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

$11.56

Daily $ Change

$0.02

Daily % Change

0.17%

as of 07/09/2020

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 06/30/2020

YTD

4.08%

1 Year

5.96%

3 Year

3.43%

5 Year

2.63%

10 Year

2.23%

Inception
(02/14/1994)

3.80%

US Stock Market Cycle (04/01/2000 - 06/30/2020)

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 0.61%
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 06/30/2020

PORTLAND OR REVENUE 5.00000 06/15/2028 2.02%
NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 1.75%
CHARLOTTE NC 4.00000 06/01/2025 1.65%
MARYLAND ST 5.00000 03/15/2027 1.54%
NEW YORK ST DORM 5.00000 09/15/2028 1.48%
NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2026 1.45%
NEW YORK ST DORM AUTH ST 5.00000 02/15/2024 1.36%
NEW YORK CITY NY TRANSITIONAL 5.00000 05/01/2028 1.36%
NEW YORK ST DORM AUTH ST PERSONA 4.00000 09/15/2028 1.36%
DIST OF COLUMBIA 4.00000 04/15/2029 1.30%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2020

Revenue 57.54%
G.O. 37.36%
Pre-Refund 3.94%
Cash 0.72%
Other 0.44%

Credit Quality Distribution

As of 06/30/2020

AAA 29.59%
AA 58.30%
A 12.11%

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.

