| MAINE ST TPK AUTH TPK REV BDS 20330701 5.000% | US | 550,000 | $592,856.00 | |
| MARYLAND ST LOC FACS LN GO BDS FIRST 20330301 5.000% | US | 5,000,000 | $5,469,950.00 | |
| MARYLAND ST LOCAL FACS LN GO BDS SECOND 20350801 5.000% | US | 1,000,000 | $1,072,430.00 | |
| MASSACHUSETTS ST GO BDS C 20471001 5.000% | US | 5,000,000 | $5,102,250.00 | |
| MECKLENBURG CNTY N C GO PUB IMPT BDS A 20300401 4.000% | US | 2,500,000 | $2,518,850.00 | |
| METROPOLITAN GOVT NASHVILLE n TAXABLE REV REF BDS B 20250701 1.031% | US | 650,000 | $648,238.50 | |
| METROPOLITAN TRANSN AUTH N Y R GREEN BDS C 20451115 4.750% | US | 2,000,000 | $1,959,940.00 | |
| MIAMI-DADE CNTY FLA STORMWATER REF BDS 20280401 5.000% | US | 1,015,000 | $1,075,544.75 | |
| MINNESOTA ST GO ST VAR PURP BDS A 20260801 5.000% | US | 1,030,000 | $1,033,234.20 | |
| MINNESOTA ST GO ST VAR PURP BDS A 20360801 5.000% | US | 1,970,000 | $2,055,202.50 | |
| MISSISSIPPI ST REF TAXABLE GO BDS E 20251001 1.122% | US | 500,000 | $494,220.00 | |
| MISSOURI JT MUN ELEC UTIL COMM REF BDS 20270101 5.000% | US | 1,410,000 | $1,454,203.50 | |
| NANTUCKET MASS GO MUN PURP LN BDS 20370315 5.000% | US | 1,120,000 | $1,254,836.80 | |
| NEBRASKA PUB PWR DIST REV GEN BDS B 20300101 5.000% | US | 640,000 | $689,408.00 | |
| NEW JERSEY ECONOMIC DEV AUTH R REF SCH FACS CONSTR BDS F 20280615 5.000% | US | 700,000 | $738,493.00 | |
| NEW JERSEY ECONOMIC DEV AUTH R SCH FACS CONSTR BDS Q 20290615 5.000% | US | 750,000 | $800,550.00 | |
| NEW ORLEANS LA SEW SVC REV BDS B 20270601 5.000% | US | 500,000 | $517,540.00 | |
| NEW YORK N Y CITY MUN WTR FIN SECOND GEN RESOLUTION BD E 20400615 5.000% | US | 3,500,000 | $3,565,660.00 | |
| NEW YORK N Y CITY TRANSITIONAL FUTURE TAX SECD SUB BDS FISCAL 20440801 5.000% | US | 3,500,000 | $3,580,220.00 | |
| NEW YORK N Y GO BDS - 20421201 5.000% | US | 1,500,000 | $1,520,925.00 | |
| NEW YORK N Y GO BDS E 20260801 5.000% | US | 1,905,000 | $1,951,996.35 | |
| NEW YORK N Y GO BDS FISCAL 20270801 5.000% | US | 1,600,000 | $1,672,848.00 | |
| NEW YORK N Y TAXABLE GO BDS FISCAL 20260801 1.216% | US | 125,000 | $120,597.50 | |
| NEW YORK N Y TAXABLE GO BDS FISCAL 20260801 1.216% | US | 1,075,000 | $1,036,848.25 | |
| NEW YORK ST DORM AUTH ST PERS INCOME TAX REV BDS C 20300215 5.652% | US | 1,000,000 | $1,032,250.00 | |
| NEW YORK ST DORM AUTH ST PERS TAXABLE GEN PURP BDS C 20260315 1.187% | US | 1,110,000 | $1,083,482.10 | |
| NEW YORK ST TWY AUTH GEN REV J B 20380101 4.000% | US | 2,390,000 | $2,339,762.20 | |
| NEW YORK ST URBAN DEV CORP REV PERS INCOME TAX GEN PURP A 20380315 5.250% | US | 5,000,000 | $5,459,550.00 | |
| NORTH TEX MUN WTR DIST TEX WTR REF BDS A 20270901 5.000% | US | 1,500,000 | $1,568,655.00 | |
| NORTH TEX TWY AUTH REV SYS REF BDS A 20270101 5.000% | US | 2,000,000 | $2,024,060.00 | |
| NORTH TEX TWY AUTH REV SYS SECOND TIER REF BDS B 20290101 5.000% | US | 925,000 | $987,298.75 | |
| OHIO ST INFRASTRUCTURE IMPT GO B A 20410301 5.000% | US | 1,845,000 | $1,959,334.65 | |
| OHIO ST WTR DEV AUTH REV FRESH BDS 20361201 5.000% | US | 1,350,000 | $1,422,576.00 | |
