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

$11.21

Daily $ Change

$0.07

Daily % Change

0.62%

as of 04/06/2020

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
Fact Sheet ---
Applications & Forms

Performance

As of 02/29/2020

YTD

2.78%

1 Year

7.52%

3 Year

3.44%

5 Year

2.32%

10 Year

2.25%

Inception
(02/14/1994)

3.80%

US Stock Market Cycle (04/01/2000 - 02/29/2020)

3.71%

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. 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 0.59%
Net 0.09%*

*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.

Top Ten Investments

As of 02/29/2020

TREASURY BILLS 11.19%
PORTLAND OR REVENUE 5.00000 06/15/2028 2.89%
NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 2.51%
NEW YORK ST DORM AUTH SALES TAX 5.00000 09/15/2028 2.14%
NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2026 2.08%
NEW YORK ST DORM AUTH ST PERSONA 4.00000 09/15/2028 1.97%
NEW YORK CITY NY TRANSITIONAL 5.00000 05/01/2028 1.96%
NEW YORK ST DORM AUTH ST 5.00000 02/15/2024 1.92%
DIST OF COLUMBIA 4.00000 04/15/2029 1.84%
NEW YORK CITY NY TRANSITIONALFIN 3.00000 02/01/2026 1.81%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 02/29/2020

