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
$10.38
Daily $ Change
$0.01
Daily % Change
0.10%
as of 07/25/2024
Ticker
MNDWX
CUSIP
56382R365
Inception Date
03/01/2019
This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| Applications & Forms | |
| N-Port Part F Reports |
YTD
-0.50%
1 Year
2.64%
3 Year
-0.52%
5 Year
1.39%
10 Year
1.46%
Inception
(02/14/1994)
3.33%
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.
Inception performance is based on the Diversified Tax Exempt Series Class A inception of 02/14/1994. For periods through 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class A shares. Because the Class W shares invest in the same portfolio of securities as the Class A shares, performance will be different only to the extent that the Class A shares have a higher expense ratio.
Expense Ratio
| Gross | 0.63% |
| Net | 0.13%* |
*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.
| ISHARES TRUST SANDP NATL MUN B | 2.86% |
| NEW YORK ST URBAN DEV CORP REV PERS INCOME TAX GEN PURP A 20380315 5.250% | 2.47% |
| GEORGIA ST GO BDS A 20330701 5.000% | 2.44% |
| MARYLAND ST LOC FACS LN GO BDS FIRST 20330301 5.000% | 2.42% |
| MASSACHUSETTS ST GO CONSOLIDATED LN BDS C 20471001 5.000% | 2.33% |
| WASHINGTON ST VAR PURP GO BDS A 20320801 5.000% | 2.00% |
| WISCONSIN ST 5.0 20380501 | 1.98% |
| BROWARD CNTY FLA WTR n SWR UTI BDS A 20381001 5.000% | 1.86% |
| WASHINGTON ST VAR PURP GO BDS C 20370201 5.000% | 1.79% |
| MECKLENBURG CNTY N C GO SCH BDS 20300301 5.000% | 1.76% |
Top Ten Investments list is unaudited and excludes cash
| Government | 96.18% | |
| Miscellaneous | 2.86% | |
| Utilities | 0.96% |
| AA | 50.61% | |
| AAA | 35.25% | |
| A | 14.08% | |
| NR | 0.05% |
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.
| 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 | $764,220.00 | |
| ALASKA MUN BD BK ALASKA MUN BD GO REF BDS O 20301201 5.000% | US | 875,000 | $957,827.50 | |
| ATLANTA GA GO PUB IMPT BDS A 20421201 5.000% | US | 800,000 | $889,536.00 | |
| BALTIMORE CNTY MD GO MET DIST REF GO BDS 20280801 5.000% | US | 1,000,000 | $1,076,420.00 | |
| BAR HARBOR ME GO BDS 20381015 5.000% | US | 1,000,000 | $1,140,360.00 | |
| BAR HARBOR ME GO BDS 20401015 5.000% | US | 1,000,000 | $1,127,910.00 | |
| BROWARD CNTY FLA SCH DIST GO BDS 20320701 5.000% | US | 1,895,000 | $2,109,116.05 | |
| BROWARD CNTY FLA WTR n SWR UTI BDS A 20381001 5.000% | US | 4,000,000 | $4,311,800.00 | |
| CALIFORNIA ST GO BDS 20250801 5.000% | US | 1,410,000 | $1,438,890.90 | |
| CALIFORNIA ST GO REFUNDING BDS 20320801 5.250% | US | 1,930,000 | $2,207,341.00 | |
| CENTRAL FLA EXPWY AUTH SR LIEN BDS 20270701 5.000% | US | 500,000 | $524,920.00 | |
| CENTRAL FLA EXPWY AUTH SR LIEN BDS 20380701 5.000% | US | 530,000 | $547,749.70 | |
| CHARLESTON S C WTRWKS n SWR RE CAP IMPT BDS 20440101 5.000% | US | 850,000 | $911,429.50 | |
| CHATTANOOGA TENN ELEC REV SYS BDS 20390901 5.000% | US | 2,000,000 | $2,214,980.00 | |
| CINCINNATI OHIO UNLTD TAX VARIOUS PURP G A 20271201 5.000% | US | 1,100,000 | $1,164,702.00 | |
| CINCINNATI OHIO WTR SYS REV BDS A 20321201 5.000% | US | 1,410,000 | $1,598,263.20 | |
| CLARKSVILLE TENN ELEC SYS REV REF BDS 20290901 5.000% | US | 1,015,000 | $1,070,297.20 | |
| CLAYTON MO GO REF BDS 20280315 4.000% | US | 510,000 | $524,004.60 | |
| COLUMBIA MO SCH DIST GO REF BDS B 20260301 5.000% | US | 1,635,000 | $1,683,706.65 | |
| CULLMAN ALA UTILS BRD WTR REV BDS 20250901 4.000% | US | 1,000,000 | $1,004,650.00 | |
| DALLAS TEX WTRWKS n SWR SYS RE REF BDS C 20281001 5.000% | US | 1,715,000 | $1,845,391.45 | |
| DENVER COLO CITY n CNTY WASTEW BDS 20291101 5.000% | US | 750,000 | $809,730.00 | |
| DES MOINES IOWA STORMWATER MGM BDS B 20310601 5.000% | US | 865,000 | $960,271.10 | |