| OHIO ST WTR DEV AUTH REV FRESH BDS 20371201 5.000% | US | 1,000,000 | $1,049,770.00 | |
| OMAHA PUB PWR DIST NEB ELEC RE SYS BDS A 20310201 5.000% | US | 1,000,000 | $1,041,870.00 | |
| OMAHA PUB PWR DIST NEB ELEC RE SYS BDS A 20460201 5.000% | US | 2,065,000 | $2,104,193.70 | |
| ORLANDO FLA UTILS COMMN UTIL S REF BDS C 20251001 5.000% | US | 665,000 | $669,236.05 | |
| PENNSYLVANIA ST TPK COMMN TPK SUB BDS A 20291201 5.000% | US | 750,000 | $811,395.00 | |
| PENNSYLVANIA ST TPK COMMN TPK SUB BDS A 20301201 5.000% | US | 850,000 | $918,051.00 | |
| PENNSYLVANIA ST TPK COMMN TPK SUB BDS A- 20280601 5.000% | US | 590,000 | $600,018.20 | |
| PENNSYLVANIA ST TPK COMMN TPK SUB REF BDS FIRST 20311201 5.000% | US | 500,000 | $553,705.00 | |
| PHILADELPHIA PA GAS WKS REV REV REF BDS TH 20301001 5.000% | US | 1,005,000 | $1,024,878.90 | |
| PHILADELPHIA PA WTR n WASTEWTR REF BDS A 20401101 5.000% | US | 2,450,000 | $2,545,819.50 | |
| PIERCE CNTY WIS GO JUDICIAL FAC BDS A 20360301 5.000% | US | 1,540,000 | $1,669,390.80 | |
| PINAL CNTY ARIZ UNI SCH DIST N IMPT BDS C 20320701 5.000% | US | 175,000 | $193,130.00 | |
| PINAL CNTY ARIZ UNI SCH DIST N IMPT BDS C 20330701 5.000% | US | 130,000 | $144,214.20 | |
| PINAL CNTY ARIZ UNI SCH DIST N IMPT BDS C 20340701 5.000% | US | 175,000 | $194,944.75 | |
| PINAL CNTY ARIZ UNI SCH DIST N IMPT BDS C 20350701 5.000% | US | 150,000 | $165,927.00 | |
| PITTSBURGH PA WTR n SWR AUTH W FIRST LIEN BDS B 20320901 5.000% | US | 300,000 | $323,871.00 | |
| ROCK ISLAND CNTY ILL SCH DIST GO BDS A 20350101 5.000% | US | 400,000 | $439,696.00 | |
| SALT LAKE CITY UTAH GO REF BDS B 20260615 5.000% | US | 830,000 | $848,650.10 | |
| SAN ANTONIO TEX WTR REV SYS JR LIEN REF BDS A 20320515 5.000% | US | 1,075,000 | $1,128,363.00 | |
| SCHAUMBURG ILL GO REF BDS 20331201 4.000% | US | 1,175,000 | $1,207,900.00 | |
| SEATTLE WASH MUN LT n PWR REV IMPT REF BDS 20410701 5.000% | US | 1,040,000 | $1,089,524.80 | |
| SHELBY CNTY TENN GO PUB IMPT AND SCH BDS A 20350401 5.000% | US | 1,250,000 | $1,282,662.50 | |
| SOUTH BEND IND SEW WKS REV REF BDS 20251201 3.000% | US | 1,075,000 | $1,073,452.00 | |
| SULLIVAN CNTY TENN GO BDS 20270501 5.000% | US | 1,000,000 | $1,042,220.00 | |
| TACOMA WASH ELEC SYS REV BDS 20460101 5.000% | US | 1,030,000 | $1,049,106.50 | |
| TAMPA FLA WTR n WASTEWATER SYS BDS A 20341001 5.000% | US | 950,000 | $1,056,789.50 | |
| TAMPA-HILLSBOROUGH CNTY FLA EX BDS A 20280701 5.000% | US | 1,000,000 | $1,055,960.00 | |
| TARRANT CNTY TEX LTD TAX BDS 20360715 5.000% | US | 2,300,000 | $2,476,134.00 | |
| TEXAS MUN GAS ACQUISITION n SU REF BDS 20261215 5.000% | US | 200,000 | $203,342.00 | |
| TEXAS MUN GAS ACQUISITION n SU REF BDS 20271215 5.000% | US | 600,000 | $616,602.00 | |
| TEXAS MUN GAS ACQUISITION n SU REF BDS 20281215 5.000% | US | 250,000 | $259,105.00 | |
| TULSA CNTY OKLA INDPT SCH DIST GO COMBINED PURP BDS 20300401 4.000% | US | 2,000,000 | $2,065,600.00 | |
| UNION GROVE WIS UN HIGH SCH DI GO PROM NTS 20360301 5.000% | US | 1,015,000 | $1,091,794.90 | |