June Fund Holdings

As of 06/30/2020

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 $535,860.00
013493GL9 ALBUQUERQUE BERNALILLO NM WTR 5.00000 07/01/2022 US 1,250,000 $1,365,850.00
013493GM7 ALBUQUERQUE BERNALILLO CNTY NM 5.00000 07/01/2023 US 2,000,000 $2,277,440.00
017357C36 ALLEGHENY CNTY PA SAN AUTH 4.00000 12/01/2026 US 1,200,000 $1,362,660.00
02765UFC3 AMERICAN MUNI PWR-OHIO INC OHREV 5.00000 02/15/2022 US 1,895,000 $2,036,840.75
035555QA2 ANN ARBOR MI SWR DISP REVENUE 2.00000 07/01/2026 US 820,000 $867,617.40
041042VB5 ARKANSAS ST 5.00000 06/15/2021 US 525,000 $548,667.00
047870RZ5 ATLANTA GA WTR & WSTWTR REVENUE 3.00000 11/01/2029 US 525,000 $573,063.75
047870SA9 ATLANTA GA WTR & WSTWTR REVENUE 3.00000 11/01/2029 US 555,000 $602,247.15
051595BH8 AURORA CO WTR REVENUE 4.00000 08/01/2026 US 2,000,000 $2,226,340.00
051690FD2 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2022 US 500,000 $527,230.00
051690FE0 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2023 US 625,000 $670,587.50
052414PD5 AUSTIN TX ELEC UTILITY SYS REVEN 5.00000 11/15/2022 US 500,000 $554,080.00
05914F4E7 BALTIMORE CNTY MD 5.00000 03/01/2023 US 665,000 $747,859.00
05914F4F4 BALTIMORE CNTY MD 5.00000 03/01/2024 US 730,000 $852,902.80
05914FY79 BALTIMORE CNTY MD 5.00000 03/01/2021 US 450,000 $464,197.50
05922KE54 BALTIMORE MD PROJ REVENUE 4.00000 07/01/2029 US 2,000,000 $2,314,640.00
059231L32 BALTIMORE MD REVENUE 5.00000 07/01/2026 US 815,000 $1,015,653.00
059231U40 BALTIMORE MD REVENUE 4.00000 07/01/2029 US 765,000 $891,179.10
059231U57 BALTIMORE MD REVENUE 4.00000 07/01/2029 US 555,000 $644,393.85
075388ER5 BEAVER AR WTR DIST BENTON & 4.00000 11/15/2020 US 1,000,000 $1,013,690.00
091096JV0 BIRMINGHAM AL WTRWKS BRD WTR REV 5.00000 01/01/2025 US 1,715,000 $2,061,172.75
10146RHZ0 BOULDER CNTY CO OPEN SPACE CAPIT 5.00000 07/15/2026 US 1,000,000 $1,256,260.00
106691JQ2 BRECKSVILLE-BROADVIEW HEIGHTSOH 5.00000 12/01/2023 US 1,000,000 $1,158,770.00
150260FQ5 CEDAR FALLS IA MUNI ELEC UTILITY 5.00000 12/01/2023 US 2,000,000 $2,311,000.00
153476CK0 CENTRL FL EXPRESSWAY 5.00000 07/01/2024 US 500,000 $574,205.00
153476DT0 CENTRL FL EXPRESSWAY AUTH 5.00000 07/01/2027 US 500,000 $616,210.00
15567RBB8 CENTRL UT WTR CONSERVANCY DIST 5.00000 10/01/2025 US 500,000 $614,790.00
161035HL7 CHARLOTTE NC 5.00000 08/01/2022 US 615,000 $675,768.15
161035KV1 CHARLOTTE NC 4.00000 06/01/2025 US 3,510,000 $4,112,105.40
161045PF0 CHARLOTTE NC WTR & SWR SYS REV 4.00000 07/01/2028 US 2,000,000 $2,307,040.00
172311LZ3 CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2026 US 500,000 $634,160.00
172311MF6 CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2025 US 1,000,000 $1,236,710.00
172311NM0 CINCINNATI OH WTR SYS REVENUE 4.00000 12/01/2025 US 625,000 $738,925.00
180848XE8 CLARK CNTY NV 5.00000 06/01/2028 US 1,155,000 $1,427,984.25
199561GF2 COLUMBUS OH SWR REVENUE 5.00000 12/01/2024 US 520,000 $620,838.40
230138GZ6 CULLMAN AL UTILITIES 4.00000 09/01/2025 US 1,000,000 $1,146,740.00
234604HQ2 DALLAS CNTY IA 3.00000 06/01/2021 US 980,000 $1,004,402.00
235308SK0 DALLAS TX INDEP SCH DIST 5.00000 08/15/2022 US 500,000 $547,620.00
249164PP3 DENVER CITY & CNTY CO 5.00000 08/01/2021 US 1,785,000 $1,876,427.70
25476FMU9 DIST OF COLUMBIA 5.00000 06/01/2022 US 1,385,000 $1,510,245.55
25476FUS5 DIST OF COLUMBIA 5.00000 06/01/2022 US 1,250,000 $1,363,037.50
25476FUW6 DIST OF COLUMBIA 5.00000 06/01/2026 US 750,000 $940,537.50
25476FVF2 DIST OF COLUMBIA 5.00000 06/01/2027 US 1,000,000 $1,243,330.00
25476FXW3 DIST OF COLUMBIA 4.00000 04/15/2029 US 2,750,000 $3,224,595.00
25477GNG6 DIST OF COLUMBIA INCOME TAX 5.00000 12/01/2021 US 515,000 $549,577.10
254845KG4 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2022 US 1,000,000 $1,104,390.00
254845MC1 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2025 US 900,000 $1,072,665.00
254845QF0 DIST OF COLUMBIA WTR & SWR 4.00000 10/01/2029 US 2,000,000 $2,321,560.00
262006208 DREYFUS GVT CSH MANAGEMENT US 1,815,432.68 $1,815,432.68
26822LMN1 E-470 CO PUBLIC HIGHWAY AUTH 5.00000 09/01/2026 US 1,000,000 $1,241,060.00
30309HAA5 FRETE 2019 - ML05 TRUST 3.35000 11/25/2033 US 495,136.35 $559,419.90
30309HAC1 FRETE 2019- ML05 TRUST 3.40000 01/25/2036 US 488,180.18 $552,307.53
303867JM8 FAIRFAX CNTY VA SWR REVENUE 4.00000 07/15/2021 US 1,240,000 $1,288,087.20
3411505M8 FLORIDA ST 4.00000 07/01/2028 US 2,000,000 $2,297,840.00
34153QTN6 FLORIDA ST BRD OF EDU PUBLIC EDU 5.00000 06/01/2024 US 930,000 $1,096,749.00
346609HM5 FORSYTH CNTY GA WTR & SEWERAGE A 5.00000 04/01/2024 US 760,000 $891,244.40
347658WB8 FORT LAUDERDALE FL WTR & SWR REV 4.00000 09/01/2024 US 1,180,000 $1,337,069.80
365892LV8 GARFIELD PITKIN EAGLE CO SCH DIS 5.00000 12/15/2021 US 500,000 $533,965.00