| DISTRICT COLUMBIA GO BDS A 20361015 5.000% | US | 1,265,000 | $1,367,199.35 | |
| DISTRICT COLUMBIA GO BDS A 20410101 5.000% | US | 2,000,000 | $2,223,920.00 | |
| DISTRICT COLUMBIA INCOME TAX R SECURED BDS A 20410701 5.000% | US | 1,115,000 | $1,233,089.65 | |
| DISTRICT COLUMBIA INCOME TAX R SECURED BDS A 20420701 5.000% | US | 1,895,000 | $2,086,830.85 | |
| DISTRICT COLUMBIA WTR n SWR AU SUB LIEN BDS B 20471001 5.000% | US | 1,000,000 | $1,081,740.00 | |
| E PUB HWY AUTH COLO REV SR BDS A 20260901 5.000% | US | 1,000,000 | $1,033,980.00 | |
| FAIRFAX CNTY VA PUB IMPT AND REF BDS A 20351001 5.000% | US | 3,580,000 | $3,689,261.60 | |
| FARGO N D REF IMPT BDS A 20380501 5.000% | US | 2,235,000 | $2,511,894.15 | |
| FARGO N D REF IMPT BDS A 20390501 5.000% | US | 2,350,000 | $2,626,407.00 | |
| FLORIDA ST TPK AUTH TPK REV REV REF BDS B 20260701 2.500% | US | 505,000 | $491,269.05 | |
| FORT LAUDERDALE FLA GO BDS A 20430701 5.000% | US | 1,010,000 | $1,107,091.30 | |
| FREDERICK CNTY MD GO PUB FACS PROJ BDS A 20350401 5.000% | US | 1,750,000 | $2,024,295.00 | |
| GEORGIA ST GO BDS A 20330701 5.000% | US | 5,000,000 | $5,651,400.00 | |
| HAMILTON CNTY OHIO PKG FAC LTD TAX GO BDS A 20371201 5.000% | US | 1,000,000 | $1,110,740.00 | |
| HAWAII ST GO REF BDS FE 20251001 5.000% | US | 1,505,000 | $1,538,320.70 | |
| HAWAII ST TAXABLE GO REF BDS G 20250801 1.033% | US | 500,000 | $478,060.00 | |
| HONOLULU HAWAII CITY n CNTY GO BDS E 20270301 5.000% | US | 2,000,000 | $2,094,920.00 | |
| HONOLULU HAWAII CITY n CNTY GO BDS E 20280901 5.000% | US | 500,000 | $526,490.00 | |
| HOUSTON TEX UTIL SYS REV COMBINED FIRST LIEN REF A 20311115 5.000% | US | 1,140,000 | $1,282,192.20 | |
| ILLINOIS MUN ELEC AGY PWR SUPP REF BDS A 20250201 5.000% | US | 2,000,000 | $2,014,320.00 | |
| ILLINOIS MUN ELEC AGY PWR SUPP REF BDS A 20260201 5.000% | US | 730,000 | $741,125.20 | |
| ILLINOIS ST TOLL HWY AUTH TOLL REV BDS B 20380101 5.000% | US | 1,050,000 | $1,074,475.50 | |
| ILLINOIS ST TOLL HWY AUTH TOLL SR REF BDS B 20310101 5.000% | US | 1,500,000 | $1,642,560.00 | |
| IRVING TEX GO BDS 20320915 5.000% | US | 3,030,000 | $3,414,294.90 | |
| ISHARES TRUST SANDP NATL MUN B | US | 62,191 | $6,626,451.05 | |
| JEA FLA ELEC SYS REV SUB BDS A 20281001 5.000% | US | 1,000,000 | $1,072,280.00 | |
| KANSAS CITY MO SAN SWR SYS REV IMPT AND REF REV BDS A 20250101 4.000% | US | 750,000 | $752,947.50 | |
| KING CNTY WASH SWR REV REF BDS 20350701 5.000% | US | 2,050,000 | $2,137,658.00 | |
| KNOX CNTY TENN GO BDS 20400601 4.000% | US | 2,805,000 | $2,848,140.90 | |
| KNOXVILLE TENN WASTE WTR SYS R REF BDS A 20320401 5.000% | US | 2,500,000 | $2,843,925.00 | |
| LINCOLN NEB ELEC SYS REV REF BDS A 20300901 5.000% | US | 1,000,000 | $1,019,440.00 | |
| MAINE MUN BD BK GRANT ANTIC BDS A 20270901 5.000% | US | 675,000 | $711,335.25 | |
| MAINE ST TPK AUTH TPK REV BDS 20330701 5.000% | US | 550,000 | $607,128.50 | |
| MARYLAND ST GO BDS SECOND 20280801 5.000% | US | 905,000 | $974,513.05 | |
| MARYLAND ST HEALTH n HIGHER ED REV BDS 20300701 5.000% | US | 1,010,000 | $1,026,291.30 | |
| MARYLAND ST LOC FACS LN GO BDS FIRST 20330301 5.000% | US | 5,000,000 | $5,613,750.00 | |
| MARYLAND ST LOCAL FACS LN GO BDS SECOND 20350801 5.000% | US | 1,000,000 | $1,103,990.00 | |
| MASSACHUSETTS ST CLEAN WTR TR ST REVOLVING FD BDS A 20300201 5.000% | US | 2,100,000 | $2,336,586.00 | |
| MASSACHUSETTS ST GO BDS D 20260401 5.000% | US | 1,095,000 | $1,128,835.50 | |
| MASSACHUSETTS ST GO CONSOLIDATED LN BDS C 20471001 5.000% | US | 5,000,000 | $5,405,950.00 | |
| MASSACHUSETTS ST GO REF BDS B 20290701 5.000% | US | 775,000 | $846,858.00 | |
| MECKLENBURG CNTY N C GO PUB IMPT BDS A 20300401 4.000% | US | 2,500,000 | $2,529,625.00 | |
| MECKLENBURG CNTY N C GO SCH BDS 20300301 5.000% | US | 3,675,000 | $4,074,582.75 | |