| UNITED STATES TREAS NTS . 20260131 2.625% | US | 1,000,000 | $989,310.00 | |
| UNITED STATES TREAS NTS . 20260131 4.250% | US | 1,000,000 | $999,600.00 | |
| UNITED STATES TREAS NTS . 20270131 1.500% | US | 1,000,000 | $960,470.00 | |
| UNITED STATES TREAS NTS . 20270215 2.250% | US | 1,000,000 | $971,990.00 | |
| UNITED STATES TREAS NTS . 20270215 4.125% | US | 1,000,000 | $1,002,420.00 | |
| UNITED STATES TREAS NTS . 20280115 4.250% | US | 1,000,000 | $1,009,140.00 | |
| UNITED STATES TREAS NTS . 20280131 3.500% | US | 1,000,000 | $990,700.00 | |
| UNITED STATES TREAS NTS 20270115 4.000% | US | 1,000,000 | $1,000,120.00 | |
| US DOLLARS | US | USD | 356,958.04 | $356,958.04 |
| WASHINGTON ST VAR PURP GO BDS A 20320801 5.000% | US | 4,255,000 | $4,535,957.65 | |
| WASHINGTON ST VAR PURP GO BDS A 20430801 5.000% | US | 1,000,000 | $1,037,210.00 | |
| WASHINGTON ST VAR PURP GO BDS C 20370201 5.000% | US | 3,690,000 | $3,978,484.20 | |
| WASHINGTON ST VAR PURP GO REF BDS R- 20270801 5.000% | US | 2,000,000 | $2,094,480.00 | |
| WEST BEND WIS JT SCH DIST NO GO PROM NTS 20360401 5.000% | US | 1,295,000 | $1,401,177.05 | |
| WEST SALEM WIS SCH DIST LA CRO GO PROM NTS 20390401 5.000% | US | 1,590,000 | $1,667,448.90 | |
| WHITE LAKE TWP MICH CHARTER LTD TAX GO BDS 20360301 5.000% | US | 575,000 | $636,053.50 | |
| WHITE LAKE TWP MICH CHARTER LTD TAX GO BDS 20370301 5.000% | US | 515,000 | $564,620.25 | |
| WISCONSIN ST GO BDS B 20380501 5.000% | US | 4,000,000 | $4,345,520.00 | |
| YORKVILLE ILL UTD CITY GO BDS B 20281230 5.000% | US | 200,000 | $211,774.00 | |
| YORKVILLE ILL UTD CITY GO BDS B 20291230 5.000% | US | 175,000 | $187,502.00 | |
| YORKVILLE ILL UTD CITY GO BDS B 20301230 5.000% | US | 175,000 | $189,484.75 | |
| YORKVILLE ILL UTD CITY GO BDS B 20311230 5.000% | US | 300,000 | $327,597.00 | |
| YORKVILLE ILL UTD CITY GO BDS B 20321230 5.000% | US | 225,000 | $247,083.75 | |
| YORKVILLE ILL UTD CITY GO BDS B 20331230 5.000% | US | 260,000 | $286,512.20 |
Investments will change over time.
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
$10.30
Daily $ Change
$0.01
Daily % Change
0.10%
as of 06/30/2025
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
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
YTD
0.16%
1 Year
2.45%
3 Year
1.36%
5 Year
0.10%
10 Year
1.29%
Inception
(02/14/1994)
3.18%
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 | 0.42% |
| MARYLAND ST LOC FACS LN GO BDS FIRST 20330301 5.000% | 2.55% |
| NEW YORK ST URBAN DEV CORP REV PERS INCOME TAX GEN PURP A 20380315 5.250% | 2.54% |
| MASSACHUSETTS ST GO BDS C 20471001 5.000% | 2.37% |
| WASHINGTON ST VAR PURP GO BDS A 20320801 5.000% | 2.11% |
| ISHARES TRUST SANDP NATL MUN B | 2.09% |
| WISCONSIN ST GO BDS B 20380501 5.000% | 2.02% |
| CLARK CNTY NEV GO FLOOD CONTROL BDS 20311101 5.000% | 1.97% |
| BROWARD CNTY FLA WTR n SWR UTI BDS A 20381001 5.000% | 1.94% |
| WASHINGTON ST VAR PURP GO BDS C 20370201 5.000% | 1.85% |
| NEW YORK N Y CITY TRANSITIONAL FUTURE TAX SECD SUB BDS FISCAL 20440801 5.000% | 1.67% |
Top Ten Investments list is unaudited and excludes cash.