373385BG7 GEORGIA ST 5.00000 07/01/2027 US 2,295,000 $2,962,730.25
375280KK9 GILBERT AZ 5.00000 07/01/2021 US 800,000 $837,824.00
397337CM6 GREENWOOD SC MET DIST 5.00000 10/01/2026 US 500,000 $628,785.00
407837ES8 HAMILTON OH WSTWTR SYS REVENUE 4.00000 10/01/2028 US 1,235,000 $1,412,840.00
414005VC9 HARRIS CNTY TX 5.00000 08/15/2023 US 600,000 $684,186.00
438687JK2 HONOLULU CITY & CNTY HI SER C 3.00000 08/01/2029 US 500,000 $537,235.00
438687LV5 HONOLULU CITY & CNTY HI 4.00000 03/01/2030 US 600,000 $704,040.00
438687LW3 HONOLULU CITY & CNTY HI 4.00000 03/01/2030 US 420,000 $491,681.40
438701A95 HONOLULU CITY & CNTY HI WSTWTR 5.00000 07/01/2023 US 1,750,000 $1,989,942.50
44244CXG7 HOUSTON TX UTILITY SYS REVENUE 4.00000 11/15/2029 US 1,000,000 $1,182,890.00
452024HT2 ILLINOIS ST MUNI ELEC AGY PWR 5.00000 02/01/2025 US 2,000,000 $2,368,820.00
47875PBN6 JOHNSON CNTY KS WTR DIST 5.00000 07/01/2021 US 585,000 $612,658.80
479370J66 JOHNSTON IA 5.00000 06/01/2023 US 520,000 $589,872.40
48507TFJ7 KANSAS CITY MO SANTN SWR SYS REV 4.00000 01/01/2025 US 750,000 $862,432.50
4898184H4 KENOSHA WI 2.50000 09/01/2024 US 1,000,000 $1,082,170.00
49474FNR7 KING CNTY WA 5.00000 06/01/2022 US 2,000,000 $2,180,060.00
495289P95 KING CNTY WA SWR REVENUE 5.00000 07/01/2024 US 1,000,000 $1,177,990.00
495289Y20 KING CNTY WA SWR REVENUE 4.00000 01/01/2025 US 2,000,000 $2,162,380.00
499746E35 KNOXVILLE TN ELEC REVENUE 3.00000 07/01/2025 US 1,090,000 $1,181,701.70
499746YH2 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 800,000 $874,424.00
499746YK5 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 705,000 $769,105.65
523530KZ5 LEE CNTY FL WTR & SWR REVENUE 5.00000 10/01/2021 US 750,000 $794,137.50
529046QS6 LEXINGTON CNTY SC 5.00000 02/01/2025 US 700,000 $844,480.00
529046QT4 LEXINGTON CNTY SC 5.00000 02/01/2026 US 1,325,000 $1,645,597.00
558614KE2 MADISON WI WTR UTILITY 5.00000 01/01/2027 US 1,045,000 $1,327,682.95
56045RHP7 MAINE ST MUNI BOND BANK 4.00000 11/01/2021 US 570,000 $598,215.00
560551GL1 MAINE ST TPK AUTH TPK REV 5.25000 07/01/2021 US 500,000 $524,370.00
564386PQ7 MANSFIELD TX INDEP SCH DIST 4.00000 02/15/2021 US 505,000 $515,918.10
567423MB1 MARICOPA CNTY AZ UNIF SCH DIST 5.00000 07/01/2024 US 1,000,000 $1,170,190.00
574193HS0 MARYLAND ST 5.00000 08/01/2021 US 1,000,000 $1,051,340.00
574193MV7 MARYLAND ST 4.00000 06/01/2024 US 2,000,000 $2,249,960.00
574193NK0 MARYLAND ST 5.00000 03/15/2027 US 3,000,000 $3,835,620.00
575294QL0 MASON OH 3.00000 12/01/2023 US 595,000 $645,741.60
575294RD7 MASON OH 1.50000 12/01/2020 US 640,000 $643,385.60
575294RG0 MASON OH 2.00000 12/01/2023 US 680,000 $713,809.60
57582PH94 MASSACHUSETTS ST 3.62500 10/01/2020 US 3,000,000 $3,011,700.00
57582RJT4 MASSACHUSETTS ST 5.00000 07/01/2024 US 410,000 $485,120.20
576049W55 MASSACHUSETTS ST WTR RESOURCES 5.25000 08/01/2032 US 970,000 $1,408,992.90
584002RU5 MECKLENBURG CNTY NC 5.00000 12/01/2024 US 2,000,000 $2,402,380.00
586145U36 MEMPHIS TN 4.00000 06/01/2026 US 1,095,000 $1,214,541.15
587210Z32 MENTOR OH 5.00000 12/01/2021 US 810,000 $862,358.40
590545VA4 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2023 US 1,050,000 $1,194,984.00
590545VB2 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2024 US 1,200,000 $1,415,676.00
590545XB0 MESA AZ UTILITY SYS REVENUE 3.00000 07/01/2026 US 1,525,000 $1,596,858.00
59163PGT4 METRO OR 5.00000 06/01/2022 US 825,000 $898,581.75
592481JD8 MET SAINT LOUIS MO SWR DIST 4.00000 05/01/2026 US 2,000,000 $2,232,400.00
59261AG35 MET TRANSPRTN AUTH NY REVENUE 4.75000 05/15/2030 US 2,000,000 $2,217,620.00
593241BY7 MIAMI BEACH FL WTR & SWR REV 5.00000 09/01/2027 US 1,400,000 $1,686,986.00
59334DHW7 MIAMI-DADE CNTY FL WTR &SWR REV 5.00000 10/01/2023 US 2,000,000 $2,300,380.00
59334DLV4 MIAMI-DADE CNTY FL WTR & SWR REV 4.00000 10/01/2029 US 1,000,000 $1,158,040.00
597137GS1 MIDDLETOWN OH CITY SCH DIST 5.25000 12/01/2022 US 1,000,000 $1,117,680.00
60242MEA7 MILWAUKEE WI SEWERAGE REVENUE 3.00000 06/01/2026 US 1,000,000 $1,081,660.00
60412AGN7 MINNESOTA ST 5.00000 08/01/2024 US 2,000,000 $2,376,880.00
606092LN2 MISSOURI JT MUNI ELEC 5.00000 01/01/2027 US 1,410,000 $1,759,976.10
61334PAP8 MONTGOMERY CNTY MD 5.00000 11/01/2028 US 2,365,000 $3,092,426.70
613580BX6 MONTGOMERY CNTY PA 5.00000 09/01/2024 US 1,155,000 $1,373,999.55
647719NK5 NEW ORLEANS LA SEWAGE SVC REV 5.00000 06/01/2021 US 600,000 $624,528.00
64966KDY6 NEW YORK NY SER D 5.00000 02/01/2023 US 700,000 $775,761.00
64966KYW7 NEW YORK NY SER J 5.00000 08/01/2023 US 950,000 $1,079,247.50
64966LS77 NEW YORK NY 5.00000 08/01/2023 US 2,000,000 $2,272,100.00
64966LV65 NEW YORK NY 5.00000 08/01/2023 US 2,000,000 $2,272,100.00
64966MYA1 NEW YORK NY 5.00000 12/01/2024 US 825,000 $979,027.50