Revenue 62.65%
G.O. 20.98%
Pre-Refund 2.68%
Cash 2.13%
Other 11.56%

Credit Quality Distribution

As of 02/29/2020

AAA 25.72%
AA 63.35%
A 10.93%

February Fund Holdings

As of 02/29/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
01179P2U0 ALASKA ST MUNI BOND BANK AUTH 5.00000 03/01/2022 US 500,000 $540,240.00
013493GL9 ALBUQUERQUE BERNALILLO NM WTR 5.00000 07/01/2022 US 1,250,000 $1,372,075.00
013493GM7 ALBUQUERQUE BERNALILLO CNTY NM 5.00000 07/01/2023 US 2,000,000 $2,275,920.00
017357C36 ALLEGHENY CNTY PA SAN AUTH 4.00000 12/01/2026 US 1,200,000 $1,383,576.00
02765UFC3 AMERICAN MUNI PWR-OHIO INC OHREV 5.00000 02/15/2022 US 1,895,000 $2,049,063.50
035555QA2 ANN ARBOR MI SWR DISP REVENUE 2.00000 07/01/2026 US 820,000 $859,466.60
047870RZ5 ATLANTA GA WTR & WSTWTR REVENUE 3.00000 11/01/2029 US 525,000 $582,335.25
047870SA9 ATLANTA GA WTR & WSTWTR REVENUE 3.00000 11/01/2029 US 555,000 $613,402.65
051595BH8 AURORA CO WTR REVENUE 4.00000 08/01/2026 US 2,000,000 $2,254,880.00
051690FD2 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2022 US 500,000 $524,085.00
051690FE0 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2023 US 625,000 $664,600.00
052414PD5 AUSTIN TX ELEC UTILITY SYS REVEN 5.00000 11/15/2022 US 500,000 $555,980.00
05922KE54 BALTIMORE MD PROJ REVENUE 4.00000 07/01/2029 US 2,000,000 $2,368,080.00
059231L32 BALTIMORE MD REVENUE 5.00000 07/01/2026 US 815,000 $1,020,754.90
059231U40 BALTIMORE MD REVENUE 4.00000 07/01/2029 US 765,000 $924,556.05
059231U57 BALTIMORE MD REVENUE 4.00000 07/01/2029 US 555,000 $668,836.05
075388ER5 BEAVER AR WTR DIST BENTON & 4.00000 11/15/2020 US 1,000,000 $1,022,350.00
10146RHZ0 BOULDER CNTY CO OPEN SPACE CAPIT 5.00000 07/15/2026 US 1,000,000 $1,257,370.00
106691JQ2 BRECKSVILLE-BROADVIEW HEIGHTSOH 5.00000 12/01/2023 US 1,000,000 $1,156,620.00
150260FQ5 CEDAR FALLS IA MUNI ELEC UTILITY 5.00000 12/01/2023 US 2,000,000 $2,305,880.00
15567RBB8 CENTRL UT WTR CONSERVANCY DIST 5.00000 10/01/2025 US 500,000 $613,770.00
160429SB3 CHARLESTON SC WTRWKS & SWR REVEN 5.00000 01/01/2021 US 530,000 $548,640.10
161045PF0 CHARLOTTE NC WTR & SWR SYS REV 4.00000 07/01/2028 US 2,000,000 $2,331,440.00
172311LZ3 CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2026 US 500,000 $634,330.00
172311MF6 CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2025 US 1,000,000 $1,235,340.00
180848XE8 CLARK CNTY NV 5.00000 06/01/2028 US 1,155,000 $1,482,534.90
199561GF2 COLUMBUS OH SWR REVENUE 5.00000 12/01/2024 US 520,000 $621,088.00
25476FUW6 DIST OF COLUMBIA 5.00000 06/01/2026 US 750,000 $941,265.00
25476FVF2 DIST OF COLUMBIA 5.00000 06/01/2027 US 1,000,000 $1,264,270.00
25476FXW3 DIST OF COLUMBIA 4.00000 04/15/2029 US 2,750,000 $3,271,867.50
254845KG4 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2022 US 1,000,000 $1,107,770.00
254845MC1 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2025 US 900,000 $1,085,679.00
254845QF0 DIST OF COLUMBIA WTR & SWR 4.00000 10/01/2029 US 2,000,000 $2,346,320.00
262006208 DREYFUS GVT CSH MANAGEMENT US 3,869,933.64 $3,869,933.64
30309HAA5 FRETE 2019 - ML05 TRUST 3.35000 11/25/2033 US 496,673.19 $556,413.04
30309HAC1 FRETE 2019- ML05 TRUST 3.40000 01/25/2036 US 490,185.81 $556,610.88
