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

$11.58

Daily $ Change

$0.01

Daily % Change

0.09%

as of 04/16/2021

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 03/31/2021

YTD

-0.58%

1 Year

3.89%

3 Year

4.23%

5 Year

2.48%

10 Year

2.54%

Inception
(02/14/1994)

3.75%

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 0.61%
Net 0.11%*

*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 03/31/2021

NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 3.64%
DIST OF COLUMBIA 4.00000 04/15/2029 2.71%
PHILADELPHIA PA WTR & WSTWTR REV 5.00000 11/01/2030 2.68%
TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 05/15/2023 2.60%
NEW YORK ST THRUWAY 4.00000 01/01/2030 2.33%
N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2026 2.03%
MET TRANSPRTN AUTH NY REVENUE 4.75000 05/15/2030 1.99%
BALTIMORE MD PROJ REVENUE 4.00000 07/01/2029 1.98%
DIST OF COLUMBIA WTR & SWR 4.00000 10/01/2029 1.97%
ILLINOIS ST MUNI ELEC AGY PWR 5.00000 02/01/2025 1.96%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 03/31/2021

Revenue 76.14%
G.O. 17.36%
Pre-Refund 3.93%
Cash 1.65%
Other 0.92%

Credit Quality Distribution

As of 03/31/2021

AAA 12.66%
AA 39.35%
A 39.26%
BBB 8.73%

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.