64966QBC3 NEW YORK NY SER D-SUBSER-D1 4.00000 12/01/2028 US 1,255,000 $1,420,145.45
64971WAY6 NEW YORK CITY NY TRANSITIONAL 5.00000 05/01/2024 US 1,000,000 $1,159,220.00
64971WH37 NEW YORK CITY NY TRANSITIONALFIN 3.00000 02/01/2026 US 3,000,000 $3,113,490.00
64971XDL9 NEW YORK CITY NY TRANSITIONAL 5.00000 05/01/2028 US 2,740,000 $3,383,324.60
64972GNC4 NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2026 US 3,000,000 $3,617,670.00
64972GRD8 NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 US 3,500,000 $4,349,485.00
64972HE99 NEW YORK CITY NY TRANSITIONAL 5.00000 07/15/2023 US 645,000 $733,107.00
649906QA5 NEW YORK ST DORM AUTH REVENUES N 4.00000 07/01/2020 US 420,000 $420,000.00
649907QR6 NEW YORK ST DORM AUTH REVENUES 5.00000 10/01/2023 US 860,000 $984,657.00
64990AQN8 NEW YORK ST DORM 5.00000 09/15/2028 US 3,000,000 $3,679,590.00
64990EMQ7 NEW YORK ST DORM AUTH ST PERSON 5.00000 02/15/2024 US 1,025,000 $1,182,399.00
64990EMS3 NEW YORK ST DORM AUTH ST 5.00000 02/15/2024 US 2,950,000 $3,391,585.50
64990EQA8 NEW YORK ST DORM AUTH ST 5.00000 03/15/2023 US 2,000,000 $2,248,200.00
64990FJL9 NEW YORK ST DORM AUTH ST PERSONA 4.00000 09/15/2028 US 3,000,000 $3,381,000.00
650035B80 NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2023 US 765,000 $857,702.70
656009JJ7 NORFOLK VA WTR REVENUE 5.00000 11/01/2021 US 500,000 $531,665.00
656009LR6 NORFOLK VA WTR REVENUE 5.00000 11/01/2027 US 2,000,000 $2,595,140.00
65820HH71 NORTH CAROLINA ST MED CARE COMMI 5.00000 10/01/2020 US 580,000 $586,658.40
661802WH7 NORTH READING MA MUNI PURPOSE 5.00000 05/15/2022 US 2,000,000 $2,154,320.00
66283AEQ5 N TX MUNI WTR DIST REGL WSTWTR 3.50000 06/01/2025 US 1,000,000 $1,077,280.00
66285WSE7 N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2024 US 500,000 $570,875.00
66285WUX2 N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2026 US 2,000,000 $2,410,300.00
663903HP0 NORTHEAST OH REGL SWR DIST 4.00000 05/15/2028 US 1,565,000 $1,797,731.15
663903HX3 NORTHEAST OH REGL SWR DIST 3.00000 11/15/2029 US 2,080,000 $2,237,164.80
67760HJF9 OHIO ST TURNPIKE COMMISSION 5.25000 02/15/2027 US 600,000 $771,810.00
6817124B8 OMAHA NE 2.50000 01/15/2023 US 760,000 $800,530.80
686087PY7 OREGON ST HSG & CMNTY SVCS DEPT 1.95000 07/01/2020 US 215,000 $215,000.00
68608UZG4 OREGON ST POLL CONTROL 5.00000 08/01/2023 US 575,000 $658,173.75
686507EN0 ORLANDO FL UTILITIES COMMISSION 5.00000 10/01/2021 US 800,000 $847,080.00
709224HA0 PENNSYLVANIA ST TURNPIKE COMMISS 5.00000 12/01/2023 US 1,200,000 $1,359,024.00
709224MY2 PENNSYLVANIA ST TURNPIKE 5.00000 06/01/2026 US 590,000 $698,235.50
721876TK6 PIMA CNTY AZ SWR REVENUE 5.00000 07/01/2021 US 530,000 $554,623.80
735352LQ7 PORT SAINT LUCIE FL UTILITY REVE 5.25000 09/01/2023 US 500,000 $574,325.00
736560RM7 PORTLAND ME 5.00000 10/01/2021 US 1,370,000 $1,450,802.60
736740TQ4 PORTLAND OR REVENUE 5.00000 06/15/2028 US 4,000,000 $5,038,960.00
736742YT8 PORTLAND OR SWR SYS REVENUE 2.12500 06/15/2026 US 1,000,000 $1,048,800.00
7417013W4 PRINCE GEORGES CNTY MD 5.00000 07/15/2022 US 1,615,000 $1,769,652.40
770570Y86 ROBERTSON CNTY TN 5.00000 06/01/2025 US 1,000,000 $1,209,230.00
796253Z96 SAN ANTONIO TX ELEC & GAS 5.00000 08/01/2022 US 1,000,000 $1,096,170.00
79625GBS1 SAN ANTONIO TX ELEC & GAS 4.00000 02/01/2030 US 1,000,000 $1,163,610.00
79642B3R2 SAN ANTONIO TX WTR REVENUE 5.00000 11/15/2026 US 800,000 $1,003,192.00
79642BX99 SAN ANTONIO TX WTR REVENUE 5.00000 05/15/2026 US 500,000 $621,695.00
79642GHQ8 SAN ANTONIO TX WTR REVENUE 4.00000 05/15/2030 US 2,000,000 $2,320,200.00
810526MU4 SCOTTSDALE AZ WTR & SWR 5.25000 07/01/2022 US 1,130,000 $1,241,531.00
812631MW6 SEATTLE WA DRAIN & WSTWTR REVENU 4.00000 04/01/2026 US 2,435,000 $2,781,305.70
825485WY7 SHREVEPORT LA WTR & SWR REVENUE 3.00000 12/01/2022 US 300,000 $317,823.00
882270VA6 TEXAS CITY TX INDEP SCH DIST 5.00000 08/15/2021 US 500,000 $525,780.00
889278SC2 TOLEDO OH 5.00000 12/01/2020 US 610,000 $621,407.00
889396MM6 TOLEDO OH WTRWKS REVENUE 5.00000 11/15/2021 US 610,000 $648,240.90
89602NH23 TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 05/15/2023 US 2,805,000 $3,130,155.60
899656NW8 TULSA OK MET UTILITY AUTH 3.00000 04/01/2024 US 1,020,000 $1,114,982.40
938429E94 WASHINGTON CNTY OR SCH DIST 4.00000 06/15/2021 US 1,000,000 $1,035,570.00
93974DN87 WASHINGTON ST VAR PURP SER A 5.00000 08/01/2027 US 2,500,000 $3,205,475.00
940157TL4 WASHINGTON MD SUBURBAN SAN DIST 3.00000 06/01/2021 US 2,885,000 $2,956,836.50
97705L6G7 WISCONSIN ST 5.00000 11/01/2022 US 2,900,000 $3,202,934.00
97705L6X0 WISCONSON ST 5.00000 11/01/2024 US 685,000 $813,992.35
97709TAV8 WISCONSIN ST ENVRNMNTL IMPT FUND 5.00000 06/01/2022 US 750,000 $817,672.50
985900CR8 YAVAPAI CNTY AZ INDL DEV AUTH HO 5.00000 10/01/2020 US 460,000 $465,253.20