3411505M8 FLORIDA ST 4.00000 07/01/2028 US 2,000,000 $2,322,340.00
349316KH1 FORT WAYNE IN WTRWKS REV 2.00000 12/01/2020 US 745,000 $751,064.30
397337CM6 GREENWOOD SC MET DIST 5.00000 10/01/2026 US 500,000 $628,840.00
407837ES8 HAMILTON OH WSTWTR SYS REVENUE 4.00000 10/01/2028 US 1,235,000 $1,432,427.10
414005VC9 HARRIS CNTY TX 5.00000 08/15/2023 US 600,000 $685,332.00
438687JK2 HONOLULU CITY & CNTY HI SER C 3.00000 08/01/2029 US 500,000 $541,490.00
438687LV5 HONOLULU CITY & CNTY HI 4.00000 03/01/2030 US 600,000 $720,612.00
438687LW3 HONOLULU CITY & CNTY HI 4.00000 03/01/2030 US 420,000 $503,235.60
438701A95 HONOLULU CITY & CNTY HI WSTWTR 5.00000 07/01/2023 US 1,750,000 $1,990,800.00
44244CXG7 HOUSTON TX UTILITY SYS REVENUE 4.00000 11/15/2029 US 1,000,000 $1,182,130.00
452024HT2 ILLINOIS ST MUNI ELEC AGY PWR 5.00000 02/01/2025 US 2,000,000 $2,375,860.00
48507TFJ7 KANSAS CITY MO SANTN SWR SYS REV 4.00000 01/01/2025 US 750,000 $864,105.00
49474FNR7 KING CNTY WA 5.00000 06/01/2022 US 2,000,000 $2,186,980.00
495289Y20 KING CNTY WA SWR REVENUE 4.00000 01/01/2025 US 2,000,000 $2,201,240.00
499746E35 KNOXVILLE TN ELEC REVENUE 3.00000 07/01/2025 US 1,090,000 $1,197,550.30
499746YH2 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 800,000 $878,128.00
499746YK5 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 705,000 $773,681.10
56045RHP7 MAINE ST MUNI BOND BANK 4.00000 11/01/2021 US 570,000 $600,420.90
567423MB1 MARICOPA CNTY AZ UNIF SCH DIST 5.00000 07/01/2024 US 1,000,000 $1,169,080.00
57582PH94 MASSACHUSETTS ST 3.62500 10/01/2020 US 3,000,000 $3,038,550.00
576049W55 MASSACHUSETTS ST WTR RESOURCES 5.25000 08/01/2032 US 970,000 $1,414,095.10
586145U36 MEMPHIS TN 4.00000 06/01/2026 US 1,095,000 $1,237,251.45
590545VA4 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2023 US 1,050,000 $1,193,367.00
590545VB2 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2024 US 1,200,000 $1,411,572.00
590545XB0 MESA AZ UTILITY SYS REVENUE 3.00000 07/01/2026 US 1,525,000 $1,611,162.50
592481JD8 MET SAINT LOUIS MO SWR DIST 4.00000 05/01/2026 US 2,000,000 $2,260,300.00
593241BY7 MIAMI BEACH FL WTR & SWR REV 5.00000 09/01/2027 US 1,400,000 $1,712,102.00
59334DHW7 MIAMI-DADE CNTY FL WTR &SWR REV 5.00000 10/01/2023 US 2,000,000 $2,297,860.00
59334DLV4 MIAMI-DADE CNTY FL WTR & SWR REV 4.00000 10/01/2029 US 1,000,000 $1,173,160.00
597137GS1 MIDDLETOWN OH CITY SCH DIST 5.25000 12/01/2022 US 1,000,000 $1,120,840.00
60242MEA7 MILWAUKEE WI SEWERAGE REVENUE 3.00000 06/01/2026 US 1,000,000 $1,069,730.00
60412AGN7 MINNESOTA ST 5.00000 08/01/2024 US 2,000,000 $2,366,940.00
61334PAP8 MONTGOMERY CNTY MD 5.00000 11/01/2028 US 2,365,000 $3,131,189.05
647719NK5 NEW ORLEANS LA SEWAGE SVC REV 5.00000 06/01/2021 US 600,000 $630,366.00
64966LS77 NEW YORK NY 5.00000 08/01/2023 US 2,000,000 $2,282,720.00
64966LV65 NEW YORK NY 5.00000 08/01/2023 US 2,000,000 $2,282,720.00
64966QBC3 NEW YORK NY SER D-SUBSER-D1 4.00000 12/01/2028 US 1,255,000 $1,486,396.90
64971WH37 NEW YORK CITY NY TRANSITIONALFIN 3.00000 02/01/2026 US 3,000,000 $3,217,950.00
64971XDL9 NEW YORK CITY NY TRANSITIONAL 5.00000 05/01/2028 US 2,740,000 $3,494,924.80