| METROPOLITAN GOVT NASHVILLE n TAXABLE REV REF BDS B 20250701 1.031% | US | 650,000 | $622,557.00 | |
| METROPOLITAN TRANSN AUTH N Y R GREEN BDS C 20451115 4.750% | US | 2,000,000 | $2,052,360.00 | |
| MIAMI-DADE CNTY FLA STORMWATER REF BDS 20280401 5.000% | US | 1,015,000 | $1,078,904.40 | |
| MIAMI-DADE CNTY FLA WTR n SWR SUB SYS BDS 20281001 5.000% | US | 2,000,000 | $2,142,080.00 | |
| MILWAUKEE WIS MET SEW DIST GO SYS BDS A 20261001 4.000% | US | 1,900,000 | $1,931,749.00 | |
| MINNESOTA ST GO ST VAR PURP BDS A 20260801 5.000% | US | 1,030,000 | $1,049,137.40 | |
| MINNESOTA ST GO ST VAR PURP BDS A 20360801 5.000% | US | 1,970,000 | $2,096,355.80 | |
| MISSISSIPPI ST REF TAXABLE GO BDS E 20251001 1.122% | US | 500,000 | $475,605.00 | |
| MISSOURI JT MUN ELEC UTIL COMM REF BDS 20270101 5.000% | US | 1,410,000 | $1,465,695.00 | |
| NEBRASKA PUB PWR DIST REV GEN BDS B 20300101 5.000% | US | 640,000 | $699,712.00 | |
| NEW JERSEY ECONOMIC DEV AUTH R REF SCH FACS CONSTR BDS F 20280615 5.000% | US | 700,000 | $742,252.00 | |
| NEW JERSEY ECONOMIC DEV AUTH R SCH FACS CONSTR BDS Q 20290615 5.000% | US | 750,000 | $806,242.50 | |
| NEW JERSEY ST TRANSN TR FD AUT TRANSN PROGRAM BDS AA 20260615 5.000% | US | 1,445,000 | $1,462,643.45 | |
| NEW ORLEANS LA SEW SVC REV BDS B 20270601 5.000% | US | 500,000 | $520,595.00 | |
| NEW YORK N Y CITY MUN WTR FIN SECOND GEN RESOLUTION BD E 20400615 5.000% | US | 3,500,000 | $3,647,175.00 | |
| NEW YORK N Y CITY TRANSITIONAL FUTURE TAX SECD SUB BDS FISCAL 20440801 5.000% | US | 3,500,000 | $3,809,820.00 | |
| NEW YORK N Y GO BDS - 20421201 5.000% | US | 1,500,000 | $1,567,245.00 | |
| NEW YORK N Y GO BDS E 20260801 5.000% | US | 1,905,000 | $1,975,008.75 | |
| NEW YORK N Y GO BDS FISCAL 20270801 5.000% | US | 1,600,000 | $1,688,384.00 | |
| NEW YORK N Y TAXABLE GO BDS FISCAL 20260801 1.216% | US | 125,000 | $115,882.50 | |
| NEW YORK N Y TAXABLE GO BDS FISCAL 20260801 1.216% | US | 1,075,000 | $993,300.00 | |
| NEW YORK ST DORM AUTH ST PERS INCOME TAX REV BDS C 20300215 5.652% | US | 1,000,000 | $1,015,970.00 | |
| NEW YORK ST DORM AUTH ST PERS TAXABLE GEN PURP BDS C 20250315 0.887% | US | 950,000 | $920,331.50 | |
| NEW YORK ST DORM AUTH ST PERS TAXABLE GEN PURP BDS C 20260315 1.187% | US | 1,110,000 | $1,039,082.10 | |
| NEW YORK ST TWY AUTH GEN REV J B 20380101 4.000% | US | 2,390,000 | $2,416,600.70 | |
| NEW YORK ST URBAN DEV CORP REV PERS INCOME TAX GEN PURP A 20380315 5.250% | US | 5,000,000 | $5,725,050.00 | |
| NORTH TEX MUN WTR DIST TEX WTR REF BDS A 20270901 5.000% | US | 1,500,000 | $1,584,090.00 | |
| NORTH TEX TWY AUTH REV SYS REF BDS A 20270101 5.000% | US | 2,000,000 | $2,034,380.00 | |
| NORTH TEX TWY AUTH REV SYS SECOND TIER REF BDS B 20290101 5.000% | US | 925,000 | $989,426.25 | |
| OHIO ST COMMON SCHS GO REF BDS A 20280615 5.000% | US | 500,000 | $536,120.00 | |
| OHIO ST COMMON SCHS GO REF BDS A 20290615 5.000% | US | 1,000,000 | $1,090,710.00 | |
| OHIO ST INFRASTRUCTURE IMPT GO B A 20410301 5.000% | US | 1,845,000 | $2,058,484.95 | |
| OHIO ST WTR DEV AUTH REV FRESH BDS 20361201 5.000% | US | 1,350,000 | $1,475,172.00 | |
| OHIO ST WTR DEV AUTH REV FRESH BDS 20371201 5.000% | US | 1,000,000 | $1,090,070.00 | |
| OMAHA PUB PWR DIST NEB ELEC RE SYS BDS A 20310201 5.000% | US | 1,000,000 | $1,053,260.00 | |
| OMAHA PUB PWR DIST NEB ELEC RE SYS BDS A 20460201 5.000% | US | 2,065,000 | $2,187,351.25 | |
| ORLANDO FLA UTILS COMMN UTIL S REF BDS C 20251001 5.000% | US | 665,000 | $678,805.40 | |
| PENNSYLVANIA ST TPK COMMN TPK SUB BDS A 20291201 5.000% | US | 750,000 | $819,285.00 | |
| PENNSYLVANIA ST TPK COMMN TPK SUB BDS A 20301201 5.000% | US | 850,000 | $921,510.50 | |
| PENNSYLVANIA ST TPK COMMN TPK SUB BDS A- 20280601 5.000% | US | 590,000 | $605,912.30 | |