| AA | 67.48% | |
| AAA | 18.22% | |
| A | 13.69% | |
| NR | 0.62% |
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 reflect the median of Moody’s Investors Services and Standard & Poor’s ratings. Data obtained from Bloomberg.
| Security Description | Country | Ticker | Shares/Par | Market Value (USD) |
|---|---|---|---|---|
| ALASKA MUN BD BK ALASKA MUN BD GO REF BDS O 20251201 5.000% | US | 750,000 | $756,547.50 | |
| ALASKA MUN BD BK ALASKA MUN BD GO REF BDS O 20301201 5.000% | US | 875,000 | $959,288.75 | |
| ALASKA MUN BD BK ALASKA MUN BD GO REF BDS O 20301201 5.000% | US | 490,000 | $537,201.70 | |
| ALASKA MUN BD BK ALASKA MUN BD GO REF BDS O 20311201 5.000% | US | 500,000 | $554,115.00 | |
| APPLETON WIS AREA SCH DIST GO REF BDS 20330301 5.000% | US | 1,260,000 | $1,354,122.00 | |
| ATLANTA GA GO PUB IMPT BDS A 20421201 5.000% | US | 800,000 | $841,064.00 | |
| AUTAUGA CNTY ALA GO WTS 20370301 5.000% | US | 1,345,000 | $1,468,861.05 | |
| BAR HARBOR ME GO BDS 20401015 5.000% | US | 1,000,000 | $1,077,130.00 | |
| BROWARD CNTY FLA WTR n SWR UTI BDS A 20381001 5.000% | US | 4,000,000 | $4,163,800.00 | |
| CAMERON WIS SCH DIST GO PROM NTS 20380401 5.000% | US | 925,000 | $985,032.50 | |
| CENTRAL FLA EXPWY AUTH SR LIEN BDS 20270701 5.000% | US | 500,000 | $520,665.00 | |
| CENTRAL FLA EXPWY AUTH SR LIEN BDS 20380701 5.000% | US | 530,000 | $539,858.00 | |
| CHARLESTON S C WTRWKS n SWR RE CAP IMPT BDS 20440101 5.000% | US | 850,000 | $874,378.00 | |
| CHATTANOOGA TENN ELEC REV SYS BDS 20390901 5.000% | US | 2,000,000 | $2,116,100.00 | |
| CHESTERFIELD CNTY VA GO PUB IMPT BDS B 20410101 4.000% | US | 2,000,000 | $1,951,100.00 | |
| CINCINNATI OHIO UNLTD TAX VARIOUS PURP G A 20271201 5.000% | US | 1,100,000 | $1,157,838.00 | |
| CLARK CNTY NEV GO FLOOD CONTROL BDS 20311101 5.000% | US | 3,970,000 | $4,229,280.70 | |
| CLARKSVILLE TENN ELEC SYS REV REF BDS 20290901 5.000% | US | 1,015,000 | $1,058,005.55 | |
| CLAYTON MO GO REF BDS 20280315 4.000% | US | 510,000 | $524,448.30 | |
| COLUMBIA MO SCH DIST GO REF BDS B 20260301 5.000% | US | 1,635,000 | $1,659,606.75 | |
| CULLMAN ALA UTILS BRD WTR REV BDS 20250901 4.000% | US | 1,000,000 | $1,001,490.00 | |
| DALLAS TEX WTRWKS n SWR SYS RE REF BDS C 20281001 5.000% | US | 1,715,000 | $1,828,121.40 | |
| DENVER COLO CITY n CNTY WASTEW BDS 20291101 5.000% | US | 750,000 | $790,792.50 | |
| DES MOINES IOWA STORMWATER MGM BDS B 20310601 5.000% | US | 865,000 | $946,811.70 | |
| DISTRICT COLUMBIA GO BDS A 20361015 5.000% | US | 1,265,000 | $1,319,104.05 | |
| DISTRICT COLUMBIA GO BDS A 20410101 5.000% | US | 2,000,000 | $2,094,780.00 | |
| DISTRICT COLUMBIA INCOME TAX R SECURED BDS A 20410701 5.000% | US | 1,115,000 | $1,161,227.90 | |
| DISTRICT COLUMBIA INCOME TAX R SECURED BDS A 20420701 5.000% | US | 1,895,000 | $1,962,064.05 | |
| DISTRICT COLUMBIA WTR n SWR AU SUB LIEN BDS B 20471001 5.000% | US | 1,000,000 | $1,016,480.00 | |