64972GNC4 NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2026 US 3,000,000 $3,702,330.00
64972GRD8 NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 US 3,500,000 $4,475,590.00
649906QA5 NEW YORK ST DORM AUTH REVENUES N 4.00000 07/01/2020 US 420,000 $424,527.60
649907QR6 NEW YORK ST DORM AUTH REVENUES 5.00000 10/01/2023 US 860,000 $984,141.00
64990AMZ5 NEW YORK ST DORM AUTH SALES TAX 5.00000 09/15/2028 US 3,000,000 $3,812,310.00
64990EMS3 NEW YORK ST DORM AUTH ST 5.00000 02/15/2024 US 2,950,000 $3,425,510.50
64990FJL9 NEW YORK ST DORM AUTH ST PERSONA 4.00000 09/15/2028 US 3,000,000 $3,516,390.00
650035B80 NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2023 US 765,000 $860,839.20
656009LR6 NORFOLK VA WTR REVENUE 5.00000 11/01/2027 US 2,000,000 $2,597,320.00
65820HH71 NORTH CAROLINA ST MED CARE COMMI 5.00000 10/01/2020 US 580,000 $594,041.80
661802WH7 NORTH READING MA MUNI PURPOSE 5.00000 05/15/2022 US 2,000,000 $2,168,640.00
66283AEQ5 N TX MUNI WTR DIST REGL WSTWTR 3.50000 06/01/2025 US 1,000,000 $1,086,120.00
66285WSE7 N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2024 US 500,000 $578,575.00
663903HP0 NORTHEAST OH REGL SWR DIST 4.00000 05/15/2028 US 1,565,000 $1,822,833.75
663903HX3 NORTHEAST OH REGL SWR DIST 3.00000 11/15/2029 US 2,080,000 $2,255,593.60
67760HJF9 OHIO ST TURNPIKE COMMISSION 5.25000 02/15/2027 US 600,000 $775,128.00
686087PY7 OREGON ST HSG & CMNTY SVCS DEPT 1.95000 07/01/2020 US 215,000 $215,722.40
709224HA0 PENNSYLVANIA ST TURNPIKE COMMISS 5.00000 12/01/2023 US 1,200,000 $1,380,648.00
735352LQ7 PORT SAINT LUCIE FL UTILITY REVE 5.25000 09/01/2023 US 500,000 $573,515.00
736740TQ4 PORTLAND OR REVENUE 5.00000 06/15/2028 US 4,000,000 $5,146,800.00
736742YT8 PORTLAND OR SWR SYS REVENUE 2.12500 06/15/2026 US 1,000,000 $1,043,640.00
79625GBS1 SAN ANTONIO TX ELEC & GAS 4.00000 02/01/2030 US 1,000,000 $1,200,880.00
79642BX99 SAN ANTONIO TX WTR REVENUE 5.00000 05/15/2026 US 500,000 $623,950.00
79642GHQ8 SAN ANTONIO TX WTR REVENUE 4.00000 05/15/2030 US 2,000,000 $2,404,120.00
812631MW6 SEATTLE WA DRAIN & WSTWTR REVENU 4.00000 04/01/2026 US 2,435,000 $2,837,627.25
825485WY7 SHREVEPORT LA WTR & SWR REVENUE 3.00000 12/01/2022 US 300,000 $316,119.00
889278SC2 TOLEDO OH 5.00000 12/01/2020 US 610,000 $628,598.90
889396MM6 TOLEDO OH WTRWKS REVENUE 5.00000 11/15/2021 US 610,000 $652,425.50
89602NH23 TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 05/15/2023 US 2,805,000 $3,181,038.30
912796SH3 TREASURY BILL 0.00000 03/26/2020 US 2,000,000 $1,998,161.34
912796SM2 TREASURY BILL 0.00000 04/23/2020 US 2,000,000 $1,996,081.22
912796SR1 TREASURY BILL 0.00000 05/21/2020 US 2,000,000 $1,994,350.00
912796SV2 TREASURY BILL 0.00000 06/18/2020 US 2,000,000 $1,992,545.00
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 2,000,000 $1,991,207.22
912796TD1 TREASURY BILL 0.00000 08/13/2020 US 2,000,000 $1,989,611.06
912796TV1 TREASURY BILL 0.00000 05/14/2020 US 2,000,000 $1,994,767.32
912796TX7 TREASURY BILL 0.00000 06/04/2020 US 2,000,000 $1,993,457.86
912796WX3 TREASURY BILL 0.00000 07/23/2020 US 2,000,000 $1,990,653.36
912796WZ8 TREASURY BILL 0.00000 08/06/2020 US 2,000,000 $1,989,969.44
985900CR8 YAVAPAI CNTY AZ INDL DEV AUTH HO 5.00000 10/01/2020 US 460,000 $470,869.80

