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
$0.00
Daily % Change
0.00%
as of 04/22/2024
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
-0.43%
1 Year
2.20%
3 Year
-0.08%
5 Year
1.73%
10 Year
1.55%
Inception
(03/01/2019)
3.36%
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.
| TREASURY BILLS | 4.50% |
| ISHARES S&P NAT AMT-FREE MUN 2.96000 | 2.80% |
| GEORGIA ST 5.00000 07/01/2031 | 2.43% |
| NEW YORL ST URBAN DEV CORP 5.25000 09/15/2032 | 2.43% |
| MARYLAND ST 5.00000 03/01/2031 | 2.41% |
| MASSACHUSETTS ST 5.00000 10/01/2032 | 2.28% |
| WASHINGTON ST 5.00000 08/01/2029 | 1.98% |
| BROWARD CNTY FL WTR & SWR UTIL 5.00000 10/01/2029 | 1.84% |
| WASHINGTON ST 5.00000 02/01/2032 | 1.76% |
| MECKLENBURG CNTY NC 5.00000 03/01/2030 | 1.75% |
Top Ten Investments list is unaudited and excludes cash
| Revenue | 46.18% | |
| G.O. | 43.73% | |
| Pre-Refund | 2.40% | |
| Cash | 0.42% | |
| Other | 7.27% |
| AAA | 37.67% | |
| AA | 43.89% | |
| A | 14.47% | |
| BBB | 1.18% | |
| NR | 2.79% |
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 ST MUNI BOND BANK AUTH 5.00000 12/01/2025 | US | 750,000 | $767,200.76 | |
| ALASKA ST MUNI BOND BANK AUTH 5.00000 12/01/2030 | US | 875,000 | $979,584.44 | |
| ALBUQUERQUE NM 5.00000 07/01/2025 | US | 1,000,000 | $1,021,633.45 | |
| ATLANTA GA 5.00000 12/01/2032 | US | 800,000 | $891,174.26 | |
| BALTIMORE CNTY MD 5.00000 08/01/2028 | US | 1,000,000 | $1,097,140.81 | |
| BAR HARBOR ME 5.00000 10/15/2033 | US | 1,000,000 | $1,152,679.21 | |
| BAR HARBOR ME 5.00000 10/15/2033 | US | 1,000,000 | $1,136,081.01 | |
| BERNALILLO CNTY NM 4.00000 08/15/2024 | US | 785,000 | $787,022.51 | |
| BROWARD CNTY FL SCH DIST 5.00000 07/01/2031 | US | 1,895,000 | $2,176,969.29 | |
| BROWARD CNTY FL WTR & SWR UTIL 5.00000 10/01/2029 | US | 4,000,000 | $4,386,779.80 | |
| CALIFORNIA ST 5.00000 08/01/2025 | US | 1,410,000 | $1,442,851.10 | |
| CENTRL FL EXPRESSWAY 5.00000 07/01/2024 | US | 500,000 | $501,695.94 | |
| CENTRL FL EXPRESSWAY AUTH 5.00000 07/01/2027 | US | 500,000 | $529,991.19 | |
| CENTRL FL EXPRESSWAY AUTH SR 5.00000 07/01/2027 | US | 530,000 | $556,059.49 | |
| CHARLESTON SC WTRWRKS & SWR REVE 5.00000 01/01/2030 | US | 850,000 | $917,990.21 | |
| CHARLOTTE NC WTR & SWR SYS REV 5.00000 07/01/2024 | US | 1,235,000 | $1,240,045.64 | |
| CHATTANOOGA TN ELEC REVENUE 5.00000 09/01/2031 | US | 2,000,000 | $2,228,702.24 | |
| CINCINNATI OH 5.00000 12/01/2027 | US | 1,100,000 | $1,183,505.74 | |
| CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2031 | US | 1,410,000 | $1,646,790.00 | |
| CLARKSVILLE TN ELEC SYS REVENUE 5.00000 09/01/2027 | US | 1,015,000 | $1,089,547.89 | |
| CLAYTON MO 4.00000 03/15/2028 | US | 510,000 | $534,217.06 | |
| COLUMBIA MO SCH DIST 5.00000 03/01/2026 | US | 1,635,000 | $1,693,968.63 | |
| CULLMAN AL UTILITIES 4.00000 09/01/2025 | US | 1,000,000 | $1,009,554.90 | |
| DALLAS TX WTRWRKS & SWR SYS REV 5.00000 10/01/2028 | US | 1,715,000 | $1,886,873.82 | |
| DENVER CO 5.00000 11/01/2028 | US | 750,000 | $827,031.79 | |
| DES MOINES IA STORMWTR MGMT 5.00000 06/01/2030 | US | 865,000 | $984,697.42 | |
| DIST OF COLUMBIA 5.00000 01/01/2033 | US | 2,000,000 | $2,260,405.42 | |
| DIST OF COLUMBIA 5.00000 04/15/2029 | US | 1,265,000 | $1,386,789.46 | |
| DIST OF COLUMBIA INCOME TAX SEC 5.00000 07/01/2032 | US | 1,115,000 | $1,254,158.67 | |