| PHILADELPHIA PA WTR n WASTEWTR REF BDS A 20401101 5.000% | US | 2,450,000 | $2,654,477.00 | |
| PITTSBURGH PA WTR n SWR AUTH W FIRST LIEN BDS B 20320901 5.000% | US | 300,000 | $330,153.00 | |
| PORT AUTH N Y n N J CONSOLIDATED BDS 20320715 5.000% | US | 1,185,000 | $1,320,789.15 | |
| PUTNAM CNTY TENN GO SCH REF BDS 20250401 5.000% | US | 500,000 | $506,050.00 | |
| RICHMOND VA PUB UTIL REV TAXABLE REF BDS B 20250115 2.086% | US | 515,000 | $506,368.60 | |
| SALT LAKE CITY UTAH GO REF BDS B 20260615 5.000% | US | 830,000 | $858,527.10 | |
| SAN ANTONIO TEX WTR REV SYS JR LIEN REF BDS A 20320515 5.000% | US | 1,075,000 | $1,143,542.00 | |
| SEATTLE WASH MUN LT n PWR REV IMPT REF BDS 20410701 5.000% | US | 1,040,000 | $1,150,073.60 | |
| SEATTLE WASH WTR SYS REV IMPT REF BDS 20250901 5.000% | US | 3,000,000 | $3,061,860.00 | |
| SHELBY CNTY TENN GO PUB IMPT AND SCH BDS A 20350401 5.000% | US | 1,250,000 | $1,303,512.50 | |
| SOUTH BEND IND SEW WKS REV REF BDS 20251201 3.000% | US | 1,075,000 | $1,064,755.25 | |
| SULLIVAN CNTY TENN GO BDS 20270501 5.000% | US | 1,000,000 | $1,051,150.00 | |
| TACOMA WASH ELEC SYS REV BDS 20460101 5.000% | US | 1,030,000 | $1,104,458.70 | |
| TAMPA FLA WTR n WASTEWATER SYS BDS A 20341001 5.000% | US | 950,000 | $1,091,170.00 | |
| TAMPA-HILLSBOROUGH CNTY FLA EX BDS A 20280701 5.000% | US | 1,000,000 | $1,061,930.00 | |
| TARRANT CNTY TEX LTD TAX BDS 20360715 5.000% | US | 2,300,000 | $2,561,786.00 | |
| TEXAS MUN GAS ACQUISITION n SU REF BDS 20261215 5.000% | US | 200,000 | $203,696.00 | |
| TEXAS MUN GAS ACQUISITION n SU REF BDS 20271215 5.000% | US | 600,000 | $615,606.00 | |
| TEXAS MUN GAS ACQUISITION n SU REF BDS 20281215 5.000% | US | 250,000 | $256,690.00 | |
| TEXAS TRANSN COMMN CENT TEX TP REF BDS C 20270815 5.000% | US | 1,470,000 | $1,471,940.40 | |
| TEXAS WTR DEV BRD REV REV BDS B 20251015 5.000% | US | 1,845,000 | $1,888,117.65 | |
| TEXAS WTR DEV BRD REV ST IMPLEMENTATION REV FU 20251015 5.000% | US | 1,000,000 | $1,023,370.00 | |
| TOLEDO OHIO WTRWKS REV 5.0 20321115 | US | 1,300,000 | $1,424,683.00 | |
| UNITED STATES TREAS BILLS DT - 20240718 0.000% | US | 1,000,000 | $997,520.00 | |
| UNITED STATES TREAS BILLS DT - 20240725 0.000% | US | 1,000,000 | $996,520.00 | |
| UNITED STATES TREAS BILLS DT - 20240801 0.000% | US | 1,000,000 | $995,500.00 | |
| UNITED STATES TREAS BILLS DT - 20240808 0.000% | US | 1,000,000 | $994,480.00 | |
| UNITED STATES TREAS BILLS DT - 20241031 0.000% | US | 1,000,000 | $982,480.00 | |
| UNITED STATES TREAS BILLS DT - 20241129 0.000% | US | 1,000,000 | $978,520.00 | |
| UNITED STATES TREAS BILLS DT - 20241226 0.000% | US | 1,000,000 | $974,710.00 | |
| UNITED STATES TREAS BILLS DT - 20250123 0.000% | US | 1,000,000 | $971,820.00 | |
| UNITED STATES TREAS BILLS DT - 20250220 0.000% | US | 1,000,000 | $967,730.00 | |
| US DOLLARS | US | 6,356,041.21 | $6,356,041.21 | |
| WASHINGTON ST VAR PURP GO BDS A 20320801 5.000% | US | 4,255,000 | $4,632,673.80 | |
| WASHINGTON ST VAR PURP GO BDS A 20430801 5.000% | US | 1,000,000 | $1,094,340.00 | |
| WASHINGTON ST VAR PURP GO BDS C 20370201 5.000% | US | 3,690,000 | $4,144,940.10 | |
| WASHINGTON ST VAR PURP GO REF BDS R- 20270801 5.000% | US | 2,000,000 | $2,112,560.00 | |
| WASHOE CNTY NEV SCH DIST GO LTD TAX IMPT BDS A 20251001 5.000% | US | 1,230,000 | $1,255,866.90 | |
| WESTERN WIS TECHNICAL COLLEGE GO PROM NTS A 20250401 3.000% | US | 600,000 | $595,692.00 | |
| WISCONSIN ST 5.0 20380501 | US | 4,000,000 | $4,597,600.00 |
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
$10.38
Daily $ Change
$0.01
Daily % Change
0.10%
as of 07/25/2024
Ticker
MNDWX
CUSIP
56382R365
Inception Date
03/01/2019
This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.