Investments will change over time.

Distributions

  • Diversified Tax Exempt Series Class W Distribution History
  • 2020 Distribution Calendar
  • First Quarter 2020 Distributions
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 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

$11.21

Daily $ Change

$0.07

Daily % Change

0.62%

as of 04/06/2020

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
Fact Sheet ---
Applications & Forms

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 02/29/2020

YTD

2.78%

1 Year

7.52%

3 Year

3.44%

5 Year

2.32%

10 Year

2.25%

Inception
(02/14/1994)

3.80%

US Stock Market Cycle (04/01/2000 - 02/29/2020)

3.71%

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. 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 0.59%
Net 0.09%*

*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.

Top Ten Investments

As of 02/29/2020

TREASURY BILLS 11.19%
PORTLAND OR REVENUE 5.00000 06/15/2028 2.89%
NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 2.51%
NEW YORK ST DORM AUTH SALES TAX 5.00000 09/15/2028 2.14%
NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2026 2.08%
NEW YORK ST DORM AUTH ST PERSONA 4.00000 09/15/2028 1.97%
NEW YORK CITY NY TRANSITIONAL 5.00000 05/01/2028 1.96%
NEW YORK ST DORM AUTH ST 5.00000 02/15/2024 1.92%
DIST OF COLUMBIA 4.00000 04/15/2029 1.84%
NEW YORK CITY NY TRANSITIONALFIN 3.00000 02/01/2026 1.81%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 02/29/2020