| DORCHESTER CNTY S C SCH DIST N GO BDS A 20310301 5.000% | US | 1,380,000 | $1,524,955.20 | |
| E PUB HWY AUTH COLO REV SR BDS A 20260901 5.000% | US | 1,000,000 | $1,024,780.00 | |
| EAU CLAIRE WIS AREA SCH DIST GO REF BDS 20320401 5.000% | US | 1,380,000 | $1,486,853.40 | |
| ELGIN ILL GO CORPORATE PURP BDS 20361215 5.000% | US | 1,310,000 | $1,424,638.10 | |
| FARGO N D REF IMPT BDS A 20380501 5.000% | US | 2,235,000 | $2,395,361.25 | |
| FARGO N D REF IMPT BDS A 20390501 5.000% | US | 2,350,000 | $2,496,804.50 | |
| FEDERAL HOME LN MTG CORP MULTI STRUCTURED PASS THRU CTF ML- C 20361225 3.996% | US | 2,156,724.57 | $2,127,759.76 | |
| FLORIDA ST TPK AUTH TPK REV REV REF BDS B 20260701 2.500% | US | 505,000 | $499,535.90 | |
| FOND DU LAC WIS GO PROM NTS A 20310301 5.000% | US | 2,565,000 | $2,746,781.55 | |
| FORT LAUDERDALE FLA GO BDS A 20430701 5.000% | US | 1,010,000 | $1,056,954.90 | |
| FORT ZUMWALT MO SCH DIST GO REF IMPT BDS 20330301 5.000% | US | 1,260,000 | $1,356,415.20 | |
| GEORGIA ST GO BDS A 20330701 5.000% | US | 3,000,000 | $3,316,290.00 | |
| HAMILTON CNTY OHIO PKG FAC LTD TAX GO BDS A 20371201 5.000% | US | 1,000,000 | $1,066,240.00 | |
| HAWAII ST GO REF BDS FE 20251001 5.000% | US | 1,505,000 | $1,514,948.05 | |
| HAWAII ST TAXABLE GO REF BDS G 20250801 1.033% | US | 500,000 | $497,195.00 | |
| HONOLULU HAWAII CITY n CNTY GO BDS E 20270301 5.000% | US | 2,000,000 | $2,074,140.00 | |
| HONOLULU HAWAII CITY n CNTY GO BDS E 20280901 5.000% | US | 500,000 | $520,285.00 | |
| HONOLULU HAWAII CITY n CNTY WA SR FIRST RESOLUTION BDS A 20320701 5.000% | US | 2,855,000 | $3,198,941.85 | |
| ILLINOIS MUN ELEC AGY PWR SUPP REF BDS A 20260201 5.000% | US | 730,000 | $731,503.80 | |
| ILLINOIS ST TOLL HWY AUTH TOLL REV BDS B 20380101 5.000% | US | 1,050,000 | $1,057,308.00 | |
| ILLINOIS ST TOLL HWY AUTH TOLL SR REF BDS B 20310101 5.000% | US | 1,500,000 | $1,618,065.00 | |
| INDIANA MUN PWR AGY PWR SUPPLY BDS A 20320101 5.000% | US | 375,000 | $415,398.75 | |
| INDIANA MUN PWR AGY PWR SUPPLY BDS A 20330101 5.000% | US | 625,000 | $697,050.00 | |
| INDIANAPOLIS IND LOC PUB IMPT CMNTY JUSTICE CAMPUS BDS A 20300201 5.000% | US | 500,000 | $531,560.00 | |
| IRVING TEX GO BDS 20320915 5.000% | US | 3,030,000 | $3,334,787.70 | |
| ISHARES TRUST SANDP NATL MUN B | US | MUB | 43,351 | $4,502,001.35 |
| JEA FLA ELEC SYS REV SUB BDS A 20281001 5.000% | US | 1,000,000 | $1,065,300.00 | |
| JUDSON TEX INDPT SCH DIST UNLTD TAX REF BDS 20360201 5.000% | US | 835,000 | $910,275.25 | |
| KENTON CNTY KY SCH DIST 5.0 20360601 | US | 1,050,000 | $1,126,923.00 | |
| KENTUCKY ST MUN ENERGY AGY PWR BDS 20330101 5.000% | US | 1,375,000 | $1,506,230.00 | |
| KENTUCKY ST PPTY n BLDGS COMMN BDS A 20301001 5.000% | US | 125,000 | $136,090.00 | |
| KNOX CNTY TENN GO BDS 20400601 4.000% | US | 2,805,000 | $2,697,905.10 | |