March Fund Holdings

As of 03/31/2021

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 $520,765.00
01179RE41 ALASKA ST MUNI BOND BANK AUTH 5.00000 12/01/2025 US 750,000 $890,235.00
01179RE90 ALASKA ST MUNI BOND BANK AUTH 5.00000 12/01/2030 US 875,000 $1,132,862.50
013493GL9 ALBUQUERQUE BERNALILLO NM WTR 5.00000 07/01/2022 US 1,250,000 $1,325,000.00
02765UFC3 AMERICAN MUNI PWR-OHIO INC OHREV 5.00000 02/15/2022 US 1,895,000 $1,975,063.75
051595BH8 AURORA CO WTR REVENUE 4.00000 08/01/2026 US 2,000,000 $2,216,260.00
051690FD2 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2022 US 500,000 $522,700.00
051690FE0 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2023 US 625,000 $662,100.00
052414PD5 AUSTIN TX ELEC UTILITY SYS REVEN 5.00000 11/15/2022 US 500,000 $539,090.00
05914F4E7 BALTIMORE CNTY MD 5.00000 03/01/2023 US 665,000 $725,807.60
05922KE54 BALTIMORE MD PROJ REVENUE 4.00000 07/01/2029 US 2,000,000 $2,327,380.00
106691JQ2 BRECKSVILLE-BROADVIEW HEIGHTSOH 5.00000 12/01/2023 US 1,000,000 $1,127,340.00
150260FQ5 CEDAR FALLS IA MUNI ELEC UTILITY 5.00000 12/01/2023 US 2,000,000 $2,247,400.00
153476CK0 CENTRL FL EXPRESSWAY 5.00000 07/01/2024 US 500,000 $571,725.00
153476CZ7 CENTRL FL EXPRESSWAY AUTH SR 5.00000 07/01/2027 US 530,000 $646,186.60
153476DT0 CENTRL FL EXPRESSWAY AUTH 5.00000 07/01/2027 US 500,000 $623,125.00
161035HL7 CHARLOTTE NC 5.00000 08/01/2022 US 615,000 $654,378.45
230138GZ6 CULLMAN AL UTILITIES 4.00000 09/01/2025 US 1,000,000 $1,142,140.00
25476FMU9 DIST OF COLUMBIA 5.00000 06/01/2022 US 1,385,000 $1,463,017.05
25476FUS5 DIST OF COLUMBIA 5.00000 06/01/2022 US 1,250,000 $1,320,412.50
25476FXW3 DIST OF COLUMBIA 4.00000 04/15/2029 US 2,750,000 $3,196,105.00
25477GNG6 DIST OF COLUMBIA INCOME TAX 5.00000 12/01/2021 US 515,000 $531,598.45
254845KG4 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2022 US 1,000,000 $1,072,250.00
254845QF0 DIST OF COLUMBIA WTR & SWR 4.00000 10/01/2029 US 2,000,000 $2,322,500.00
262006208 DREYFUS GVT CSH MANAGEMENT US 1,970,034.09 $1,970,034.09
26822LMN1 E-470 CO PUBLIC HIGHWAY AUTH 5.00000 09/01/2026 US 1,000,000 $1,220,340.00
30309HAA5 FRETE 2019 - ML05 TRUST 3.35000 11/25/2033 US 489,589.14 $547,272.53
30309HAC1 FRETE 2019- ML05 TRUST 3.40000 01/25/2036 US 483,555.66 $548,613.24
34153QTN6 FLORIDA ST BRD OF EDU PUBLIC EDU 5.00000 06/01/2024 US 930,000 $1,067,016.90
365892LV8 GARFIELD PITKIN EAGLE CO SCH DIS 5.00000 12/15/2021 US 500,000 $517,035.00
407837ES8 HAMILTON OH WSTWTR SYS REVENUE 4.00000 10/01/2028 US 1,235,000 $1,400,008.35
414005VC9 HARRIS CNTY TX 5.00000 08/15/2023 US 600,000 $668,244.00
452024HT2 ILLINOIS ST MUNI ELEC AGY PWR 5.00000 02/01/2025 US 2,000,000 $2,311,280.00
452024HU9 ILLINOIS ST MUNI ELEC AGY 5.00000 08/01/2025 US 730,000 $865,166.80
4521525D9 ILLINOIS ST 5.00000 11/01/2024 US 1,800,000 $2,043,828.00
452252LW7 ILLINOIS ST TOLL HIGHWAY AUTH 5.00000 07/01/2026 US 1,050,000 $1,258,278.00
452252NX3 ILLINOIS ST TOLL HIGHWAY AUTH 5.00000 01/01/2030 US 1,500,000 $1,940,325.00
46613SQR4 JEA FL ELEC SYS REVENUE 5.00000 10/01/2028 US 1,000,000 $1,253,230.00
479370J66 JOHNSTON IA 5.00000 06/01/2023 US 520,000 $573,123.20
48507TFJ7 KANSAS CITY MO SANTN SWR SYS REV 4.00000 01/01/2025 US 750,000 $844,725.00
491501DV1 KENTUCKY ST MUNI 5.00000 09/01/2024 US 1,355,000 $1,544,266.40
499746YH2 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 800,000 $847,608.00
499746YK5 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 705,000 $746,045.10
523530KZ5 LEE CNTY FL WTR & SWR REVENUE 5.00000 10/01/2021 US 750,000 $767,917.50
56045RHP7 MAINE ST MUNI BOND BANK 4.00000 11/01/2021 US 570,000 $582,676.80
560551QQ9 MAINE ST TURNPIKE AUTH 5.00000 07/01/2030 US 550,000 $712,145.50
575294QL0 MASON OH 3.00000 12/01/2023 US 595,000 $636,013.35
575294RG0 MASON OH 2.00000 12/01/2023 US 680,000 $708,009.20
57582RJT4 MASSACHUSETTS ST 5.00000 07/01/2024 US 410,000 $471,676.30
587210Z32 MENTOR OH 5.00000 12/01/2021 US 810,000 $835,401.60
590545VA4 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2023 US 1,050,000 $1,160,890.50