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 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

$11.56

Daily $ Change

$0.02

Daily % Change

0.17%

as of 07/09/2020

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 06/30/2020

YTD

4.08%

1 Year

5.96%

3 Year

3.43%

5 Year

2.63%

10 Year

2.23%

Inception
(02/14/1994)

3.80%

US Stock Market Cycle (04/01/2000 - 06/30/2020)

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 0.61%
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 06/30/2020

PORTLAND OR REVENUE 5.00000 06/15/2028 2.02%
NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 1.75%
CHARLOTTE NC 4.00000 06/01/2025 1.65%
MARYLAND ST 5.00000 03/15/2027 1.54%
NEW YORK ST DORM 5.00000 09/15/2028 1.48%
NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2026 1.45%
NEW YORK ST DORM AUTH ST 5.00000 02/15/2024 1.36%
NEW YORK CITY NY TRANSITIONAL 5.00000 05/01/2028 1.36%
NEW YORK ST DORM AUTH ST PERSONA 4.00000 09/15/2028 1.36%
DIST OF COLUMBIA 4.00000 04/15/2029 1.30%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2020

Revenue
57.54%
G.O.
37.36%
Pre-Refund
3.94%
Cash
0.72%
Other
0.44%

Credit Quality Distribution

As of 06/30/2020

AAA
29.59%
AA
58.30%
A
12.11%

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.