| LANCASTER PA SCH DIST GO BDS A 20320601 5.000% | US | 500,000 | $552,480.00 | |
| LANCASTER PA SCH DIST GO BDS A 20330601 5.000% | US | 750,000 | $832,222.50 | |
| LANCASTER PA SCH DIST GO BDS A 20340601 5.000% | US | 1,000,000 | $1,102,050.00 | |
| MADISON WIS MET SCH DIST GO BLDG FAC IMPT BDS 20330301 5.000% | US | 1,095,000 | $1,173,314.40 | |
| MAINE MUN BD BK GRANT ANTIC BDS A 20270901 5.000% | US | 675,000 | $705,145.50 | |
| MAINE ST TPK AUTH TPK REV BDS 20330701 5.000% | US | 550,000 | $592,856.00 | |
| MARYLAND ST LOC FACS LN GO BDS FIRST 20330301 5.000% | US | 5,000,000 | $5,469,950.00 | |
| MARYLAND ST LOCAL FACS LN GO BDS SECOND 20350801 5.000% | US | 1,000,000 | $1,072,430.00 | |
| MASSACHUSETTS ST GO BDS C 20471001 5.000% | US | 5,000,000 | $5,102,250.00 | |
| MECKLENBURG CNTY N C GO PUB IMPT BDS A 20300401 4.000% | US | 2,500,000 | $2,518,850.00 | |
| METROPOLITAN GOVT NASHVILLE n TAXABLE REV REF BDS B 20250701 1.031% | US | 650,000 | $648,238.50 | |
| METROPOLITAN TRANSN AUTH N Y R GREEN BDS C 20451115 4.750% | US | 2,000,000 | $1,959,940.00 | |
| MIAMI-DADE CNTY FLA STORMWATER REF BDS 20280401 5.000% | US | 1,015,000 | $1,075,544.75 | |
| MINNESOTA ST GO ST VAR PURP BDS A 20260801 5.000% | US | 1,030,000 | $1,033,234.20 | |
| MINNESOTA ST GO ST VAR PURP BDS A 20360801 5.000% | US | 1,970,000 | $2,055,202.50 | |
| MISSISSIPPI ST REF TAXABLE GO BDS E 20251001 1.122% | US | 500,000 | $494,220.00 | |
| MISSOURI JT MUN ELEC UTIL COMM REF BDS 20270101 5.000% | US | 1,410,000 | $1,454,203.50 | |
| NANTUCKET MASS GO MUN PURP LN BDS 20370315 5.000% | US | 1,120,000 | $1,254,836.80 | |
| NEBRASKA PUB PWR DIST REV GEN BDS B 20300101 5.000% | US | 640,000 | $689,408.00 | |
| NEW JERSEY ECONOMIC DEV AUTH R REF SCH FACS CONSTR BDS F 20280615 5.000% | US | 700,000 | $738,493.00 | |
| NEW JERSEY ECONOMIC DEV AUTH R SCH FACS CONSTR BDS Q 20290615 5.000% | US | 750,000 | $800,550.00 | |
| NEW ORLEANS LA SEW SVC REV BDS B 20270601 5.000% | US | 500,000 | $517,540.00 | |
| NEW YORK N Y CITY MUN WTR FIN SECOND GEN RESOLUTION BD E 20400615 5.000% | US | 3,500,000 | $3,565,660.00 | |
| NEW YORK N Y CITY TRANSITIONAL FUTURE TAX SECD SUB BDS FISCAL 20440801 5.000% | US | 3,500,000 | $3,580,220.00 | |
| NEW YORK N Y GO BDS - 20421201 5.000% | US | 1,500,000 | $1,520,925.00 | |
| NEW YORK N Y GO BDS E 20260801 5.000% | US | 1,905,000 | $1,951,996.35 | |
| NEW YORK N Y GO BDS FISCAL 20270801 5.000% | US | 1,600,000 | $1,672,848.00 | |
| NEW YORK N Y TAXABLE GO BDS FISCAL 20260801 1.216% | US | 125,000 | $120,597.50 | |
| NEW YORK N Y TAXABLE GO BDS FISCAL 20260801 1.216% | US | 1,075,000 | $1,036,848.25 | |
| NEW YORK ST DORM AUTH ST PERS INCOME TAX REV BDS C 20300215 5.652% | US | 1,000,000 | $1,032,250.00 | |
| NEW YORK ST DORM AUTH ST PERS TAXABLE GEN PURP BDS C 20260315 1.187% | US | 1,110,000 | $1,083,482.10 | |