590545VB2 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2024 US 1,200,000 $1,377,576.00
59163PGT4 METRO OR 5.00000 06/01/2022 US 825,000 $872,916.00
59261AG35 MET TRANSPRTN AUTH NY REVENUE 4.75000 05/15/2030 US 2,000,000 $2,349,100.00
597137GS1 MIDDLETOWN OH CITY SCH DIST 5.25000 12/01/2022 US 1,000,000 $1,084,810.00
606092LN2 MISSOURI JT MUNI ELEC 5.00000 01/01/2027 US 1,410,000 $1,732,199.10
613580BX6 MONTGOMERY CNTY PA 5.00000 09/01/2024 US 1,155,000 $1,334,048.10
64577B5N0 NEW JERSEY ST ECON 5.00000 06/15/2028 US 700,000 $872,039.00
64577XCE4 NEW JERSEY ST ECON 5.00000 06/15/2029 US 750,000 $945,960.00
646136Y88 NEW JERSEY ST TRANSPRTN 5.00000 06/15/2025 US 1,445,000 $1,682,818.10
647719NK5 NEW ORLEANS LA SEWAGE SVC REV 5.00000 06/01/2021 US 600,000 $604,530.00
647719NM1 NEW ORLEANS LA SEWAGE 5.00000 06/01/2023 US 300,000 $328,056.00
647719PE7 NEW ORLEANS LA SEWAGE SVC 5.00000 06/01/2027 US 500,000 $610,505.00
64966KYW7 NEW YORK NY SER J 5.00000 08/01/2023 US 950,000 $1,052,875.50
64966MYA1 NEW YORK NY 5.00000 12/01/2024 US 825,000 $958,724.25
64966QBC3 NEW YORK NY SER D-SUBSER-D1 4.00000 12/01/2028 US 1,255,000 $1,447,127.95
64972GRD8 NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 US 3,500,000 $4,281,340.00
64972HE99 NEW YORK CITY NY TRANSITIONAL 5.00000 07/15/2023 US 645,000 $714,769.65
649907QR6 NEW YORK ST DORM AUTH REVENUES 5.00000 10/01/2023 US 860,000 $955,666.40
64990EQA8 NEW YORK ST DORM AUTH ST 5.00000 03/15/2023 US 2,000,000 $2,186,600.00
650010CA7 NEW YORK ST THRUWAY 4.00000 01/01/2030 US 2,390,000 $2,749,264.80
650035B80 NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2023 US 765,000 $836,198.55
65830RCW7 NORTH CAROLINA ST TURNPIKE AUTH 5.00000 02/01/2024 US 1,500,000 $1,688,940.00
66285WSE7 N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2024 US 500,000 $561,435.00
66285WUX2 N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2026 US 2,000,000 $2,393,460.00
66285WZL3 N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2029 US 925,000 $1,182,742.00
663903HP0 NORTHEAST OH REGL SWR DIST 4.00000 05/15/2028 US 1,565,000 $1,799,750.00
6817124B8 OMAHA NE 2.50000 01/15/2023 US 760,000 $791,555.20
68608UZG4 OREGON ST POLL CONTROL 5.00000 08/01/2023 US 575,000 $639,112.50
686507EN0 ORLANDO FL UTILITIES COMMISSION 5.00000 10/01/2021 US 800,000 $819,152.00
709224HA0 PENNSYLVANIA ST TURNPIKE COMMISS 5.00000 12/01/2023 US 1,200,000 $1,352,532.00
709224MY2 PENNSYLVANIA ST TURNPIKE 5.00000 06/01/2026 US 590,000 $709,634.30
709224N21 PENNSYLVANIA ST TURNPIKE 5.00000 12/01/2029 US 750,000 $962,220.00
709224N39 PENNSYLVANIA ST TURNPIKE 5.00000 12/01/2029 US 850,000 $1,104,192.50
717893Q38 PHILADELPHIA PA WTR & WSTWTR REV 5.00000 11/01/2030 US 2,450,000 $3,159,201.50
725304VV8 PITTSBURGH PA WTR SWR AUTH 5.00000 09/01/2030 US 300,000 $391,035.00
73358W6H2 PORT AUTH OF NEW YORK 5.00000 07/15/2030 US 1,185,000 $1,546,851.60
735352LQ7 PORT SAINT LUCIE FL UTILITY REVE 5.25000 09/01/2023 US 500,000 $558,040.00
796253Z96 SAN ANTONIO TX ELEC & GAS 5.00000 08/01/2022 US 1,000,000 $1,063,860.00
79625GBS1 SAN ANTONIO TX ELEC & GAS 4.00000 02/01/2030 US 1,000,000 $1,175,980.00
810526MU4 SCOTTSDALE AZ WTR & SWR 5.25000 07/01/2022 US 1,130,000 $1,201,732.40
825485WY7 SHREVEPORT LA WTR & SWR REVENUE 3.00000 12/01/2022 US 300,000 $312,651.00
875301GW7 TAMPA-HILLSBOROUGH CNTY FL 5.00000 07/01/2028 US 1,000,000 $1,275,410.00
875301HD8 TAMPA-HILLSBOROUGH CNTY FL 5.00000 07/01/2030 US 1,250,000 $1,606,862.50
88256HBB3 TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2026 US 200,000 $242,698.00
88256HBC1 TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2027 US 600,000 $742,812.00
88256HBD9 TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2028 US 250,000 $314,795.00
88283KAQ1 TEXAS ST TRANSPRTN COMMISSION 5.00000 08/15/2024 US 1,470,000 $1,677,240.60
889396MM6 TOLEDO OH WTRWKS REVENUE 5.00000 11/15/2021 US 610,000 $628,062.10
89602NH23 TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 05/15/2023 US 2,805,000 $3,064,153.95