Revenue
62.65%
G.O.
20.98%
Pre-Refund
2.68%
Cash
2.13%
Other
11.56%

Credit Quality Distribution

As of 02/29/2020

AAA
25.72%
AA
63.35%
A
10.93%

February Fund Holdings

As of 02/29/2020

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
01179P2U0 ALASKA ST MUNI BOND BANK AUTH 5.00000 03/01/2022 US 500,000 $540,240.00
013493GL9 ALBUQUERQUE BERNALILLO NM WTR 5.00000 07/01/2022 US 1,250,000 $1,372,075.00
013493GM7 ALBUQUERQUE BERNALILLO CNTY NM 5.00000 07/01/2023 US 2,000,000 $2,275,920.00
017357C36 ALLEGHENY CNTY PA SAN AUTH 4.00000 12/01/2026 US 1,200,000 $1,383,576.00
02765UFC3 AMERICAN MUNI PWR-OHIO INC OHREV 5.00000 02/15/2022 US 1,895,000 $2,049,063.50
035555QA2 ANN ARBOR MI SWR DISP REVENUE 2.00000 07/01/2026 US 820,000 $859,466.60
047870RZ5 ATLANTA GA WTR & WSTWTR REVENUE 3.00000 11/01/2029 US 525,000 $582,335.25
047870SA9 ATLANTA GA WTR & WSTWTR REVENUE 3.00000 11/01/2029 US 555,000 $613,402.65
051595BH8 AURORA CO WTR REVENUE 4.00000 08/01/2026 US 2,000,000 $2,254,880.00
051690FD2 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2022 US 500,000 $524,085.00
051690FE0 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2023 US 625,000 $664,600.00
052414PD5 AUSTIN TX ELEC UTILITY SYS REVEN 5.00000 11/15/2022 US 500,000 $555,980.00
05922KE54 BALTIMORE MD PROJ REVENUE 4.00000 07/01/2029 US 2,000,000 $2,368,080.00
059231L32 BALTIMORE MD REVENUE 5.00000 07/01/2026 US 815,000 $1,020,754.90
059231U40 BALTIMORE MD REVENUE 4.00000 07/01/2029 US 765,000 $924,556.05
059231U57 BALTIMORE MD REVENUE 4.00000 07/01/2029 US 555,000 $668,836.05
075388ER5 BEAVER AR WTR DIST BENTON & 4.00000 11/15/2020 US 1,000,000 $1,022,350.00
10146RHZ0 BOULDER CNTY CO OPEN SPACE CAPIT 5.00000 07/15/2026 US 1,000,000 $1,257,370.00
106691JQ2 BRECKSVILLE-BROADVIEW HEIGHTSOH 5.00000 12/01/2023 US 1,000,000 $1,156,620.00
150260FQ5 CEDAR FALLS IA MUNI ELEC UTILITY 5.00000 12/01/2023 US 2,000,000 $2,305,880.00
15567RBB8 CENTRL UT WTR CONSERVANCY DIST 5.00000 10/01/2025 US 500,000 $613,770.00
160429SB3 CHARLESTON SC WTRWKS & SWR REVEN 5.00000 01/01/2021 US 530,000 $548,640.10
161045PF0 CHARLOTTE NC WTR & SWR SYS REV 4.00000 07/01/2028 US 2,000,000 $2,331,440.00
172311LZ3 CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2026 US 500,000 $634,330.00
172311MF6 CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2025 US 1,000,000 $1,235,340.00
180848XE8 CLARK CNTY NV 5.00000 06/01/2028 US 1,155,000 $1,482,534.90
199561GF2 COLUMBUS OH SWR REVENUE 5.00000 12/01/2024 US 520,000 $621,088.00
25476FUW6 DIST OF COLUMBIA 5.00000 06/01/2026 US 750,000 $941,265.00
25476FVF2 DIST OF COLUMBIA 5.00000 06/01/2027 US 1,000,000 $1,264,270.00
25476FXW3 DIST OF COLUMBIA 4.00000 04/15/2029 US 2,750,000 $3,271,867.50
254845KG4 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2022 US 1,000,000 $1,107,770.00
254845MC1 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2025 US 900,000 $1,085,679.00
254845QF0 DIST OF COLUMBIA WTR & SWR 4.00000 10/01/2029 US 2,000,000 $2,346,320.00
262006208 DREYFUS GVT CSH MANAGEMENT US 3,869,933.64 $3,869,933.64
30309HAA5 FRETE 2019 - ML05 TRUST 3.35000 11/25/2033 US 496,673.19 $556,413.04
30309HAC1 FRETE 2019- ML05 TRUST 3.40000 01/25/2036 US 490,185.81 $556,610.88
3411505M8 FLORIDA ST 4.00000 07/01/2028 US 2,000,000 $2,322,340.00
349316KH1 FORT WAYNE IN WTRWKS REV 2.00000 12/01/2020 US 745,000 $751,064.30