Important Documents
| Summary Prospectus | |
| Prospectus | |
| Statement of Additional Information | |
| Annual Report | |
| Semi-Annual Report | |
| 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
YTD
-0.50%
1 Year
2.64%
3 Year
-0.52%
5 Year
1.39%
10 Year
1.46%
Inception
(02/14/1994)
3.33%
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.
Inception performance is based on the Diversified Tax Exempt Series Class A inception of 02/14/1994. For periods through 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class A shares. Because the Class W shares invest in the same portfolio of securities as the Class A shares, performance will be different only to the extent that the Class A shares have a higher expense ratio.
Expense Ratio
| Gross | 0.63% |
| Net | 0.13%* |
*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.
| ISHARES TRUST SANDP NATL MUN B | 2.86% |
| NEW YORK ST URBAN DEV CORP REV PERS INCOME TAX GEN PURP A 20380315 5.250% | 2.47% |
| GEORGIA ST GO BDS A 20330701 5.000% | 2.44% |
| MARYLAND ST LOC FACS LN GO BDS FIRST 20330301 5.000% | 2.42% |
| MASSACHUSETTS ST GO CONSOLIDATED LN BDS C 20471001 5.000% | 2.33% |
| WASHINGTON ST VAR PURP GO BDS A 20320801 5.000% | 2.00% |
| WISCONSIN ST 5.0 20380501 | 1.98% |
| BROWARD CNTY FLA WTR n SWR UTI BDS A 20381001 5.000% | 1.86% |
| WASHINGTON ST VAR PURP GO BDS C 20370201 5.000% | 1.79% |
| MECKLENBURG CNTY N C GO SCH BDS 20300301 5.000% | 1.76% |
Top Ten Investments list is unaudited and excludes cash
| Government | 96.18% | |
| Miscellaneous | 2.86% | |
| Utilities | 0.96% |
| AA | 50.61% | |
| AAA | 35.25% | |
| A | 14.08% | |
| NR | 0.05% |
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.
| 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 | $764,220.00 | |
| ALASKA MUN BD BK ALASKA MUN BD GO REF BDS O 20301201 5.000% | US | 875,000 | $957,827.50 | |
| ATLANTA GA GO PUB IMPT BDS A 20421201 5.000% | US | 800,000 | $889,536.00 | |
| BALTIMORE CNTY MD GO MET DIST REF GO BDS 20280801 5.000% | US | 1,000,000 | $1,076,420.00 | |
| BAR HARBOR ME GO BDS 20381015 5.000% | US | 1,000,000 | $1,140,360.00 | |
| BAR HARBOR ME GO BDS 20401015 5.000% | US | 1,000,000 | $1,127,910.00 | |
| BROWARD CNTY FLA SCH DIST GO BDS 20320701 5.000% | US | 1,895,000 | $2,109,116.05 | |
| BROWARD CNTY FLA WTR n SWR UTI BDS A 20381001 5.000% | US | 4,000,000 | $4,311,800.00 | |
| CALIFORNIA ST GO BDS 20250801 5.000% | US | 1,410,000 | $1,438,890.90 | |
| CALIFORNIA ST GO REFUNDING BDS 20320801 5.250% | US | 1,930,000 | $2,207,341.00 | |
| CENTRAL FLA EXPWY AUTH SR LIEN BDS 20270701 5.000% | US | 500,000 | $524,920.00 | |
| CENTRAL FLA EXPWY AUTH SR LIEN BDS 20380701 5.000% | US | 530,000 | $547,749.70 | |
| CHARLESTON S C WTRWKS n SWR RE CAP IMPT BDS 20440101 5.000% | US | 850,000 | $911,429.50 | |
| CHATTANOOGA TENN ELEC REV SYS BDS 20390901 5.000% | US | 2,000,000 | $2,214,980.00 | |
| CINCINNATI OHIO UNLTD TAX VARIOUS PURP G A 20271201 5.000% | US | 1,100,000 | $1,164,702.00 | |
| CINCINNATI OHIO WTR SYS REV BDS A 20321201 5.000% | US | 1,410,000 | $1,598,263.20 | |
| CLARKSVILLE TENN ELEC SYS REV REF BDS 20290901 5.000% | US | 1,015,000 | $1,070,297.20 | |
| CLAYTON MO GO REF BDS 20280315 4.000% | US | 510,000 | $524,004.60 | |
| COLUMBIA MO SCH DIST GO REF BDS B 20260301 5.000% | US | 1,635,000 | $1,683,706.65 | |
| CULLMAN ALA UTILS BRD WTR REV BDS 20250901 4.000% | US | 1,000,000 | $1,004,650.00 | |
| DALLAS TEX WTRWKS n SWR SYS RE REF BDS C 20281001 5.000% | US | 1,715,000 | $1,845,391.45 | |
| DENVER COLO CITY n CNTY WASTEW BDS 20291101 5.000% | US | 750,000 | $809,730.00 | |
| DES MOINES IOWA STORMWATER MGM BDS B 20310601 5.000% | US | 865,000 | $960,271.10 | |