June Fund Holdings

As of 06/30/2020

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 $535,860.00
013493GL9 ALBUQUERQUE BERNALILLO NM WTR 5.00000 07/01/2022 US 1,250,000 $1,365,850.00
013493GM7 ALBUQUERQUE BERNALILLO CNTY NM 5.00000 07/01/2023 US 2,000,000 $2,277,440.00
017357C36 ALLEGHENY CNTY PA SAN AUTH 4.00000 12/01/2026 US 1,200,000 $1,362,660.00
02765UFC3 AMERICAN MUNI PWR-OHIO INC OHREV 5.00000 02/15/2022 US 1,895,000 $2,036,840.75
035555QA2 ANN ARBOR MI SWR DISP REVENUE 2.00000 07/01/2026 US 820,000 $867,617.40
041042VB5 ARKANSAS ST 5.00000 06/15/2021 US 525,000 $548,667.00
047870RZ5 ATLANTA GA WTR & WSTWTR REVENUE 3.00000 11/01/2029 US 525,000 $573,063.75
047870SA9 ATLANTA GA WTR & WSTWTR REVENUE 3.00000 11/01/2029 US 555,000 $602,247.15
051595BH8 AURORA CO WTR REVENUE 4.00000 08/01/2026 US 2,000,000 $2,226,340.00
051690FD2 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2022 US 500,000 $527,230.00
051690FE0 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2023 US 625,000 $670,587.50
052414PD5 AUSTIN TX ELEC UTILITY SYS REVEN 5.00000 11/15/2022 US 500,000 $554,080.00
05914F4E7 BALTIMORE CNTY MD 5.00000 03/01/2023 US 665,000 $747,859.00
05914F4F4 BALTIMORE CNTY MD 5.00000 03/01/2024 US 730,000 $852,902.80
05914FY79 BALTIMORE CNTY MD 5.00000 03/01/2021 US 450,000 $464,197.50
05922KE54 BALTIMORE MD PROJ REVENUE 4.00000 07/01/2029 US 2,000,000 $2,314,640.00
059231L32 BALTIMORE MD REVENUE 5.00000 07/01/2026 US 815,000 $1,015,653.00
059231U40 BALTIMORE MD REVENUE 4.00000 07/01/2029 US 765,000 $891,179.10
059231U57 BALTIMORE MD REVENUE 4.00000 07/01/2029 US 555,000 $644,393.85
075388ER5 BEAVER AR WTR DIST BENTON & 4.00000 11/15/2020 US 1,000,000 $1,013,690.00
091096JV0 BIRMINGHAM AL WTRWKS BRD WTR REV 5.00000 01/01/2025 US 1,715,000 $2,061,172.75
10146RHZ0 BOULDER CNTY CO OPEN SPACE CAPIT 5.00000 07/15/2026 US 1,000,000 $1,256,260.00
106691JQ2 BRECKSVILLE-BROADVIEW HEIGHTSOH 5.00000 12/01/2023 US 1,000,000 $1,158,770.00
150260FQ5 CEDAR FALLS IA MUNI ELEC UTILITY 5.00000 12/01/2023 US 2,000,000 $2,311,000.00
153476CK0 CENTRL FL EXPRESSWAY 5.00000 07/01/2024 US 500,000 $574,205.00
153476DT0 CENTRL FL EXPRESSWAY AUTH 5.00000 07/01/2027 US 500,000 $616,210.00
15567RBB8 CENTRL UT WTR CONSERVANCY DIST 5.00000 10/01/2025 US 500,000 $614,790.00
161035HL7 CHARLOTTE NC 5.00000 08/01/2022 US 615,000 $675,768.15
161035KV1 CHARLOTTE NC 4.00000 06/01/2025 US 3,510,000 $4,112,105.40
161045PF0 CHARLOTTE NC WTR & SWR SYS REV 4.00000 07/01/2028 US 2,000,000 $2,307,040.00
172311LZ3 CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2026 US 500,000 $634,160.00
172311MF6 CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2025 US 1,000,000 $1,236,710.00
172311NM0 CINCINNATI OH WTR SYS REVENUE 4.00000 12/01/2025 US 625,000 $738,925.00
180848XE8 CLARK CNTY NV 5.00000 06/01/2028 US 1,155,000 $1,427,984.25
199561GF2 COLUMBUS OH SWR REVENUE 5.00000 12/01/2024 US 520,000 $620,838.40
230138GZ6 CULLMAN AL UTILITIES 4.00000 09/01/2025 US 1,000,000 $1,146,740.00
234604HQ2 DALLAS CNTY IA 3.00000 06/01/2021 US 980,000 $1,004,402.00
235308SK0 DALLAS TX INDEP SCH DIST 5.00000 08/15/2022 US 500,000 $547,620.00
249164PP3 DENVER CITY & CNTY CO 5.00000 08/01/2021 US 1,785,000 $1,876,427.70
25476FMU9 DIST OF COLUMBIA 5.00000 06/01/2022 US 1,385,000 $1,510,245.55
25476FUS5 DIST OF COLUMBIA 5.00000 06/01/2022 US 1,250,000 $1,363,037.50
25476FUW6 DIST OF COLUMBIA 5.00000 06/01/2026 US 750,000 $940,537.50
25476FVF2 DIST OF COLUMBIA 5.00000 06/01/2027 US 1,000,000 $1,243,330.00
25476FXW3 DIST OF COLUMBIA 4.00000 04/15/2029 US 2,750,000 $3,224,595.00
25477GNG6 DIST OF COLUMBIA INCOME TAX 5.00000 12/01/2021 US 515,000 $549,577.10
254845KG4 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2022 US 1,000,000 $1,104,390.00
254845MC1 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2025 US 900,000 $1,072,665.00
254845QF0 DIST OF COLUMBIA WTR & SWR 4.00000 10/01/2029 US 2,000,000 $2,321,560.00
262006208 DREYFUS GVT CSH MANAGEMENT US 1,815,432.68 $1,815,432.68
26822LMN1 E-470 CO PUBLIC HIGHWAY AUTH 5.00000 09/01/2026 US 1,000,000 $1,241,060.00
30309HAA5 FRETE 2019 - ML05 TRUST 3.35000 11/25/2033 US 495,136.35 $559,419.90
30309HAC1 FRETE 2019- ML05 TRUST 3.40000 01/25/2036 US 488,180.18 $552,307.53
303867JM8 FAIRFAX CNTY VA SWR REVENUE 4.00000 07/15/2021 US 1,240,000 $1,288,087.20
3411505M8 FLORIDA ST 4.00000 07/01/2028 US 2,000,000 $2,297,840.00
34153QTN6 FLORIDA ST BRD OF EDU PUBLIC EDU 5.00000 06/01/2024 US 930,000 $1,096,749.00
346609HM5 FORSYTH CNTY GA WTR & SEWERAGE A 5.00000 04/01/2024 US 760,000 $891,244.40
347658WB8 FORT LAUDERDALE FL WTR & SWR REV 4.00000 09/01/2024 US 1,180,000 $1,337,069.80
365892LV8 GARFIELD PITKIN EAGLE CO SCH DIS 5.00000 12/15/2021 US 500,000 $533,965.00
373385BG7 GEORGIA ST 5.00000 07/01/2027 US 2,295,000 $2,962,730.25