| NEW YORK ST TWY AUTH GEN REV J B 20380101 4.000% | US | 2,390,000 | $2,339,762.20 | |
| NEW YORK ST URBAN DEV CORP REV PERS INCOME TAX GEN PURP A 20380315 5.250% | US | 5,000,000 | $5,459,550.00 | |
| NORTH TEX MUN WTR DIST TEX WTR REF BDS A 20270901 5.000% | US | 1,500,000 | $1,568,655.00 | |
| NORTH TEX TWY AUTH REV SYS REF BDS A 20270101 5.000% | US | 2,000,000 | $2,024,060.00 | |
| NORTH TEX TWY AUTH REV SYS SECOND TIER REF BDS B 20290101 5.000% | US | 925,000 | $987,298.75 | |
| OHIO ST INFRASTRUCTURE IMPT GO B A 20410301 5.000% | US | 1,845,000 | $1,959,334.65 | |
| OHIO ST WTR DEV AUTH REV FRESH BDS 20361201 5.000% | US | 1,350,000 | $1,422,576.00 | |
| OHIO ST WTR DEV AUTH REV FRESH BDS 20371201 5.000% | US | 1,000,000 | $1,049,770.00 | |
| OMAHA PUB PWR DIST NEB ELEC RE SYS BDS A 20310201 5.000% | US | 1,000,000 | $1,041,870.00 | |
| OMAHA PUB PWR DIST NEB ELEC RE SYS BDS A 20460201 5.000% | US | 2,065,000 | $2,104,193.70 | |
| ORLANDO FLA UTILS COMMN UTIL S REF BDS C 20251001 5.000% | US | 665,000 | $669,236.05 | |
| PENNSYLVANIA ST TPK COMMN TPK SUB BDS A 20291201 5.000% | US | 750,000 | $811,395.00 | |
| PENNSYLVANIA ST TPK COMMN TPK SUB BDS A 20301201 5.000% | US | 850,000 | $918,051.00 | |
| PENNSYLVANIA ST TPK COMMN TPK SUB BDS A- 20280601 5.000% | US | 590,000 | $600,018.20 | |
| PENNSYLVANIA ST TPK COMMN TPK SUB REF BDS FIRST 20311201 5.000% | US | 500,000 | $553,705.00 | |
| PHILADELPHIA PA GAS WKS REV REV REF BDS TH 20301001 5.000% | US | 1,005,000 | $1,024,878.90 | |
| PHILADELPHIA PA WTR n WASTEWTR REF BDS A 20401101 5.000% | US | 2,450,000 | $2,545,819.50 | |
| PIERCE CNTY WIS GO JUDICIAL FAC BDS A 20360301 5.000% | US | 1,540,000 | $1,669,390.80 | |
| PINAL CNTY ARIZ UNI SCH DIST N IMPT BDS C 20320701 5.000% | US | 175,000 | $193,130.00 | |
| PINAL CNTY ARIZ UNI SCH DIST N IMPT BDS C 20330701 5.000% | US | 130,000 | $144,214.20 | |
| PINAL CNTY ARIZ UNI SCH DIST N IMPT BDS C 20340701 5.000% | US | 175,000 | $194,944.75 | |
| PINAL CNTY ARIZ UNI SCH DIST N IMPT BDS C 20350701 5.000% | US | 150,000 | $165,927.00 | |
| PITTSBURGH PA WTR n SWR AUTH W FIRST LIEN BDS B 20320901 5.000% | US | 300,000 | $323,871.00 | |
| ROCK ISLAND CNTY ILL SCH DIST GO BDS A 20350101 5.000% | US | 400,000 | $439,696.00 | |
| SALT LAKE CITY UTAH GO REF BDS B 20260615 5.000% | US | 830,000 | $848,650.10 | |
| SAN ANTONIO TEX WTR REV SYS JR LIEN REF BDS A 20320515 5.000% | US | 1,075,000 | $1,128,363.00 | |
| SCHAUMBURG ILL GO REF BDS 20331201 4.000% | US | 1,175,000 | $1,207,900.00 | |
| SEATTLE WASH MUN LT n PWR REV IMPT REF BDS 20410701 5.000% | US | 1,040,000 | $1,089,524.80 | |
| SHELBY CNTY TENN GO PUB IMPT AND SCH BDS A 20350401 5.000% | US | 1,250,000 | $1,282,662.50 | |
| SOUTH BEND IND SEW WKS REV REF BDS 20251201 3.000% | US | 1,075,000 | $1,073,452.00 | |
| SULLIVAN CNTY TENN GO BDS 20270501 5.000% | US | 1,000,000 | $1,042,220.00 | |