| DIST OF COLUMBIA INCOME TAX SECU 5.00000 07/01/2032 | US | 1,895,000 | $2,123,542.15 | |
| DIST OF COLUMBIA WTR & SWR AUTH 5.00000 04/01/2032 | US | 1,000,000 | $1,081,291.50 | |
| E-470 CO PUBLIC HIGHWAY AUTH 5.00000 09/01/2026 | US | 1,000,000 | $1,041,450.04 | |
| FAIRFAX CNTY VA 5.00000 04/01/2026 | US | 3,580,000 | $3,714,075.48 | |
| FARGO ND 5.00000 05/01/2033 | US | 2,235,000 | $2,553,984.90 | |
| FARGO ND 5.00000 05/01/2033 | US | 2,350,000 | $2,664,639.71 | |
| FLORIDA ST 5.00000 06/01/2025 | US | 1,857,000 | $1,893,602.90 | |
| FLORIDA ST BRD OF EDU PUBLIC EDU 5.00000 06/01/2024 | US | 930,000 | $932,347.99 | |
| FLORIDA ST TURNPIKE 2.50000 07/01/2026 | US | 505,000 | $490,716.85 | |
| FORT LAUDREDALE FL 5.00000 07/01/2032 | US | 1,010,000 | $1,119,675.29 | |
| FREDERICK CNTY MD 5.00000 04/01/2033 | US | 1,750,000 | $2,092,279.26 | |
| GENERAL OBLIGATION UNLTD 5.00000 08/01/2028 | US | 1,970,000 | $2,145,992.55 | |
| GEORGIA ST 5.00000 07/01/2031 | US | 5,000,000 | $5,806,193.55 | |
| HAMILTON CNTY OH 5.00000 06/01/2031 | US | 1,000,000 | $1,123,192.75 | |
| HAWAII ST 5.00000 10/01/2025 | US | 1,505,000 | $1,545,405.31 | |
| HAWAII ST TXBL-REF-SER GJ 1.03300 08/01/2025 | US | 500,000 | $475,052.76 | |
| HONOLULU CITY & CNTY HI 5.00000 03/01/2027 | US | 2,000,000 | $2,113,644.86 | |
| HONOLULU CITY 5.00000 09/01/2027 | US | 500,000 | $535,816.04 | |
| HOUSTON TX UTILITY SYS REVENUE 5.00000 11/15/2031 | US | 1,140,000 | $1,315,486.61 | |
| ILLINOIS ST 5.00000 11/01/2024 | US | 1,800,000 | $1,812,725.60 | |
| ILLINOIS ST MUNI ELEC AGY 5.00000 08/01/2025 | US | 730,000 | $741,353.89 | |
| ILLINOIS ST MUNI ELEC AGY PWR 5.00000 02/01/2025 | US | 2,000,000 | $2,018,495.02 | |
| ILLINOIS ST TOLL HIGHWAY AUTH 5.00000 01/01/2030 | US | 1,500,000 | $1,683,901.98 | |
| ILLINOIS ST TOLL HIGHWAY AUTH 5.00000 07/01/2026 | US | 1,050,000 | $1,096,565.63 | |
| IRVING TX 5.00000 09/15/2031 | US | 3,030,000 | $3,507,631.38 | |
| ISHARES S&P NAT AMT-FREE MUN 2.96000 | US | 62,191 | $6,691,751.60 | |
| JEA FL ELEC SYS REVENUE 5.00000 10/01/2028 | US | 1,000,000 | $1,091,806.18 | |
| KANSAS CITY MO SANTN SWR SYS REV 4.00000 01/01/2025 | US | 750,000 | $753,004.36 | |
| KENTUCKY ST MUNI 5.00000 09/01/2024 | US | 1,355,000 | $1,359,461.91 | |
| KING CNTY WA SWR REVENUE 5.00000 07/01/2027 | US | 2,050,000 | $2,180,055.32 | |
| KNOXVILLE TN WSTWTR SYS REVENUE 5.00000 04/01/2032 | US | 2,500,000 | $2,925,199.50 | |
| LINCOLN NE ELEC SYS REVENUE 5.00000 09/01/2025 | US | 1,000,000 | $1,023,149.72 | |
| MAINE ST MUNI BOND BANK 5.00000 09/01/2027 | US | 675,000 | $718,771.64 | |
| MAINE ST TURNPIKE AUTH 5.00000 07/01/2030 | US | 550,000 | $622,372.26 | |
| MARYLAND ST 5.00000 03/01/2031 | US | 5,000,000 | $5,759,888.85 | |
| MARYLAND ST 5.00000 08/01/2025 | US | 1,000,000 | $1,023,668.82 | |
| MARYLAND ST 5.00000 08/01/2028 | US | 905,000 | $991,121.58 | |
| MARYLAND ST 5.00000 08/01/2030 | US | 1,000,000 | $1,132,914.73 | |
| MARYLAND ST HLTH 5.00000 07/01/2025 | US | 1,010,000 | $1,026,034.69 | |
| MASSACHUSETTS ST 5.00000 04/01/2026 | US | 1,095,000 | $1,136,942.37 | |
| MASSACHUSETTS ST 5.00000 07/01/2024 | US | 410,000 | $411,507.88 | |
| MASSACHUSETTS ST 5.00000 07/01/2029 | US | 775,000 | $867,914.86 | |
| MASSACHUSETTS ST 5.00000 10/01/2032 | US | 5,000,000 | $5,443,097.30 | |
| MASSACHUSETTS ST CLEAN WTR TRUST 5.00000 02/01/2030 | US | 2,100,000 | $2,390,743.26 | |