| DISTRICT COLUMBIA GO BDS A 20361015 5.000% | US | 1,265,000 | $1,367,199.35 | |
| DISTRICT COLUMBIA GO BDS A 20410101 5.000% | US | 2,000,000 | $2,223,920.00 | |
| DISTRICT COLUMBIA INCOME TAX R SECURED BDS A 20410701 5.000% | US | 1,115,000 | $1,233,089.65 | |
| DISTRICT COLUMBIA INCOME TAX R SECURED BDS A 20420701 5.000% | US | 1,895,000 | $2,086,830.85 | |
| DISTRICT COLUMBIA WTR n SWR AU SUB LIEN BDS B 20471001 5.000% | US | 1,000,000 | $1,081,740.00 | |
| E PUB HWY AUTH COLO REV SR BDS A 20260901 5.000% | US | 1,000,000 | $1,033,980.00 | |
| FAIRFAX CNTY VA PUB IMPT AND REF BDS A 20351001 5.000% | US | 3,580,000 | $3,689,261.60 | |
| FARGO N D REF IMPT BDS A 20380501 5.000% | US | 2,235,000 | $2,511,894.15 | |
| FARGO N D REF IMPT BDS A 20390501 5.000% | US | 2,350,000 | $2,626,407.00 | |
| FLORIDA ST TPK AUTH TPK REV REV REF BDS B 20260701 2.500% | US | 505,000 | $491,269.05 | |
| FORT LAUDERDALE FLA GO BDS A 20430701 5.000% | US | 1,010,000 | $1,107,091.30 | |
| FREDERICK CNTY MD GO PUB FACS PROJ BDS A 20350401 5.000% | US | 1,750,000 | $2,024,295.00 | |
| GEORGIA ST GO BDS A 20330701 5.000% | US | 5,000,000 | $5,651,400.00 | |
| HAMILTON CNTY OHIO PKG FAC LTD TAX GO BDS A 20371201 5.000% | US | 1,000,000 | $1,110,740.00 | |
| HAWAII ST GO REF BDS FE 20251001 5.000% | US | 1,505,000 | $1,538,320.70 | |
| HAWAII ST TAXABLE GO REF BDS G 20250801 1.033% | US | 500,000 | $478,060.00 | |
| HONOLULU HAWAII CITY n CNTY GO BDS E 20270301 5.000% | US | 2,000,000 | $2,094,920.00 | |
| HONOLULU HAWAII CITY n CNTY GO BDS E 20280901 5.000% | US | 500,000 | $526,490.00 | |
| HOUSTON TEX UTIL SYS REV COMBINED FIRST LIEN REF A 20311115 5.000% | US | 1,140,000 | $1,282,192.20 | |
| ILLINOIS MUN ELEC AGY PWR SUPP REF BDS A 20250201 5.000% | US | 2,000,000 | $2,014,320.00 | |
| ILLINOIS MUN ELEC AGY PWR SUPP REF BDS A 20260201 5.000% | US | 730,000 | $741,125.20 | |
| ILLINOIS ST TOLL HWY AUTH TOLL REV BDS B 20380101 5.000% | US | 1,050,000 | $1,074,475.50 | |
| ILLINOIS ST TOLL HWY AUTH TOLL SR REF BDS B 20310101 5.000% | US | 1,500,000 | $1,642,560.00 | |
| IRVING TEX GO BDS 20320915 5.000% | US | 3,030,000 | $3,414,294.90 | |
| ISHARES TRUST SANDP NATL MUN B | US | 62,191 | $6,626,451.05 | |
| JEA FLA ELEC SYS REV SUB BDS A 20281001 5.000% | US | 1,000,000 | $1,072,280.00 | |
| KANSAS CITY MO SAN SWR SYS REV IMPT AND REF REV BDS A 20250101 4.000% | US | 750,000 | $752,947.50 | |
| KING CNTY WASH SWR REV REF BDS 20350701 5.000% | US | 2,050,000 | $2,137,658.00 | |
| KNOX CNTY TENN GO BDS 20400601 4.000% | US | 2,805,000 | $2,848,140.90 | |
| KNOXVILLE TENN WASTE WTR SYS R REF BDS A 20320401 5.000% | US | 2,500,000 | $2,843,925.00 | |
| LINCOLN NEB ELEC SYS REV REF BDS A 20300901 5.000% | US | 1,000,000 | $1,019,440.00 | |
| MAINE MUN BD BK GRANT ANTIC BDS A 20270901 5.000% | US | 675,000 | $711,335.25 | |
| MAINE ST TPK AUTH TPK REV BDS 20330701 5.000% | US | 550,000 | $607,128.50 | |
| MARYLAND ST GO BDS SECOND 20280801 5.000% | US | 905,000 | $974,513.05 | |
| MARYLAND ST HEALTH n HIGHER ED REV BDS 20300701 5.000% | US | 1,010,000 | $1,026,291.30 | |
| MARYLAND ST LOC FACS LN GO BDS FIRST 20330301 5.000% | US | 5,000,000 | $5,613,750.00 | |
| MARYLAND ST LOCAL FACS LN GO BDS SECOND 20350801 5.000% | US | 1,000,000 | $1,103,990.00 | |
| MASSACHUSETTS ST CLEAN WTR TR ST REVOLVING FD BDS A 20300201 5.000% | US | 2,100,000 | $2,336,586.00 | |
| MASSACHUSETTS ST GO BDS D 20260401 5.000% | US | 1,095,000 | $1,128,835.50 | |
| MASSACHUSETTS ST GO CONSOLIDATED LN BDS C 20471001 5.000% | US | 5,000,000 | $5,405,950.00 | |
| MASSACHUSETTS ST GO REF BDS B 20290701 5.000% | US | 775,000 | $846,858.00 | |
| MECKLENBURG CNTY N C GO PUB IMPT BDS A 20300401 4.000% | US | 2,500,000 | $2,529,625.00 | |