Investments will change over time.

Distributions

  • Diversified Tax Exempt Series Class W Distribution History
  • 2021 Distribution Calendar
  • First Quarter 2021 Distributions
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 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

$11.58

Daily $ Change

$0.01

Daily % Change

0.09%

as of 04/16/2021

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 03/31/2021

YTD

-0.58%

1 Year

3.89%

3 Year

4.23%

5 Year

2.48%

10 Year

2.54%

Inception
(02/14/1994)

3.75%

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 0.61%
Net 0.11%*

*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 03/31/2021

NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 3.64%
DIST OF COLUMBIA 4.00000 04/15/2029 2.71%
PHILADELPHIA PA WTR & WSTWTR REV 5.00000 11/01/2030 2.68%
TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 05/15/2023 2.60%
NEW YORK ST THRUWAY 4.00000 01/01/2030 2.33%
N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2026 2.03%
MET TRANSPRTN AUTH NY REVENUE 4.75000 05/15/2030 1.99%
BALTIMORE MD PROJ REVENUE 4.00000 07/01/2029 1.98%
DIST OF COLUMBIA WTR & SWR 4.00000 10/01/2029 1.97%
ILLINOIS ST MUNI ELEC AGY PWR 5.00000 02/01/2025 1.96%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 03/31/2021

Revenue
76.14%
G.O.
17.36%
Pre-Refund
3.93%
Cash
1.65%
Other
0.92%

Credit Quality Distribution

As of 03/31/2021

AAA
12.66%
AA
39.35%
A
39.26%
BBB
8.73%

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.