| MECKLENBURG CNTY NC 5.00000 03/01/2030 | US | 3,675,000 | $4,177,462.43 | |
| MET GOVT NASHVILLE & DAVIDSON 1.03100 07/01/2025 | US | 650,000 | $614,294.38 | |
| MET TRANSPRTN AUTH NY REVENUE 4.75000 05/15/2030 | US | 2,000,000 | $2,065,602.88 | |
| MIAMI-DADE CNTY FL STORMWTR 5.00000 04/01/2028 | US | 1,015,000 | $1,099,620.30 | |
| MIAMI-DADE CNTY FL WTR & SWR REV 5.00000 10/01/2028 | US | 2,000,000 | $2,153,848.72 | |
| MILWAUKEE WI MET SEWERAGE DIST 4.00000 10/01/2026 | US | 1,900,000 | $1,946,399.18 | |
| MINNESOTA ST 5.00000 08/01/2025 | US | 1,030,000 | $1,053,668.90 | |
| MISSISSIPPI ST 1.12200 10/01/2025 | US | 500,000 | $472,294.50 | |
| MISSOURI JT MUNI ELEC 5.00000 01/01/2027 | US | 1,410,000 | $1,482,266.59 | |
| N TEXAS ST MUNI 5.00000 09/01/2027 | US | 1,500,000 | $1,598,577.35 | |
| N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2026 | US | 2,000,000 | $2,057,024.38 | |
| N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2029 | US | 925,000 | $1,013,174.58 | |
| NEBRASKA ST PUBLIC PWR DIST REV 5.00000 01/01/2030 | US | 640,000 | $717,507.96 | |
| NEW JERSEY ST ECON 5.00000 06/15/2028 | US | 700,000 | $755,476.30 | |
| NEW JERSEY ST ECON 5.00000 06/15/2029 | US | 750,000 | $825,815.68 | |
| NEW JERSEY ST TRANSPRTN 5.00000 06/15/2025 | US | 1,445,000 | $1,469,381.18 | |
| NEW ORLEANS LA SEWAGE SVC 5.00000 06/01/2027 | US | 500,000 | $524,159.74 | |
| NEW YORK CITY NY 3.65000 11/01/2024 | US | 635,000 | $628,547.34 | |
| NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 | US | 3,500,000 | $3,701,712.49 | |
| NEW YORK CITY NY TRANSITIONAL 5.00000 08/01/2032 | US | 3,500,000 | $3,845,647.16 | |
| NEW YORK NY 1.21600 08/01/2026 | US | 1,200,000 | $1,105,726.32 | |
| NEW YORK NY 5.00000 08/01/2026 | US | 1,905,000 | $1,989,285.12 | |
| NEW YORK NY 5.00000 08/01/2027 | US | 1,600,000 | $1,705,312.26 | |
| NEW YORK NY 5.00000 12/01/2024 | US | 825,000 | $834,240.08 | |
| NEW YORK NY 5.00000 12/01/2028 | US | 1,500,000 | $1,583,701.98 | |
| NEW YORK ST DORM 1.18700 03/15/2026 | US | 1,110,000 | $1,035,763.24 | |
| NEW YORK ST DORM AUTH REVENUES 5.00000 04/01/2024 | US | 860,000 | $860,813.21 | |
| NEW YORK ST DORM AUTH ST 0.88700 03/15/2025 | US | 950,000 | $911,368.49 | |
| NEW YORK ST DORM AUTH ST PERSON 5.65200 02/15/2030 | US | 1,000,000 | $1,049,097.75 | |
| NEW YORK ST THRUWAY 4.00000 01/01/2030 | US | 2,390,000 | $2,437,032.33 | |
| NEW YORL ST URBAN DEV CORP 5.25000 09/15/2032 | US | 5,000,000 | $5,793,713.40 | |
| OHIO ST 5.00000 03/01/2033 | US | 1,845,000 | $2,093,597.26 | |
| OHIO ST 5.00000 06/15/2028 | US | 500,000 | $545,913.58 | |
| OHIO ST 5.00000 06/15/2029 | US | 1,000,000 | $1,116,928.94 | |
| OHIO ST WTR DEV AUTH REVENUE 5.00000 12/01/2029 | US | 1,350,000 | $1,503,119.09 | |
| OHIO ST WTR DEV AUTH REVENUE 5.00000 12/01/2029 | US | 1,000,000 | $1,107,040.02 | |
| OMAHA NE PUBLIC PWR DIST ELEC 5.00000 08/01/2030 | US | 2,065,000 | $2,208,056.61 | |
| OMAHA NE PUBLIC PWR DIST ELEC 5.00000 12/01/2027 | US | 1,000,000 | $1,081,451.49 | |
| ORLANDO FL 5.00000 10/01/2025 | US | 665,000 | $681,780.04 | |
| PENNSYLVANIA ST TURNPIKE 5.00000 06/01/2026 | US | 590,000 | $611,721.27 | |
| PENNSYLVANIA ST TURNPIKE 5.00000 12/01/2029 | US | 750,000 | $832,292.81 | |
| PENNSYLVANIA ST TURNPIKE 5.00000 12/01/2029 | US | 850,000 | $943,784.50 | |
| PHILADELPHIA PA WTR & WSTWTR REV 5.00000 11/01/2030 | US | 2,450,000 | $2,675,518.07 | |