397337CM6 GREENWOOD SC MET DIST 5.00000 10/01/2026 US 500,000 $628,840.00
407837ES8 HAMILTON OH WSTWTR SYS REVENUE 4.00000 10/01/2028 US 1,235,000 $1,432,427.10
414005VC9 HARRIS CNTY TX 5.00000 08/15/2023 US 600,000 $685,332.00
438687JK2 HONOLULU CITY & CNTY HI SER C 3.00000 08/01/2029 US 500,000 $541,490.00
438687LV5 HONOLULU CITY & CNTY HI 4.00000 03/01/2030 US 600,000 $720,612.00
438687LW3 HONOLULU CITY & CNTY HI 4.00000 03/01/2030 US 420,000 $503,235.60
438701A95 HONOLULU CITY & CNTY HI WSTWTR 5.00000 07/01/2023 US 1,750,000 $1,990,800.00
44244CXG7 HOUSTON TX UTILITY SYS REVENUE 4.00000 11/15/2029 US 1,000,000 $1,182,130.00
452024HT2 ILLINOIS ST MUNI ELEC AGY PWR 5.00000 02/01/2025 US 2,000,000 $2,375,860.00
48507TFJ7 KANSAS CITY MO SANTN SWR SYS REV 4.00000 01/01/2025 US 750,000 $864,105.00
49474FNR7 KING CNTY WA 5.00000 06/01/2022 US 2,000,000 $2,186,980.00
495289Y20 KING CNTY WA SWR REVENUE 4.00000 01/01/2025 US 2,000,000 $2,201,240.00
499746E35 KNOXVILLE TN ELEC REVENUE 3.00000 07/01/2025 US 1,090,000 $1,197,550.30
499746YH2 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 800,000 $878,128.00
499746YK5 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 705,000 $773,681.10
56045RHP7 MAINE ST MUNI BOND BANK 4.00000 11/01/2021 US 570,000 $600,420.90
567423MB1 MARICOPA CNTY AZ UNIF SCH DIST 5.00000 07/01/2024 US 1,000,000 $1,169,080.00
57582PH94 MASSACHUSETTS ST 3.62500 10/01/2020 US 3,000,000 $3,038,550.00
576049W55 MASSACHUSETTS ST WTR RESOURCES 5.25000 08/01/2032 US 970,000 $1,414,095.10
586145U36 MEMPHIS TN 4.00000 06/01/2026 US 1,095,000 $1,237,251.45
590545VA4 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2023 US 1,050,000 $1,193,367.00
590545VB2 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2024 US 1,200,000 $1,411,572.00
590545XB0 MESA AZ UTILITY SYS REVENUE 3.00000 07/01/2026 US 1,525,000 $1,611,162.50
592481JD8 MET SAINT LOUIS MO SWR DIST 4.00000 05/01/2026 US 2,000,000 $2,260,300.00
593241BY7 MIAMI BEACH FL WTR & SWR REV 5.00000 09/01/2027 US 1,400,000 $1,712,102.00
59334DHW7 MIAMI-DADE CNTY FL WTR &SWR REV 5.00000 10/01/2023 US 2,000,000 $2,297,860.00
59334DLV4 MIAMI-DADE CNTY FL WTR & SWR REV 4.00000 10/01/2029 US 1,000,000 $1,173,160.00
597137GS1 MIDDLETOWN OH CITY SCH DIST 5.25000 12/01/2022 US 1,000,000 $1,120,840.00
60242MEA7 MILWAUKEE WI SEWERAGE REVENUE 3.00000 06/01/2026 US 1,000,000 $1,069,730.00
60412AGN7 MINNESOTA ST 5.00000 08/01/2024 US 2,000,000 $2,366,940.00
61334PAP8 MONTGOMERY CNTY MD 5.00000 11/01/2028 US 2,365,000 $3,131,189.05
647719NK5 NEW ORLEANS LA SEWAGE SVC REV 5.00000 06/01/2021 US 600,000 $630,366.00
64966LS77 NEW YORK NY 5.00000 08/01/2023 US 2,000,000 $2,282,720.00
64966LV65 NEW YORK NY 5.00000 08/01/2023 US 2,000,000 $2,282,720.00
64966QBC3 NEW YORK NY SER D-SUBSER-D1 4.00000 12/01/2028 US 1,255,000 $1,486,396.90
64971WH37 NEW YORK CITY NY TRANSITIONALFIN 3.00000 02/01/2026 US 3,000,000 $3,217,950.00
64971XDL9 NEW YORK CITY NY TRANSITIONAL 5.00000 05/01/2028 US 2,740,000 $3,494,924.80
64972GNC4 NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2026 US 3,000,000 $3,702,330.00
64972GRD8 NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 US 3,500,000 $4,475,590.00
649906QA5 NEW YORK ST DORM AUTH REVENUES N 4.00000 07/01/2020 US 420,000 $424,527.60