375280KK9 GILBERT AZ 5.00000 07/01/2021 US 800,000 $837,824.00
397337CM6 GREENWOOD SC MET DIST 5.00000 10/01/2026 US 500,000 $628,785.00
407837ES8 HAMILTON OH WSTWTR SYS REVENUE 4.00000 10/01/2028 US 1,235,000 $1,412,840.00
414005VC9 HARRIS CNTY TX 5.00000 08/15/2023 US 600,000 $684,186.00
438687JK2 HONOLULU CITY & CNTY HI SER C 3.00000 08/01/2029 US 500,000 $537,235.00
438687LV5 HONOLULU CITY & CNTY HI 4.00000 03/01/2030 US 600,000 $704,040.00
438687LW3 HONOLULU CITY & CNTY HI 4.00000 03/01/2030 US 420,000 $491,681.40
438701A95 HONOLULU CITY & CNTY HI WSTWTR 5.00000 07/01/2023 US 1,750,000 $1,989,942.50
44244CXG7 HOUSTON TX UTILITY SYS REVENUE 4.00000 11/15/2029 US 1,000,000 $1,182,890.00
452024HT2 ILLINOIS ST MUNI ELEC AGY PWR 5.00000 02/01/2025 US 2,000,000 $2,368,820.00
47875PBN6 JOHNSON CNTY KS WTR DIST 5.00000 07/01/2021 US 585,000 $612,658.80
479370J66 JOHNSTON IA 5.00000 06/01/2023 US 520,000 $589,872.40
48507TFJ7 KANSAS CITY MO SANTN SWR SYS REV 4.00000 01/01/2025 US 750,000 $862,432.50
4898184H4 KENOSHA WI 2.50000 09/01/2024 US 1,000,000 $1,082,170.00
49474FNR7 KING CNTY WA 5.00000 06/01/2022 US 2,000,000 $2,180,060.00
495289P95 KING CNTY WA SWR REVENUE 5.00000 07/01/2024 US 1,000,000 $1,177,990.00
495289Y20 KING CNTY WA SWR REVENUE 4.00000 01/01/2025 US 2,000,000 $2,162,380.00
499746E35 KNOXVILLE TN ELEC REVENUE 3.00000 07/01/2025 US 1,090,000 $1,181,701.70
499746YH2 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 800,000 $874,424.00
499746YK5 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 705,000 $769,105.65
523530KZ5 LEE CNTY FL WTR & SWR REVENUE 5.00000 10/01/2021 US 750,000 $794,137.50
529046QS6 LEXINGTON CNTY SC 5.00000 02/01/2025 US 700,000 $844,480.00
529046QT4 LEXINGTON CNTY SC 5.00000 02/01/2026 US 1,325,000 $1,645,597.00
558614KE2 MADISON WI WTR UTILITY 5.00000 01/01/2027 US 1,045,000 $1,327,682.95
56045RHP7 MAINE ST MUNI BOND BANK 4.00000 11/01/2021 US 570,000 $598,215.00
560551GL1 MAINE ST TPK AUTH TPK REV 5.25000 07/01/2021 US 500,000 $524,370.00
564386PQ7 MANSFIELD TX INDEP SCH DIST 4.00000 02/15/2021 US 505,000 $515,918.10
567423MB1 MARICOPA CNTY AZ UNIF SCH DIST 5.00000 07/01/2024 US 1,000,000 $1,170,190.00
574193HS0 MARYLAND ST 5.00000 08/01/2021 US 1,000,000 $1,051,340.00
574193MV7 MARYLAND ST 4.00000 06/01/2024 US 2,000,000 $2,249,960.00
574193NK0 MARYLAND ST 5.00000 03/15/2027 US 3,000,000 $3,835,620.00
575294QL0 MASON OH 3.00000 12/01/2023 US 595,000 $645,741.60
575294RD7 MASON OH 1.50000 12/01/2020 US 640,000 $643,385.60
575294RG0 MASON OH 2.00000 12/01/2023 US 680,000 $713,809.60
57582PH94 MASSACHUSETTS ST 3.62500 10/01/2020 US 3,000,000 $3,011,700.00
57582RJT4 MASSACHUSETTS ST 5.00000 07/01/2024 US 410,000 $485,120.20
576049W55 MASSACHUSETTS ST WTR RESOURCES 5.25000 08/01/2032 US 970,000 $1,408,992.90
584002RU5 MECKLENBURG CNTY NC 5.00000 12/01/2024 US 2,000,000 $2,402,380.00
586145U36 MEMPHIS TN 4.00000 06/01/2026 US 1,095,000 $1,214,541.15
587210Z32 MENTOR OH 5.00000 12/01/2021 US 810,000 $862,358.40
590545VA4 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2023 US 1,050,000 $1,194,984.00
590545VB2 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2024 US 1,200,000 $1,415,676.00
590545XB0 MESA AZ UTILITY SYS REVENUE 3.00000 07/01/2026 US 1,525,000 $1,596,858.00
59163PGT4 METRO OR 5.00000 06/01/2022 US 825,000 $898,581.75
592481JD8 MET SAINT LOUIS MO SWR DIST 4.00000 05/01/2026 US 2,000,000 $2,232,400.00
59261AG35 MET TRANSPRTN AUTH NY REVENUE 4.75000 05/15/2030 US 2,000,000 $2,217,620.00
593241BY7 MIAMI BEACH FL WTR & SWR REV 5.00000 09/01/2027 US 1,400,000 $1,686,986.00
59334DHW7 MIAMI-DADE CNTY FL WTR &SWR REV 5.00000 10/01/2023 US 2,000,000 $2,300,380.00
59334DLV4 MIAMI-DADE CNTY FL WTR & SWR REV 4.00000 10/01/2029 US 1,000,000 $1,158,040.00
597137GS1 MIDDLETOWN OH CITY SCH DIST 5.25000 12/01/2022 US 1,000,000 $1,117,680.00
60242MEA7 MILWAUKEE WI SEWERAGE REVENUE 3.00000 06/01/2026 US 1,000,000 $1,081,660.00
60412AGN7 MINNESOTA ST 5.00000 08/01/2024 US 2,000,000 $2,376,880.00
606092LN2 MISSOURI JT MUNI ELEC 5.00000 01/01/2027 US 1,410,000 $1,759,976.10
61334PAP8 MONTGOMERY CNTY MD 5.00000 11/01/2028 US 2,365,000 $3,092,426.70
613580BX6 MONTGOMERY CNTY PA 5.00000 09/01/2024 US 1,155,000 $1,373,999.55
647719NK5 NEW ORLEANS LA SEWAGE SVC REV 5.00000 06/01/2021 US 600,000 $624,528.00
64966KDY6 NEW YORK NY SER D 5.00000 02/01/2023 US 700,000 $775,761.00
64966KYW7 NEW YORK NY SER J 5.00000 08/01/2023 US 950,000 $1,079,247.50
64966LS77 NEW YORK NY 5.00000 08/01/2023 US 2,000,000 $2,272,100.00
64966LV65 NEW YORK NY 5.00000 08/01/2023 US 2,000,000 $2,272,100.00
64966MYA1 NEW YORK NY 5.00000 12/01/2024 US 825,000 $979,027.50
64966QBC3 NEW YORK NY SER D-SUBSER-D1 4.00000 12/01/2028 US 1,255,000 $1,420,145.45
64971WAY6 NEW YORK CITY NY TRANSITIONAL 5.00000 05/01/2024 US 1,000,000 $1,159,220.00