| PITTSBURGH PA WTR SWR AUTH 5.00000 09/01/2030 | US | 300,000 | $339,030.10 | |
| PORT AUTH OF NEW YORK 5.00000 07/15/2030 | US | 1,185,000 | $1,345,346.04 | |
| PUTNAM CNTY 5.00000 04/01/2025 | US | 500,000 | $508,023.99 | |
| RICHMOND VA PUBLIC 2.08600 01/15/2025 | US | 515,000 | $502,331.75 | |
| SALT LAKE CITY UT 5.00000 06/15/2026 | US | 830,000 | $866,007.78 | |
| SAN ANTONIO TX WTR REVENUE 5.00000 05/15/2028 | US | 1,075,000 | $1,157,759.63 | |
| SEATTLE WA MUNI LIGHT & PWR 5.00000 07/01/2032 | US | 1,040,000 | $1,154,769.27 | |
| SEATTLE WA WTR SYS REVENUE 5.00000 09/01/2025 | US | 3,000,000 | $3,074,545.89 | |
| SHELBY CNTY TN 5.00000 04/01/2027 | US | 1,250,000 | $1,332,023.05 | |
| SOUTH BEND IN SEWAGE 3.00000 12/01/2025 | US | 1,075,000 | $1,064,461.27 | |
| SULLIVAN CNTY 5.00000 05/01/2027 | US | 1,000,000 | $1,059,744.03 | |
| TACOMA WA ELEC SYS REVENUE 5.00000 07/01/2031 | US | 1,030,000 | $1,108,928.84 | |
| TAMPA FL WTR & WSTWTR SYS REV 5.00000 10/01/2032 | US | 950,000 | $1,122,729.07 | |
| TAMPA-HILLSBOROUGH CNTY FL 5.00000 07/01/2028 | US | 1,000,000 | $1,083,616.41 | |
| TARRANT CNTY TX 5.00000 07/15/2031 | US | 2,300,000 | $2,612,438.49 | |
| TEXAS ST 5.00000 10/15/2025 | US | 1,845,000 | $1,895,442.04 | |
| TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2026 | US | 200,000 | $204,943.25 | |
| TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2027 | US | 600,000 | $621,381.41 | |
| TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2028 | US | 250,000 | $261,460.84 | |
| TEXAS ST TRANSPRTN COMMISSION 5.00000 08/15/2024 | US | 1,470,000 | $1,472,991.99 | |
| TEXAS ST WTR DEV BRD 5.00000 10/15/2025 | US | 1,000,000 | $1,027,404.10 | |
| TREASURY BILL 0.00000 01/23/2025 | US | 1,000,000 | $960,526.79 | |
| TREASURY BILL 0.00000 02/20/2025 | US | 1,000,000 | $956,619.80 | |
| TREASURY BILL 0.00000 04/18/2024 | US | 1,000,000 | $997,516.04 | |
| TREASURY BILL 0.00000 06/13/2024 | US | 1,000,000 | $989,432.53 | |
| TREASURY BILL 0.00000 07/18/2024 | US | 1,000,000 | $984,528.30 | |
| TREASURY BILL 0.00000 07/25/2024 | US | 1,000,000 | $983,550.00 | |
| TREASURY BILL 0.00000 08/01/2024 | US | 1,000,000 | $982,515.14 | |
| TREASURY BILL 0.00000 10/31/2024 | US | 1,000,000 | $970,852.19 | |
| TREASURY BILL 0.00000 11/29/2024 | US | 1,000,000 | $967,187.10 | |
| TREASURY BILL 0.00000 12/26/2024 | US | 1,000,000 | $963,811.72 | |
| TREASURY BILL 08/08/24 GOVT 0.00000 08/08/2024 | US | 1,000,000 | $981,655.63 | |
| US DOLLAR | US | 996,409.77 | $996,409.77 | |
| WASHINGTON ST 5.00000 02/01/2032 | US | 3,690,000 | $4,204,365.26 | |
| WASHINGTON ST 5.00000 08/01/2027 | US | 2,000,000 | $2,134,021.76 | |
| WASHINGTON ST 5.00000 08/01/2029 | US | 4,255,000 | $4,730,448.98 | |
| WASHINGTON ST 5.00000 08/01/2032 | US | 1,000,000 | $1,109,373.32 | |
| WASHOE CNTY NV 5.00000 10/01/2025 | US | 1,230,000 | $1,262,340.80 | |
| WEST VIRGINIA ST 5.00000 06/01/2025 | US | 1,860,000 | $1,897,035.24 | |
| WICHITA KS WTR 5.00000 10/01/2024 | US | 500,000 | $503,847.35 | |
| WSTRN WI TECH CLG DIST 3.00000 04/01/2025 | US | 600,000 | $598,388.77 |
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
$0.00
Daily % Change
0.00%
as of 04/22/2024
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
-0.43%
1 Year
2.20%
3 Year
-0.08%
5 Year
1.73%
10 Year
1.55%
Inception
(03/01/2019)
3.36%
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.
