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 04/23/2024

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

Performance

As of 03/31/2024

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.

Top Ten Investments

As of 03/31/2024

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

Sector Allocation

As of 03/31/2024

Revenue
46.18%
G.O.
43.73%
Pre-Refund
2.40%
Cash
0.42%
Other
7.27%

Credit Quality Distribution

As of 03/31/2024

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

  • Diversified Tax Exempt Series Class W Distribution History
  • 2024 Distribution Calendar
  • 2024 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

$10.30

Daily $ Change

$0.00

Daily % Change

0.00%

as of 04/23/2024

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

Performance

As of 03/31/2024

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.

Top Ten Investments

As of 03/31/2024

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

Sector Allocation

As of 03/31/2024

Revenue
46.18%
G.O.
43.73%
Pre-Refund
2.40%
Cash
0.42%
Other
7.27%

Credit Quality Distribution

As of 03/31/2024

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

  • Diversified Tax Exempt Series Class W Distribution History
  • 2024 Distribution Calendar
  • 2024 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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