| MECKLENBURG CNTY N C GO SCH BDS 20300301 5.000% | US | 3,675,000 | $4,074,582.75 | |
| METROPOLITAN GOVT NASHVILLE n TAXABLE REV REF BDS B 20250701 1.031% | US | 650,000 | $622,557.00 | |
| METROPOLITAN TRANSN AUTH N Y R GREEN BDS C 20451115 4.750% | US | 2,000,000 | $2,052,360.00 | |
| MIAMI-DADE CNTY FLA STORMWATER REF BDS 20280401 5.000% | US | 1,015,000 | $1,078,904.40 | |
| MIAMI-DADE CNTY FLA WTR n SWR SUB SYS BDS 20281001 5.000% | US | 2,000,000 | $2,142,080.00 | |
| MILWAUKEE WIS MET SEW DIST GO SYS BDS A 20261001 4.000% | US | 1,900,000 | $1,931,749.00 | |
| MINNESOTA ST GO ST VAR PURP BDS A 20260801 5.000% | US | 1,030,000 | $1,049,137.40 | |
| MINNESOTA ST GO ST VAR PURP BDS A 20360801 5.000% | US | 1,970,000 | $2,096,355.80 | |
| MISSISSIPPI ST REF TAXABLE GO BDS E 20251001 1.122% | US | 500,000 | $475,605.00 | |
| MISSOURI JT MUN ELEC UTIL COMM REF BDS 20270101 5.000% | US | 1,410,000 | $1,465,695.00 | |
| NEBRASKA PUB PWR DIST REV GEN BDS B 20300101 5.000% | US | 640,000 | $699,712.00 | |
| NEW JERSEY ECONOMIC DEV AUTH R REF SCH FACS CONSTR BDS F 20280615 5.000% | US | 700,000 | $742,252.00 | |
| NEW JERSEY ECONOMIC DEV AUTH R SCH FACS CONSTR BDS Q 20290615 5.000% | US | 750,000 | $806,242.50 | |
| NEW JERSEY ST TRANSN TR FD AUT TRANSN PROGRAM BDS AA 20260615 5.000% | US | 1,445,000 | $1,462,643.45 | |
| NEW ORLEANS LA SEW SVC REV BDS B 20270601 5.000% | US | 500,000 | $520,595.00 | |
| NEW YORK N Y CITY MUN WTR FIN SECOND GEN RESOLUTION BD E 20400615 5.000% | US | 3,500,000 | $3,647,175.00 | |
| NEW YORK N Y CITY TRANSITIONAL FUTURE TAX SECD SUB BDS FISCAL 20440801 5.000% | US | 3,500,000 | $3,809,820.00 | |
| NEW YORK N Y GO BDS - 20421201 5.000% | US | 1,500,000 | $1,567,245.00 | |
| NEW YORK N Y GO BDS E 20260801 5.000% | US | 1,905,000 | $1,975,008.75 | |
| NEW YORK N Y GO BDS FISCAL 20270801 5.000% | US | 1,600,000 | $1,688,384.00 | |
| NEW YORK N Y TAXABLE GO BDS FISCAL 20260801 1.216% | US | 125,000 | $115,882.50 | |
| NEW YORK N Y TAXABLE GO BDS FISCAL 20260801 1.216% | US | 1,075,000 | $993,300.00 | |
| NEW YORK ST DORM AUTH ST PERS INCOME TAX REV BDS C 20300215 5.652% | US | 1,000,000 | $1,015,970.00 | |
| NEW YORK ST DORM AUTH ST PERS TAXABLE GEN PURP BDS C 20250315 0.887% | US | 950,000 | $920,331.50 | |
| NEW YORK ST DORM AUTH ST PERS TAXABLE GEN PURP BDS C 20260315 1.187% | US | 1,110,000 | $1,039,082.10 | |
| NEW YORK ST TWY AUTH GEN REV J B 20380101 4.000% | US | 2,390,000 | $2,416,600.70 | |
| NEW YORK ST URBAN DEV CORP REV PERS INCOME TAX GEN PURP A 20380315 5.250% | US | 5,000,000 | $5,725,050.00 | |
| NORTH TEX MUN WTR DIST TEX WTR REF BDS A 20270901 5.000% | US | 1,500,000 | $1,584,090.00 | |
| NORTH TEX TWY AUTH REV SYS REF BDS A 20270101 5.000% | US | 2,000,000 | $2,034,380.00 | |
| NORTH TEX TWY AUTH REV SYS SECOND TIER REF BDS B 20290101 5.000% | US | 925,000 | $989,426.25 | |
| OHIO ST COMMON SCHS GO REF BDS A 20280615 5.000% | US | 500,000 | $536,120.00 | |
| OHIO ST COMMON SCHS GO REF BDS A 20290615 5.000% | US | 1,000,000 | $1,090,710.00 | |
| OHIO ST INFRASTRUCTURE IMPT GO B A 20410301 5.000% | US | 1,845,000 | $2,058,484.95 | |
| OHIO ST WTR DEV AUTH REV FRESH BDS 20361201 5.000% | US | 1,350,000 | $1,475,172.00 | |
| OHIO ST WTR DEV AUTH REV FRESH BDS 20371201 5.000% | US | 1,000,000 | $1,090,070.00 | |
| OMAHA PUB PWR DIST NEB ELEC RE SYS BDS A 20310201 5.000% | US | 1,000,000 | $1,053,260.00 | |
| OMAHA PUB PWR DIST NEB ELEC RE SYS BDS A 20460201 5.000% | US | 2,065,000 | $2,187,351.25 | |
| ORLANDO FLA UTILS COMMN UTIL S REF BDS C 20251001 5.000% | US | 665,000 | $678,805.40 | |
| PENNSYLVANIA ST TPK COMMN TPK SUB BDS A 20291201 5.000% | US | 750,000 | $819,285.00 | |