March Fund Holdings

As of 03/31/2021

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 $520,765.00
01179RE41 ALASKA ST MUNI BOND BANK AUTH 5.00000 12/01/2025 US 750,000 $890,235.00
01179RE90 ALASKA ST MUNI BOND BANK AUTH 5.00000 12/01/2030 US 875,000 $1,132,862.50
013493GL9 ALBUQUERQUE BERNALILLO NM WTR 5.00000 07/01/2022 US 1,250,000 $1,325,000.00
02765UFC3 AMERICAN MUNI PWR-OHIO INC OHREV 5.00000 02/15/2022 US 1,895,000 $1,975,063.75
051595BH8 AURORA CO WTR REVENUE 4.00000 08/01/2026 US 2,000,000 $2,216,260.00
051690FD2 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2022 US 500,000 $522,700.00
051690FE0 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2023 US 625,000 $662,100.00
052414PD5 AUSTIN TX ELEC UTILITY SYS REVEN 5.00000 11/15/2022 US 500,000 $539,090.00
05914F4E7 BALTIMORE CNTY MD 5.00000 03/01/2023 US 665,000 $725,807.60
05922KE54 BALTIMORE MD PROJ REVENUE 4.00000 07/01/2029 US 2,000,000 $2,327,380.00
106691JQ2 BRECKSVILLE-BROADVIEW HEIGHTSOH 5.00000 12/01/2023 US 1,000,000 $1,127,340.00
150260FQ5 CEDAR FALLS IA MUNI ELEC UTILITY 5.00000 12/01/2023 US 2,000,000 $2,247,400.00
153476CK0 CENTRL FL EXPRESSWAY 5.00000 07/01/2024 US 500,000 $571,725.00
153476CZ7 CENTRL FL EXPRESSWAY AUTH SR 5.00000 07/01/2027 US 530,000 $646,186.60
153476DT0 CENTRL FL EXPRESSWAY AUTH 5.00000 07/01/2027 US 500,000 $623,125.00
161035HL7 CHARLOTTE NC 5.00000 08/01/2022 US 615,000 $654,378.45
230138GZ6 CULLMAN AL UTILITIES 4.00000 09/01/2025 US 1,000,000 $1,142,140.00
25476FMU9 DIST OF COLUMBIA 5.00000 06/01/2022 US 1,385,000 $1,463,017.05
25476FUS5 DIST OF COLUMBIA 5.00000 06/01/2022 US 1,250,000 $1,320,412.50
25476FXW3 DIST OF COLUMBIA 4.00000 04/15/2029 US 2,750,000 $3,196,105.00
25477GNG6 DIST OF COLUMBIA INCOME TAX 5.00000 12/01/2021 US 515,000 $531,598.45
254845KG4 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2022 US 1,000,000 $1,072,250.00
254845QF0 DIST OF COLUMBIA WTR & SWR 4.00000 10/01/2029 US 2,000,000 $2,322,500.00
262006208 DREYFUS GVT CSH MANAGEMENT US 1,970,034.09 $1,970,034.09
26822LMN1 E-470 CO PUBLIC HIGHWAY AUTH 5.00000 09/01/2026 US 1,000,000 $1,220,340.00
30309HAA5 FRETE 2019 - ML05 TRUST 3.35000 11/25/2033 US 489,589.14 $547,272.53
30309HAC1 FRETE 2019- ML05 TRUST 3.40000 01/25/2036 US 483,555.66 $548,613.24
34153QTN6 FLORIDA ST BRD OF EDU PUBLIC EDU 5.00000 06/01/2024 US 930,000 $1,067,016.90
365892LV8 GARFIELD PITKIN EAGLE CO SCH DIS 5.00000 12/15/2021 US 500,000 $517,035.00
407837ES8 HAMILTON OH WSTWTR SYS REVENUE 4.00000 10/01/2028 US 1,235,000 $1,400,008.35
414005VC9 HARRIS CNTY TX 5.00000 08/15/2023 US 600,000 $668,244.00
452024HT2 ILLINOIS ST MUNI ELEC AGY PWR 5.00000 02/01/2025 US 2,000,000 $2,311,280.00
452024HU9 ILLINOIS ST MUNI ELEC AGY 5.00000 08/01/2025 US 730,000 $865,166.80
4521525D9 ILLINOIS ST 5.00000 11/01/2024 US 1,800,000 $2,043,828.00