| TREASURY BILLS | 4.50% |
| ISHARES S&P NAT AMT-FREE MUN 2.96000 | 2.80% |
| GEORGIA ST 5.00000 07/01/2031 | 2.43% |
| NEW YORL ST URBAN DEV CORP 5.25000 09/15/2032 | 2.43% |
| MARYLAND ST 5.00000 03/01/2031 | 2.41% |
| MASSACHUSETTS ST 5.00000 10/01/2032 | 2.28% |
| WASHINGTON ST 5.00000 08/01/2029 | 1.98% |
| BROWARD CNTY FL WTR & SWR UTIL 5.00000 10/01/2029 | 1.84% |
| WASHINGTON ST 5.00000 02/01/2032 | 1.76% |
| MECKLENBURG CNTY NC 5.00000 03/01/2030 | 1.75% |
Top Ten Investments list is unaudited and excludes cash
| Revenue | 46.18% | |
| G.O. | 43.73% | |
| Pre-Refund | 2.40% | |
| Cash | 0.42% | |
| Other | 7.27% |
| AAA | 37.67% | |
| AA | 43.89% | |
| A | 14.47% | |
| BBB | 1.18% | |
| NR | 2.79% |
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 ST MUNI BOND BANK AUTH 5.00000 12/01/2025 | US | 750,000 | $767,200.76 | |
| ALASKA ST MUNI BOND BANK AUTH 5.00000 12/01/2030 | US | 875,000 | $979,584.44 | |
| ALBUQUERQUE NM 5.00000 07/01/2025 | US | 1,000,000 | $1,021,633.45 | |
| ATLANTA GA 5.00000 12/01/2032 | US | 800,000 | $891,174.26 | |
| BALTIMORE CNTY MD 5.00000 08/01/2028 | US | 1,000,000 | $1,097,140.81 | |
| BAR HARBOR ME 5.00000 10/15/2033 | US | 1,000,000 | $1,152,679.21 | |
| BAR HARBOR ME 5.00000 10/15/2033 | US | 1,000,000 | $1,136,081.01 | |
| BERNALILLO CNTY NM 4.00000 08/15/2024 | US | 785,000 | $787,022.51 | |
| BROWARD CNTY FL SCH DIST 5.00000 07/01/2031 | US | 1,895,000 | $2,176,969.29 | |
| BROWARD CNTY FL WTR & SWR UTIL 5.00000 10/01/2029 | US | 4,000,000 | $4,386,779.80 | |
| CALIFORNIA ST 5.00000 08/01/2025 | US | 1,410,000 | $1,442,851.10 | |
| CENTRL FL EXPRESSWAY 5.00000 07/01/2024 | US | 500,000 | $501,695.94 | |
| CENTRL FL EXPRESSWAY AUTH 5.00000 07/01/2027 | US | 500,000 | $529,991.19 | |
| CENTRL FL EXPRESSWAY AUTH SR 5.00000 07/01/2027 | US | 530,000 | $556,059.49 | |
| CHARLESTON SC WTRWRKS & SWR REVE 5.00000 01/01/2030 | US | 850,000 | $917,990.21 | |
| CHARLOTTE NC WTR & SWR SYS REV 5.00000 07/01/2024 | US | 1,235,000 | $1,240,045.64 | |
| CHATTANOOGA TN ELEC REVENUE 5.00000 09/01/2031 | US | 2,000,000 | $2,228,702.24 | |
| CINCINNATI OH 5.00000 12/01/2027 | US | 1,100,000 | $1,183,505.74 | |
| CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2031 | US | 1,410,000 | $1,646,790.00 | |
| CLARKSVILLE TN ELEC SYS REVENUE 5.00000 09/01/2027 | US | 1,015,000 | $1,089,547.89 | |
| CLAYTON MO 4.00000 03/15/2028 | US | 510,000 | $534,217.06 | |
| COLUMBIA MO SCH DIST 5.00000 03/01/2026 | US | 1,635,000 | $1,693,968.63 | |
| CULLMAN AL UTILITIES 4.00000 09/01/2025 | US | 1,000,000 | $1,009,554.90 | |
| DALLAS TX WTRWRKS & SWR SYS REV 5.00000 10/01/2028 | US | 1,715,000 | $1,886,873.82 | |
| DENVER CO 5.00000 11/01/2028 | US | 750,000 | $827,031.79 | |
| DES MOINES IA STORMWTR MGMT 5.00000 06/01/2030 | US | 865,000 | $984,697.42 | |
| DIST OF COLUMBIA 5.00000 01/01/2033 | US | 2,000,000 | $2,260,405.42 | |
| DIST OF COLUMBIA 5.00000 04/15/2029 | US | 1,265,000 | $1,386,789.46 | |
| DIST OF COLUMBIA INCOME TAX SEC 5.00000 07/01/2032 | US | 1,115,000 | $1,254,158.67 | |
| DIST OF COLUMBIA INCOME TAX SECU 5.00000 07/01/2032 | US | 1,895,000 | $2,123,542.15 | |
| DIST OF COLUMBIA WTR & SWR AUTH 5.00000 04/01/2032 | US | 1,000,000 | $1,081,291.50 | |