649907QR6 NEW YORK ST DORM AUTH REVENUES 5.00000 10/01/2023 US 860,000 $984,141.00
64990AMZ5 NEW YORK ST DORM AUTH SALES TAX 5.00000 09/15/2028 US 3,000,000 $3,812,310.00
64990EMS3 NEW YORK ST DORM AUTH ST 5.00000 02/15/2024 US 2,950,000 $3,425,510.50
64990FJL9 NEW YORK ST DORM AUTH ST PERSONA 4.00000 09/15/2028 US 3,000,000 $3,516,390.00
650035B80 NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2023 US 765,000 $860,839.20
656009LR6 NORFOLK VA WTR REVENUE 5.00000 11/01/2027 US 2,000,000 $2,597,320.00
65820HH71 NORTH CAROLINA ST MED CARE COMMI 5.00000 10/01/2020 US 580,000 $594,041.80
661802WH7 NORTH READING MA MUNI PURPOSE 5.00000 05/15/2022 US 2,000,000 $2,168,640.00
66283AEQ5 N TX MUNI WTR DIST REGL WSTWTR 3.50000 06/01/2025 US 1,000,000 $1,086,120.00
66285WSE7 N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2024 US 500,000 $578,575.00
663903HP0 NORTHEAST OH REGL SWR DIST 4.00000 05/15/2028 US 1,565,000 $1,822,833.75
663903HX3 NORTHEAST OH REGL SWR DIST 3.00000 11/15/2029 US 2,080,000 $2,255,593.60
67760HJF9 OHIO ST TURNPIKE COMMISSION 5.25000 02/15/2027 US 600,000 $775,128.00
686087PY7 OREGON ST HSG & CMNTY SVCS DEPT 1.95000 07/01/2020 US 215,000 $215,722.40
709224HA0 PENNSYLVANIA ST TURNPIKE COMMISS 5.00000 12/01/2023 US 1,200,000 $1,380,648.00
735352LQ7 PORT SAINT LUCIE FL UTILITY REVE 5.25000 09/01/2023 US 500,000 $573,515.00
736740TQ4 PORTLAND OR REVENUE 5.00000 06/15/2028 US 4,000,000 $5,146,800.00
736742YT8 PORTLAND OR SWR SYS REVENUE 2.12500 06/15/2026 US 1,000,000 $1,043,640.00
79625GBS1 SAN ANTONIO TX ELEC & GAS 4.00000 02/01/2030 US 1,000,000 $1,200,880.00
79642BX99 SAN ANTONIO TX WTR REVENUE 5.00000 05/15/2026 US 500,000 $623,950.00
79642GHQ8 SAN ANTONIO TX WTR REVENUE 4.00000 05/15/2030 US 2,000,000 $2,404,120.00
812631MW6 SEATTLE WA DRAIN & WSTWTR REVENU 4.00000 04/01/2026 US 2,435,000 $2,837,627.25
825485WY7 SHREVEPORT LA WTR & SWR REVENUE 3.00000 12/01/2022 US 300,000 $316,119.00
889278SC2 TOLEDO OH 5.00000 12/01/2020 US 610,000 $628,598.90
889396MM6 TOLEDO OH WTRWKS REVENUE 5.00000 11/15/2021 US 610,000 $652,425.50
89602NH23 TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 05/15/2023 US 2,805,000 $3,181,038.30
912796SH3 TREASURY BILL 0.00000 03/26/2020 US 2,000,000 $1,998,161.34
912796SM2 TREASURY BILL 0.00000 04/23/2020 US 2,000,000 $1,996,081.22
912796SR1 TREASURY BILL 0.00000 05/21/2020 US 2,000,000 $1,994,350.00
912796SV2 TREASURY BILL 0.00000 06/18/2020 US 2,000,000 $1,992,545.00
912796SZ3 TREASURY BILL 0.00000 07/16/2020 US 2,000,000 $1,991,207.22
912796TD1 TREASURY BILL 0.00000 08/13/2020 US 2,000,000 $1,989,611.06
912796TV1 TREASURY BILL 0.00000 05/14/2020 US 2,000,000 $1,994,767.32
912796TX7 TREASURY BILL 0.00000 06/04/2020 US 2,000,000 $1,993,457.86
912796WX3 TREASURY BILL 0.00000 07/23/2020 US 2,000,000 $1,990,653.36
912796WZ8 TREASURY BILL 0.00000 08/06/2020 US 2,000,000 $1,989,969.44
985900CR8 YAVAPAI CNTY AZ INDL DEV AUTH HO 5.00000 10/01/2020 US 460,000 $470,869.80

Investments will change over time.

Distributions

  • Diversified Tax Exempt Series Class W Distribution History
  • 2020 Distribution Calendar
  • First Quarter 2020 Distributions
  • Fourth Quarter 2019 Distributions
  • Third Quarter 2019 Distributions
  • Second Quarter 2019 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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