| TACOMA WASH ELEC SYS REV BDS 20460101 5.000% | US | 1,030,000 | $1,049,106.50 | |
| TAMPA FLA WTR n WASTEWATER SYS BDS A 20341001 5.000% | US | 950,000 | $1,056,789.50 | |
| TAMPA-HILLSBOROUGH CNTY FLA EX BDS A 20280701 5.000% | US | 1,000,000 | $1,055,960.00 | |
| TARRANT CNTY TEX LTD TAX BDS 20360715 5.000% | US | 2,300,000 | $2,476,134.00 | |
| TEXAS MUN GAS ACQUISITION n SU REF BDS 20261215 5.000% | US | 200,000 | $203,342.00 | |
| TEXAS MUN GAS ACQUISITION n SU REF BDS 20271215 5.000% | US | 600,000 | $616,602.00 | |
| TEXAS MUN GAS ACQUISITION n SU REF BDS 20281215 5.000% | US | 250,000 | $259,105.00 | |
| TULSA CNTY OKLA INDPT SCH DIST GO COMBINED PURP BDS 20300401 4.000% | US | 2,000,000 | $2,065,600.00 | |
| UNION GROVE WIS UN HIGH SCH DI GO PROM NTS 20360301 5.000% | US | 1,015,000 | $1,091,794.90 | |
| UNITED STATES TREAS NTS . 20260131 2.625% | US | 1,000,000 | $989,310.00 | |
| UNITED STATES TREAS NTS . 20260131 4.250% | US | 1,000,000 | $999,600.00 | |
| UNITED STATES TREAS NTS . 20270131 1.500% | US | 1,000,000 | $960,470.00 | |
| UNITED STATES TREAS NTS . 20270215 2.250% | US | 1,000,000 | $971,990.00 | |
| UNITED STATES TREAS NTS . 20270215 4.125% | US | 1,000,000 | $1,002,420.00 | |
| UNITED STATES TREAS NTS . 20280115 4.250% | US | 1,000,000 | $1,009,140.00 | |
| UNITED STATES TREAS NTS . 20280131 3.500% | US | 1,000,000 | $990,700.00 | |
| UNITED STATES TREAS NTS 20270115 4.000% | US | 1,000,000 | $1,000,120.00 | |
| US DOLLARS | US | USD | 356,958.04 | $356,958.04 |
| WASHINGTON ST VAR PURP GO BDS A 20320801 5.000% | US | 4,255,000 | $4,535,957.65 | |
| WASHINGTON ST VAR PURP GO BDS A 20430801 5.000% | US | 1,000,000 | $1,037,210.00 | |
| WASHINGTON ST VAR PURP GO BDS C 20370201 5.000% | US | 3,690,000 | $3,978,484.20 | |
| WASHINGTON ST VAR PURP GO REF BDS R- 20270801 5.000% | US | 2,000,000 | $2,094,480.00 | |
| WEST BEND WIS JT SCH DIST NO GO PROM NTS 20360401 5.000% | US | 1,295,000 | $1,401,177.05 | |
| WEST SALEM WIS SCH DIST LA CRO GO PROM NTS 20390401 5.000% | US | 1,590,000 | $1,667,448.90 | |
| WHITE LAKE TWP MICH CHARTER LTD TAX GO BDS 20360301 5.000% | US | 575,000 | $636,053.50 | |
| WHITE LAKE TWP MICH CHARTER LTD TAX GO BDS 20370301 5.000% | US | 515,000 | $564,620.25 | |
| WISCONSIN ST GO BDS B 20380501 5.000% | US | 4,000,000 | $4,345,520.00 | |
| YORKVILLE ILL UTD CITY GO BDS B 20281230 5.000% | US | 200,000 | $211,774.00 | |
| YORKVILLE ILL UTD CITY GO BDS B 20291230 5.000% | US | 175,000 | $187,502.00 | |
| YORKVILLE ILL UTD CITY GO BDS B 20301230 5.000% | US | 175,000 | $189,484.75 | |
| YORKVILLE ILL UTD CITY GO BDS B 20311230 5.000% | US | 300,000 | $327,597.00 | |
| YORKVILLE ILL UTD CITY GO BDS B 20321230 5.000% | US | 225,000 | $247,083.75 | |
| YORKVILLE ILL UTD CITY GO BDS B 20331230 5.000% | US | 260,000 | $286,512.20 |
Investments will change over time.
Distributions
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.