| E-470 CO PUBLIC HIGHWAY AUTH 5.00000 09/01/2026 | US | 1,000,000 | $1,041,450.04 | |
| FAIRFAX CNTY VA 5.00000 04/01/2026 | US | 3,580,000 | $3,714,075.48 | |
| FARGO ND 5.00000 05/01/2033 | US | 2,235,000 | $2,553,984.90 | |
| FARGO ND 5.00000 05/01/2033 | US | 2,350,000 | $2,664,639.71 | |
| FLORIDA ST 5.00000 06/01/2025 | US | 1,857,000 | $1,893,602.90 | |
| FLORIDA ST BRD OF EDU PUBLIC EDU 5.00000 06/01/2024 | US | 930,000 | $932,347.99 | |
| FLORIDA ST TURNPIKE 2.50000 07/01/2026 | US | 505,000 | $490,716.85 | |
| FORT LAUDREDALE FL 5.00000 07/01/2032 | US | 1,010,000 | $1,119,675.29 | |
| FREDERICK CNTY MD 5.00000 04/01/2033 | US | 1,750,000 | $2,092,279.26 | |
| GENERAL OBLIGATION UNLTD 5.00000 08/01/2028 | US | 1,970,000 | $2,145,992.55 | |
| GEORGIA ST 5.00000 07/01/2031 | US | 5,000,000 | $5,806,193.55 | |
| HAMILTON CNTY OH 5.00000 06/01/2031 | US | 1,000,000 | $1,123,192.75 | |
| HAWAII ST 5.00000 10/01/2025 | US | 1,505,000 | $1,545,405.31 | |
| HAWAII ST TXBL-REF-SER GJ 1.03300 08/01/2025 | US | 500,000 | $475,052.76 | |
| HONOLULU CITY & CNTY HI 5.00000 03/01/2027 | US | 2,000,000 | $2,113,644.86 | |
| HONOLULU CITY 5.00000 09/01/2027 | US | 500,000 | $535,816.04 | |
| HOUSTON TX UTILITY SYS REVENUE 5.00000 11/15/2031 | US | 1,140,000 | $1,315,486.61 | |
| ILLINOIS ST 5.00000 11/01/2024 | US | 1,800,000 | $1,812,725.60 | |
| ILLINOIS ST MUNI ELEC AGY 5.00000 08/01/2025 | US | 730,000 | $741,353.89 | |
| ILLINOIS ST MUNI ELEC AGY PWR 5.00000 02/01/2025 | US | 2,000,000 | $2,018,495.02 | |
| ILLINOIS ST TOLL HIGHWAY AUTH 5.00000 01/01/2030 | US | 1,500,000 | $1,683,901.98 | |
| ILLINOIS ST TOLL HIGHWAY AUTH 5.00000 07/01/2026 | US | 1,050,000 | $1,096,565.63 | |
| IRVING TX 5.00000 09/15/2031 | US | 3,030,000 | $3,507,631.38 | |
| ISHARES S&P NAT AMT-FREE MUN 2.96000 | US | 62,191 | $6,691,751.60 | |
| JEA FL ELEC SYS REVENUE 5.00000 10/01/2028 | US | 1,000,000 | $1,091,806.18 | |
| KANSAS CITY MO SANTN SWR SYS REV 4.00000 01/01/2025 | US | 750,000 | $753,004.36 | |
| KENTUCKY ST MUNI 5.00000 09/01/2024 | US | 1,355,000 | $1,359,461.91 | |
| KING CNTY WA SWR REVENUE 5.00000 07/01/2027 | US | 2,050,000 | $2,180,055.32 | |
| KNOXVILLE TN WSTWTR SYS REVENUE 5.00000 04/01/2032 | US | 2,500,000 | $2,925,199.50 | |
| LINCOLN NE ELEC SYS REVENUE 5.00000 09/01/2025 | US | 1,000,000 | $1,023,149.72 | |
| MAINE ST MUNI BOND BANK 5.00000 09/01/2027 | US | 675,000 | $718,771.64 | |
| MAINE ST TURNPIKE AUTH 5.00000 07/01/2030 | US | 550,000 | $622,372.26 | |
| MARYLAND ST 5.00000 03/01/2031 | US | 5,000,000 | $5,759,888.85 | |
| MARYLAND ST 5.00000 08/01/2025 | US | 1,000,000 | $1,023,668.82 | |
| MARYLAND ST 5.00000 08/01/2028 | US | 905,000 | $991,121.58 | |
| MARYLAND ST 5.00000 08/01/2030 | US | 1,000,000 | $1,132,914.73 | |
| MARYLAND ST HLTH 5.00000 07/01/2025 | US | 1,010,000 | $1,026,034.69 | |
| MASSACHUSETTS ST 5.00000 04/01/2026 | US | 1,095,000 | $1,136,942.37 | |
| MASSACHUSETTS ST 5.00000 07/01/2024 | US | 410,000 | $411,507.88 | |
| MASSACHUSETTS ST 5.00000 07/01/2029 | US | 775,000 | $867,914.86 | |
| MASSACHUSETTS ST 5.00000 10/01/2032 | US | 5,000,000 | $5,443,097.30 | |
| MASSACHUSETTS ST CLEAN WTR TRUST 5.00000 02/01/2030 | US | 2,100,000 | $2,390,743.26 | |
| MECKLENBURG CNTY NC 5.00000 03/01/2030 | US | 3,675,000 | $4,177,462.43 | |