64971WH37 NEW YORK CITY NY TRANSITIONALFIN 3.00000 02/01/2026 US 3,000,000 $3,113,490.00
64971XDL9 NEW YORK CITY NY TRANSITIONAL 5.00000 05/01/2028 US 2,740,000 $3,383,324.60
64972GNC4 NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2026 US 3,000,000 $3,617,670.00
64972GRD8 NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 US 3,500,000 $4,349,485.00
64972HE99 NEW YORK CITY NY TRANSITIONAL 5.00000 07/15/2023 US 645,000 $733,107.00
649906QA5 NEW YORK ST DORM AUTH REVENUES N 4.00000 07/01/2020 US 420,000 $420,000.00
649907QR6 NEW YORK ST DORM AUTH REVENUES 5.00000 10/01/2023 US 860,000 $984,657.00
64990AQN8 NEW YORK ST DORM 5.00000 09/15/2028 US 3,000,000 $3,679,590.00
64990EMQ7 NEW YORK ST DORM AUTH ST PERSON 5.00000 02/15/2024 US 1,025,000 $1,182,399.00
64990EMS3 NEW YORK ST DORM AUTH ST 5.00000 02/15/2024 US 2,950,000 $3,391,585.50
64990EQA8 NEW YORK ST DORM AUTH ST 5.00000 03/15/2023 US 2,000,000 $2,248,200.00
64990FJL9 NEW YORK ST DORM AUTH ST PERSONA 4.00000 09/15/2028 US 3,000,000 $3,381,000.00
650035B80 NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2023 US 765,000 $857,702.70
656009JJ7 NORFOLK VA WTR REVENUE 5.00000 11/01/2021 US 500,000 $531,665.00
656009LR6 NORFOLK VA WTR REVENUE 5.00000 11/01/2027 US 2,000,000 $2,595,140.00
65820HH71 NORTH CAROLINA ST MED CARE COMMI 5.00000 10/01/2020 US 580,000 $586,658.40
661802WH7 NORTH READING MA MUNI PURPOSE 5.00000 05/15/2022 US 2,000,000 $2,154,320.00
66283AEQ5 N TX MUNI WTR DIST REGL WSTWTR 3.50000 06/01/2025 US 1,000,000 $1,077,280.00
66285WSE7 N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2024 US 500,000 $570,875.00
66285WUX2 N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2026 US 2,000,000 $2,410,300.00
663903HP0 NORTHEAST OH REGL SWR DIST 4.00000 05/15/2028 US 1,565,000 $1,797,731.15
663903HX3 NORTHEAST OH REGL SWR DIST 3.00000 11/15/2029 US 2,080,000 $2,237,164.80
67760HJF9 OHIO ST TURNPIKE COMMISSION 5.25000 02/15/2027 US 600,000 $771,810.00
6817124B8 OMAHA NE 2.50000 01/15/2023 US 760,000 $800,530.80
686087PY7 OREGON ST HSG & CMNTY SVCS DEPT 1.95000 07/01/2020 US 215,000 $215,000.00
68608UZG4 OREGON ST POLL CONTROL 5.00000 08/01/2023 US 575,000 $658,173.75
686507EN0 ORLANDO FL UTILITIES COMMISSION 5.00000 10/01/2021 US 800,000 $847,080.00
709224HA0 PENNSYLVANIA ST TURNPIKE COMMISS 5.00000 12/01/2023 US 1,200,000 $1,359,024.00
709224MY2 PENNSYLVANIA ST TURNPIKE 5.00000 06/01/2026 US 590,000 $698,235.50
721876TK6 PIMA CNTY AZ SWR REVENUE 5.00000 07/01/2021 US 530,000 $554,623.80
735352LQ7 PORT SAINT LUCIE FL UTILITY REVE 5.25000 09/01/2023 US 500,000 $574,325.00
736560RM7 PORTLAND ME 5.00000 10/01/2021 US 1,370,000 $1,450,802.60
736740TQ4 PORTLAND OR REVENUE 5.00000 06/15/2028 US 4,000,000 $5,038,960.00
736742YT8 PORTLAND OR SWR SYS REVENUE 2.12500 06/15/2026 US 1,000,000 $1,048,800.00
7417013W4 PRINCE GEORGES CNTY MD 5.00000 07/15/2022 US 1,615,000 $1,769,652.40
770570Y86 ROBERTSON CNTY TN 5.00000 06/01/2025 US 1,000,000 $1,209,230.00
796253Z96 SAN ANTONIO TX ELEC & GAS 5.00000 08/01/2022 US 1,000,000 $1,096,170.00
79625GBS1 SAN ANTONIO TX ELEC & GAS 4.00000 02/01/2030 US 1,000,000 $1,163,610.00
79642B3R2 SAN ANTONIO TX WTR REVENUE 5.00000 11/15/2026 US 800,000 $1,003,192.00
79642BX99 SAN ANTONIO TX WTR REVENUE 5.00000 05/15/2026 US 500,000 $621,695.00
79642GHQ8 SAN ANTONIO TX WTR REVENUE 4.00000 05/15/2030 US 2,000,000 $2,320,200.00
810526MU4 SCOTTSDALE AZ WTR & SWR 5.25000 07/01/2022 US 1,130,000 $1,241,531.00
812631MW6 SEATTLE WA DRAIN & WSTWTR REVENU 4.00000 04/01/2026 US 2,435,000 $2,781,305.70
825485WY7 SHREVEPORT LA WTR & SWR REVENUE 3.00000 12/01/2022 US 300,000 $317,823.00
882270VA6 TEXAS CITY TX INDEP SCH DIST 5.00000 08/15/2021 US 500,000 $525,780.00
889278SC2 TOLEDO OH 5.00000 12/01/2020 US 610,000 $621,407.00
889396MM6 TOLEDO OH WTRWKS REVENUE 5.00000 11/15/2021 US 610,000 $648,240.90
89602NH23 TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 05/15/2023 US 2,805,000 $3,130,155.60
899656NW8 TULSA OK MET UTILITY AUTH 3.00000 04/01/2024 US 1,020,000 $1,114,982.40
938429E94 WASHINGTON CNTY OR SCH DIST 4.00000 06/15/2021 US 1,000,000 $1,035,570.00
93974DN87 WASHINGTON ST VAR PURP SER A 5.00000 08/01/2027 US 2,500,000 $3,205,475.00
940157TL4 WASHINGTON MD SUBURBAN SAN DIST 3.00000 06/01/2021 US 2,885,000 $2,956,836.50
97705L6G7 WISCONSIN ST 5.00000 11/01/2022 US 2,900,000 $3,202,934.00
97705L6X0 WISCONSON ST 5.00000 11/01/2024 US 685,000 $813,992.35
97709TAV8 WISCONSIN ST ENVRNMNTL IMPT FUND 5.00000 06/01/2022 US 750,000 $817,672.50
985900CR8 YAVAPAI CNTY AZ INDL DEV AUTH HO 5.00000 10/01/2020 US 460,000 $465,253.20

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 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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