452252LW7 ILLINOIS ST TOLL HIGHWAY AUTH 5.00000 07/01/2026 US 1,050,000 $1,258,278.00
452252NX3 ILLINOIS ST TOLL HIGHWAY AUTH 5.00000 01/01/2030 US 1,500,000 $1,940,325.00
46613SQR4 JEA FL ELEC SYS REVENUE 5.00000 10/01/2028 US 1,000,000 $1,253,230.00
479370J66 JOHNSTON IA 5.00000 06/01/2023 US 520,000 $573,123.20
48507TFJ7 KANSAS CITY MO SANTN SWR SYS REV 4.00000 01/01/2025 US 750,000 $844,725.00
491501DV1 KENTUCKY ST MUNI 5.00000 09/01/2024 US 1,355,000 $1,544,266.40
499746YH2 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 800,000 $847,608.00
499746YK5 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 705,000 $746,045.10
523530KZ5 LEE CNTY FL WTR & SWR REVENUE 5.00000 10/01/2021 US 750,000 $767,917.50
56045RHP7 MAINE ST MUNI BOND BANK 4.00000 11/01/2021 US 570,000 $582,676.80
560551QQ9 MAINE ST TURNPIKE AUTH 5.00000 07/01/2030 US 550,000 $712,145.50
575294QL0 MASON OH 3.00000 12/01/2023 US 595,000 $636,013.35
575294RG0 MASON OH 2.00000 12/01/2023 US 680,000 $708,009.20
57582RJT4 MASSACHUSETTS ST 5.00000 07/01/2024 US 410,000 $471,676.30
587210Z32 MENTOR OH 5.00000 12/01/2021 US 810,000 $835,401.60
590545VA4 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2023 US 1,050,000 $1,160,890.50
590545VB2 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2024 US 1,200,000 $1,377,576.00
59163PGT4 METRO OR 5.00000 06/01/2022 US 825,000 $872,916.00
59261AG35 MET TRANSPRTN AUTH NY REVENUE 4.75000 05/15/2030 US 2,000,000 $2,349,100.00
597137GS1 MIDDLETOWN OH CITY SCH DIST 5.25000 12/01/2022 US 1,000,000 $1,084,810.00
606092LN2 MISSOURI JT MUNI ELEC 5.00000 01/01/2027 US 1,410,000 $1,732,199.10
613580BX6 MONTGOMERY CNTY PA 5.00000 09/01/2024 US 1,155,000 $1,334,048.10
64577B5N0 NEW JERSEY ST ECON 5.00000 06/15/2028 US 700,000 $872,039.00
64577XCE4 NEW JERSEY ST ECON 5.00000 06/15/2029 US 750,000 $945,960.00
646136Y88 NEW JERSEY ST TRANSPRTN 5.00000 06/15/2025 US 1,445,000 $1,682,818.10
647719NK5 NEW ORLEANS LA SEWAGE SVC REV 5.00000 06/01/2021 US 600,000 $604,530.00
647719NM1 NEW ORLEANS LA SEWAGE 5.00000 06/01/2023 US 300,000 $328,056.00
647719PE7 NEW ORLEANS LA SEWAGE SVC 5.00000 06/01/2027 US 500,000 $610,505.00
64966KYW7 NEW YORK NY SER J 5.00000 08/01/2023 US 950,000 $1,052,875.50
64966MYA1 NEW YORK NY 5.00000 12/01/2024 US 825,000 $958,724.25
64966QBC3 NEW YORK NY SER D-SUBSER-D1 4.00000 12/01/2028 US 1,255,000 $1,447,127.95
64972GRD8 NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 US 3,500,000 $4,281,340.00
64972HE99 NEW YORK CITY NY TRANSITIONAL 5.00000 07/15/2023 US 645,000 $714,769.65
649907QR6 NEW YORK ST DORM AUTH REVENUES 5.00000 10/01/2023 US 860,000 $955,666.40
64990EQA8 NEW YORK ST DORM AUTH ST 5.00000 03/15/2023 US 2,000,000 $2,186,600.00
650010CA7 NEW YORK ST THRUWAY 4.00000 01/01/2030 US 2,390,000 $2,749,264.80