| MET GOVT NASHVILLE & DAVIDSON 1.03100 07/01/2025 | US | 650,000 | $614,294.38 | |
| MET TRANSPRTN AUTH NY REVENUE 4.75000 05/15/2030 | US | 2,000,000 | $2,065,602.88 | |
| MIAMI-DADE CNTY FL STORMWTR 5.00000 04/01/2028 | US | 1,015,000 | $1,099,620.30 | |
| MIAMI-DADE CNTY FL WTR & SWR REV 5.00000 10/01/2028 | US | 2,000,000 | $2,153,848.72 | |
| MILWAUKEE WI MET SEWERAGE DIST 4.00000 10/01/2026 | US | 1,900,000 | $1,946,399.18 | |
| MINNESOTA ST 5.00000 08/01/2025 | US | 1,030,000 | $1,053,668.90 | |
| MISSISSIPPI ST 1.12200 10/01/2025 | US | 500,000 | $472,294.50 | |
| MISSOURI JT MUNI ELEC 5.00000 01/01/2027 | US | 1,410,000 | $1,482,266.59 | |
| N TEXAS ST MUNI 5.00000 09/01/2027 | US | 1,500,000 | $1,598,577.35 | |
| N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2026 | US | 2,000,000 | $2,057,024.38 | |
| N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2029 | US | 925,000 | $1,013,174.58 | |
| NEBRASKA ST PUBLIC PWR DIST REV 5.00000 01/01/2030 | US | 640,000 | $717,507.96 | |
| NEW JERSEY ST ECON 5.00000 06/15/2028 | US | 700,000 | $755,476.30 | |
| NEW JERSEY ST ECON 5.00000 06/15/2029 | US | 750,000 | $825,815.68 | |
| NEW JERSEY ST TRANSPRTN 5.00000 06/15/2025 | US | 1,445,000 | $1,469,381.18 | |
| NEW ORLEANS LA SEWAGE SVC 5.00000 06/01/2027 | US | 500,000 | $524,159.74 | |
| NEW YORK CITY NY 3.65000 11/01/2024 | US | 635,000 | $628,547.34 | |
| NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 | US | 3,500,000 | $3,701,712.49 | |
| NEW YORK CITY NY TRANSITIONAL 5.00000 08/01/2032 | US | 3,500,000 | $3,845,647.16 | |
| NEW YORK NY 1.21600 08/01/2026 | US | 1,200,000 | $1,105,726.32 | |
| NEW YORK NY 5.00000 08/01/2026 | US | 1,905,000 | $1,989,285.12 | |
| NEW YORK NY 5.00000 08/01/2027 | US | 1,600,000 | $1,705,312.26 | |
| NEW YORK NY 5.00000 12/01/2024 | US | 825,000 | $834,240.08 | |
| NEW YORK NY 5.00000 12/01/2028 | US | 1,500,000 | $1,583,701.98 | |
| NEW YORK ST DORM 1.18700 03/15/2026 | US | 1,110,000 | $1,035,763.24 | |
| NEW YORK ST DORM AUTH REVENUES 5.00000 04/01/2024 | US | 860,000 | $860,813.21 | |
| NEW YORK ST DORM AUTH ST 0.88700 03/15/2025 | US | 950,000 | $911,368.49 | |
| NEW YORK ST DORM AUTH ST PERSON 5.65200 02/15/2030 | US | 1,000,000 | $1,049,097.75 | |
| NEW YORK ST THRUWAY 4.00000 01/01/2030 | US | 2,390,000 | $2,437,032.33 | |
| NEW YORL ST URBAN DEV CORP 5.25000 09/15/2032 | US | 5,000,000 | $5,793,713.40 | |
| OHIO ST 5.00000 03/01/2033 | US | 1,845,000 | $2,093,597.26 | |
| OHIO ST 5.00000 06/15/2028 | US | 500,000 | $545,913.58 | |
| OHIO ST 5.00000 06/15/2029 | US | 1,000,000 | $1,116,928.94 | |
| OHIO ST WTR DEV AUTH REVENUE 5.00000 12/01/2029 | US | 1,350,000 | $1,503,119.09 | |
| OHIO ST WTR DEV AUTH REVENUE 5.00000 12/01/2029 | US | 1,000,000 | $1,107,040.02 | |
| OMAHA NE PUBLIC PWR DIST ELEC 5.00000 08/01/2030 | US | 2,065,000 | $2,208,056.61 | |
| OMAHA NE PUBLIC PWR DIST ELEC 5.00000 12/01/2027 | US | 1,000,000 | $1,081,451.49 | |
| ORLANDO FL 5.00000 10/01/2025 | US | 665,000 | $681,780.04 | |
| PENNSYLVANIA ST TURNPIKE 5.00000 06/01/2026 | US | 590,000 | $611,721.27 | |
| PENNSYLVANIA ST TURNPIKE 5.00000 12/01/2029 | US | 750,000 | $832,292.81 | |
| PENNSYLVANIA ST TURNPIKE 5.00000 12/01/2029 | US | 850,000 | $943,784.50 | |