| PENNSYLVANIA ST TPK COMMN TPK SUB BDS A 20301201 5.000% | US | 850,000 | $921,510.50 | |
| PENNSYLVANIA ST TPK COMMN TPK SUB BDS A- 20280601 5.000% | US | 590,000 | $605,912.30 | |
| PHILADELPHIA PA WTR n WASTEWTR REF BDS A 20401101 5.000% | US | 2,450,000 | $2,654,477.00 | |
| PITTSBURGH PA WTR n SWR AUTH W FIRST LIEN BDS B 20320901 5.000% | US | 300,000 | $330,153.00 | |
| PORT AUTH N Y n N J CONSOLIDATED BDS 20320715 5.000% | US | 1,185,000 | $1,320,789.15 | |
| PUTNAM CNTY TENN GO SCH REF BDS 20250401 5.000% | US | 500,000 | $506,050.00 | |
| RICHMOND VA PUB UTIL REV TAXABLE REF BDS B 20250115 2.086% | US | 515,000 | $506,368.60 | |
| SALT LAKE CITY UTAH GO REF BDS B 20260615 5.000% | US | 830,000 | $858,527.10 | |
| SAN ANTONIO TEX WTR REV SYS JR LIEN REF BDS A 20320515 5.000% | US | 1,075,000 | $1,143,542.00 | |
| SEATTLE WASH MUN LT n PWR REV IMPT REF BDS 20410701 5.000% | US | 1,040,000 | $1,150,073.60 | |
| SEATTLE WASH WTR SYS REV IMPT REF BDS 20250901 5.000% | US | 3,000,000 | $3,061,860.00 | |
| SHELBY CNTY TENN GO PUB IMPT AND SCH BDS A 20350401 5.000% | US | 1,250,000 | $1,303,512.50 | |
| SOUTH BEND IND SEW WKS REV REF BDS 20251201 3.000% | US | 1,075,000 | $1,064,755.25 | |
| SULLIVAN CNTY TENN GO BDS 20270501 5.000% | US | 1,000,000 | $1,051,150.00 | |
| TACOMA WASH ELEC SYS REV BDS 20460101 5.000% | US | 1,030,000 | $1,104,458.70 | |
| TAMPA FLA WTR n WASTEWATER SYS BDS A 20341001 5.000% | US | 950,000 | $1,091,170.00 | |
| TAMPA-HILLSBOROUGH CNTY FLA EX BDS A 20280701 5.000% | US | 1,000,000 | $1,061,930.00 | |
| TARRANT CNTY TEX LTD TAX BDS 20360715 5.000% | US | 2,300,000 | $2,561,786.00 | |
| TEXAS MUN GAS ACQUISITION n SU REF BDS 20261215 5.000% | US | 200,000 | $203,696.00 | |
| TEXAS MUN GAS ACQUISITION n SU REF BDS 20271215 5.000% | US | 600,000 | $615,606.00 | |
| TEXAS MUN GAS ACQUISITION n SU REF BDS 20281215 5.000% | US | 250,000 | $256,690.00 | |
| TEXAS TRANSN COMMN CENT TEX TP REF BDS C 20270815 5.000% | US | 1,470,000 | $1,471,940.40 | |
| TEXAS WTR DEV BRD REV REV BDS B 20251015 5.000% | US | 1,845,000 | $1,888,117.65 | |
| TEXAS WTR DEV BRD REV ST IMPLEMENTATION REV FU 20251015 5.000% | US | 1,000,000 | $1,023,370.00 | |
| TOLEDO OHIO WTRWKS REV 5.0 20321115 | US | 1,300,000 | $1,424,683.00 | |
| UNITED STATES TREAS BILLS DT - 20240718 0.000% | US | 1,000,000 | $997,520.00 | |
| UNITED STATES TREAS BILLS DT - 20240725 0.000% | US | 1,000,000 | $996,520.00 | |
| UNITED STATES TREAS BILLS DT - 20240801 0.000% | US | 1,000,000 | $995,500.00 | |
| UNITED STATES TREAS BILLS DT - 20240808 0.000% | US | 1,000,000 | $994,480.00 | |
| UNITED STATES TREAS BILLS DT - 20241031 0.000% | US | 1,000,000 | $982,480.00 | |
| UNITED STATES TREAS BILLS DT - 20241129 0.000% | US | 1,000,000 | $978,520.00 | |
| UNITED STATES TREAS BILLS DT - 20241226 0.000% | US | 1,000,000 | $974,710.00 | |
| UNITED STATES TREAS BILLS DT - 20250123 0.000% | US | 1,000,000 | $971,820.00 | |
| UNITED STATES TREAS BILLS DT - 20250220 0.000% | US | 1,000,000 | $967,730.00 | |
| US DOLLARS | US | 6,356,041.21 | $6,356,041.21 | |
| WASHINGTON ST VAR PURP GO BDS A 20320801 5.000% | US | 4,255,000 | $4,632,673.80 | |
| WASHINGTON ST VAR PURP GO BDS A 20430801 5.000% | US | 1,000,000 | $1,094,340.00 | |
| WASHINGTON ST VAR PURP GO BDS C 20370201 5.000% | US | 3,690,000 | $4,144,940.10 | |
| WASHINGTON ST VAR PURP GO REF BDS R- 20270801 5.000% | US | 2,000,000 | $2,112,560.00 | |
| WASHOE CNTY NEV SCH DIST GO LTD TAX IMPT BDS A 20251001 5.000% | US | 1,230,000 | $1,255,866.90 | |
| WESTERN WIS TECHNICAL COLLEGE GO PROM NTS A 20250401 3.000% | US | 600,000 | $595,692.00 | |
| WISCONSIN ST 5.0 20380501 | US | 4,000,000 | $4,597,600.00 |
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.