650035B80 NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2023 US 765,000 $836,198.55
65830RCW7 NORTH CAROLINA ST TURNPIKE AUTH 5.00000 02/01/2024 US 1,500,000 $1,688,940.00
66285WSE7 N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2024 US 500,000 $561,435.00
66285WUX2 N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2026 US 2,000,000 $2,393,460.00
66285WZL3 N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2029 US 925,000 $1,182,742.00
663903HP0 NORTHEAST OH REGL SWR DIST 4.00000 05/15/2028 US 1,565,000 $1,799,750.00
6817124B8 OMAHA NE 2.50000 01/15/2023 US 760,000 $791,555.20
68608UZG4 OREGON ST POLL CONTROL 5.00000 08/01/2023 US 575,000 $639,112.50
686507EN0 ORLANDO FL UTILITIES COMMISSION 5.00000 10/01/2021 US 800,000 $819,152.00
709224HA0 PENNSYLVANIA ST TURNPIKE COMMISS 5.00000 12/01/2023 US 1,200,000 $1,352,532.00
709224MY2 PENNSYLVANIA ST TURNPIKE 5.00000 06/01/2026 US 590,000 $709,634.30
709224N21 PENNSYLVANIA ST TURNPIKE 5.00000 12/01/2029 US 750,000 $962,220.00
709224N39 PENNSYLVANIA ST TURNPIKE 5.00000 12/01/2029 US 850,000 $1,104,192.50
717893Q38 PHILADELPHIA PA WTR & WSTWTR REV 5.00000 11/01/2030 US 2,450,000 $3,159,201.50
725304VV8 PITTSBURGH PA WTR SWR AUTH 5.00000 09/01/2030 US 300,000 $391,035.00
73358W6H2 PORT AUTH OF NEW YORK 5.00000 07/15/2030 US 1,185,000 $1,546,851.60
735352LQ7 PORT SAINT LUCIE FL UTILITY REVE 5.25000 09/01/2023 US 500,000 $558,040.00
796253Z96 SAN ANTONIO TX ELEC & GAS 5.00000 08/01/2022 US 1,000,000 $1,063,860.00
79625GBS1 SAN ANTONIO TX ELEC & GAS 4.00000 02/01/2030 US 1,000,000 $1,175,980.00
810526MU4 SCOTTSDALE AZ WTR & SWR 5.25000 07/01/2022 US 1,130,000 $1,201,732.40
825485WY7 SHREVEPORT LA WTR & SWR REVENUE 3.00000 12/01/2022 US 300,000 $312,651.00
875301GW7 TAMPA-HILLSBOROUGH CNTY FL 5.00000 07/01/2028 US 1,000,000 $1,275,410.00
875301HD8 TAMPA-HILLSBOROUGH CNTY FL 5.00000 07/01/2030 US 1,250,000 $1,606,862.50
88256HBB3 TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2026 US 200,000 $242,698.00
88256HBC1 TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2027 US 600,000 $742,812.00
88256HBD9 TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2028 US 250,000 $314,795.00
88283KAQ1 TEXAS ST TRANSPRTN COMMISSION 5.00000 08/15/2024 US 1,470,000 $1,677,240.60
889396MM6 TOLEDO OH WTRWKS REVENUE 5.00000 11/15/2021 US 610,000 $628,062.10
89602NH23 TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 05/15/2023 US 2,805,000 $3,064,153.95

Investments will change over time.

Distributions

  • Diversified Tax Exempt Series Class W Distribution History
  • 2021 Distribution Calendar
  • First Quarter 2021 Distributions
  • Fourth Quarter 2020 Distributions
  • Third Quarter 2020 Distributions
  • Second Quarter 2020 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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