| PHILADELPHIA PA WTR & WSTWTR REV 5.00000 11/01/2030 | US | 2,450,000 | $2,675,518.07 | |
| PITTSBURGH PA WTR SWR AUTH 5.00000 09/01/2030 | US | 300,000 | $339,030.10 | |
| PORT AUTH OF NEW YORK 5.00000 07/15/2030 | US | 1,185,000 | $1,345,346.04 | |
| PUTNAM CNTY 5.00000 04/01/2025 | US | 500,000 | $508,023.99 | |
| RICHMOND VA PUBLIC 2.08600 01/15/2025 | US | 515,000 | $502,331.75 | |
| SALT LAKE CITY UT 5.00000 06/15/2026 | US | 830,000 | $866,007.78 | |
| SAN ANTONIO TX WTR REVENUE 5.00000 05/15/2028 | US | 1,075,000 | $1,157,759.63 | |
| SEATTLE WA MUNI LIGHT & PWR 5.00000 07/01/2032 | US | 1,040,000 | $1,154,769.27 | |
| SEATTLE WA WTR SYS REVENUE 5.00000 09/01/2025 | US | 3,000,000 | $3,074,545.89 | |
| SHELBY CNTY TN 5.00000 04/01/2027 | US | 1,250,000 | $1,332,023.05 | |
| SOUTH BEND IN SEWAGE 3.00000 12/01/2025 | US | 1,075,000 | $1,064,461.27 | |
| SULLIVAN CNTY 5.00000 05/01/2027 | US | 1,000,000 | $1,059,744.03 | |
| TACOMA WA ELEC SYS REVENUE 5.00000 07/01/2031 | US | 1,030,000 | $1,108,928.84 | |
| TAMPA FL WTR & WSTWTR SYS REV 5.00000 10/01/2032 | US | 950,000 | $1,122,729.07 | |
| TAMPA-HILLSBOROUGH CNTY FL 5.00000 07/01/2028 | US | 1,000,000 | $1,083,616.41 | |
| TARRANT CNTY TX 5.00000 07/15/2031 | US | 2,300,000 | $2,612,438.49 | |
| TEXAS ST 5.00000 10/15/2025 | US | 1,845,000 | $1,895,442.04 | |
| TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2026 | US | 200,000 | $204,943.25 | |
| TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2027 | US | 600,000 | $621,381.41 | |
| TEXAS ST MUNI GAS ACQUISITION 5.00000 12/15/2028 | US | 250,000 | $261,460.84 | |
| TEXAS ST TRANSPRTN COMMISSION 5.00000 08/15/2024 | US | 1,470,000 | $1,472,991.99 | |
| TEXAS ST WTR DEV BRD 5.00000 10/15/2025 | US | 1,000,000 | $1,027,404.10 | |
| TREASURY BILL 0.00000 01/23/2025 | US | 1,000,000 | $960,526.79 | |
| TREASURY BILL 0.00000 02/20/2025 | US | 1,000,000 | $956,619.80 | |
| TREASURY BILL 0.00000 04/18/2024 | US | 1,000,000 | $997,516.04 | |
| TREASURY BILL 0.00000 06/13/2024 | US | 1,000,000 | $989,432.53 | |
| TREASURY BILL 0.00000 07/18/2024 | US | 1,000,000 | $984,528.30 | |
| TREASURY BILL 0.00000 07/25/2024 | US | 1,000,000 | $983,550.00 | |
| TREASURY BILL 0.00000 08/01/2024 | US | 1,000,000 | $982,515.14 | |
| TREASURY BILL 0.00000 10/31/2024 | US | 1,000,000 | $970,852.19 | |
| TREASURY BILL 0.00000 11/29/2024 | US | 1,000,000 | $967,187.10 | |
| TREASURY BILL 0.00000 12/26/2024 | US | 1,000,000 | $963,811.72 | |
| TREASURY BILL 08/08/24 GOVT 0.00000 08/08/2024 | US | 1,000,000 | $981,655.63 | |
| US DOLLAR | US | 996,409.77 | $996,409.77 | |
| WASHINGTON ST 5.00000 02/01/2032 | US | 3,690,000 | $4,204,365.26 | |
| WASHINGTON ST 5.00000 08/01/2027 | US | 2,000,000 | $2,134,021.76 | |
| WASHINGTON ST 5.00000 08/01/2029 | US | 4,255,000 | $4,730,448.98 | |
| WASHINGTON ST 5.00000 08/01/2032 | US | 1,000,000 | $1,109,373.32 | |
| WASHOE CNTY NV 5.00000 10/01/2025 | US | 1,230,000 | $1,262,340.80 | |
| WEST VIRGINIA ST 5.00000 06/01/2025 | US | 1,860,000 | $1,897,035.24 | |
| WICHITA KS WTR 5.00000 10/01/2024 | US | 500,000 | $503,847.35 | |
| WSTRN WI TECH CLG DIST 3.00000 04/01/2025 | US | 600,000 | $598,388.77 |
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.