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

$10.75

Daily $ Change

$0.00

Daily % Change

0.00%

as of 10/18/2018

Ticker

EXDVX

CUSIP

563821677

Inception Date

02/14/1994

Investment Minimum

$2,000.00

Investment minimum may be waived for participants in an automatic investment program and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/14/18

Performance

As of 09/30/2018

YTD

-0.68%

1 Year

-1.13%

3 Year

0.40%

5 Year

0.83%

10 Year

2.95%

Inception
(02/14/1994)

3.62%

US Stock Market Cycle (04/01/2000 - 09/30/2018)

3.46%

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 0.58%

Top Ten Investments

As of 09/30/2018

GEORGIA ST 5.00000 12/01/2025 1.77%
OHIO ST 5.00000 06/15/2022 1.75%
SEATTLE WA WTR SYS REVENUE 5.00000 05/01/2025 1.74%
NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 1.50%
OHIO ST TPK COMMN TPK REV 5.50000 02/15/2019 1.43%
NORTH CAROLINA ST MUNI PWR AGY 5.00000 01/01/2024 1.28%
NEW YORK NY 5.00000 06/01/2024 1.24%
TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 05/15/2023 1.19%
NEW YORK CITY NY TRANSITIONAL 5.00000 05/01/2028 1.18%
WASHINGTON ST 5.00000 02/01/2025 1.15%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 09/30/2018

Revenue 81.26%
G.O. 14.11%
Pre-Refund 3.57%
Cash 1.06%

Credit Quality Distribution

As of 09/30/2018

AAA 9.48%
AA 69.37%
A 20.73%
BBB 0.27%
NR 0.15%

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.

September Fund Holdings

As of 09/30/2018

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 $542,700.00
013493GL9 ALBUQUERQUE BERNALILLO NM WTR 5.00000 07/01/2022 US 1,250,000 $1,376,137.50
013493GM7 ALBUQUERQUE BERNALILLO CNTY NM 5.00000 07/01/2023 US 2,000,000 $2,245,300.00
01728AV78 ALLEGHENY CNTY PA HOSP DEV AUTH 5.00000 08/15/2019 US 640,000 $656,172.80
017357YR9 ALLEGHENY CNTY PA SAN AUTH 5.00000 12/01/2019 US 1,500,000 $1,550,070.00
02765UFC3 AMERICAN MUNI PWR-OHIO INC OHREV 5.00000 02/15/2022 US 1,895,000 $2,068,297.75
035555PK1 ANN ARBOR MI SWR DISP REVENUE 3.00000 07/01/2020 US 1,000,000 $1,017,590.00
035555QA2 ANN ARBOR MI SWR DISP REVENUE 2.00000 07/01/2027 US 820,000 $741,017.60
047870LR9 ATLANTA GA WTR & WSTWTR REVENUE 5.00000 11/01/2019 US 1,160,000 $1,197,375.20
051595BH8 AURORA CO WTR REVENUE 4.00000 08/01/2026 US 2,000,000 $2,048,600.00
051690FD2 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2022 US 500,000 $509,025.00
051690FE0 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2023 US 625,000 $637,600.00
052414MM8 AUSTIN TX ELEC UTILITY SYS 5.00000 11/15/2020 US 1,600,000 $1,697,024.00
052414PD5 AUSTIN TX ELEC UTILITY SYS REVEN 5.00000 11/15/2022 US 500,000 $554,210.00
052476T65 AUSTIN TX WTR & WSTWTR SYS REV 5.00000 11/15/2026 US 1,500,000 $1,760,745.00
059231L32 BALTIMORE MD REVENUE 5.00000 07/01/2026 US 815,000 $951,414.70
081653CB1 BEND OR WTR REVENUE 5.00000 06/01/2026 US 1,435,000 $1,649,202.45
10146HJH0 BOULDER CO WTR & SWR REV 5.00000 12/01/2019 US 1,500,000 $1,552,530.00
10146RHZ0 BOULDER CNTY CO OPEN SPACE CAPIT 5.00000 07/15/2026 US 1,000,000 $1,171,990.00
150260FQ5 CEDAR FALLS IA MUNI ELEC UTILITY 5.00000 12/01/2023 US 2,000,000 $2,257,300.00
152691AH4 CENTRAL BRADFORD PROGRESS AUTH P 5.25000 12/01/2018 US 600,000 $603,300.00
153821HP1 CENTRL LAKE CNTY IL JT ACTIONWTR 4.00000 05/01/2019 US 10,000 $10,116.50
153821HS5 CENTRL LAKE CNTY IL JT ACTIONWTR 4.00000 05/01/2019 US 750,000 $758,692.50
15567RBB8 CENTRL UT WTR CONSERVANCY DIST 5.00000 10/01/2025 US 500,000 $579,785.00
160429SB3 CHARLESTON SC WTRWKS & SWR REVEN 5.00000 01/01/2021 US 530,000 $564,635.50
161045LX5 CHARLOTTE NC WTR & SWR SYS 5.00000 12/01/2020 US 1,400,000 $1,489,390.00
161045PF0 CHARLOTTE NC WTR & SWR SYS REV 4.00000 07/01/2028 US 2,000,000 $2,060,200.00
172311LZ3 CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2026 US 500,000 $589,755.00
172311MF6 CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2025 US 1,000,000 $1,164,440.00
179282FT0 CLACKAMAS CNTY OR SVC DIST #1 2.00000 12/01/2029 US 1,000,000 $892,740.00
196632QB2 COLORADO SPRINGS CO UTILITIESREV 5.00000 11/15/2019 US 2,435,000 $2,517,059.50
199561GF2 COLUMBUS OH SWR REVENUE 5.00000 12/01/2024 US 520,000 $595,098.40
240195BU0 DAYTONA BEACH FL UTILITY SYS REV 5.00000 11/01/2019 US 1,010,000 $1,041,441.30
240523XX3 DE KALB CNTY GA WTR & SWR REVENU 5.00000 10/01/2019 US 500,000 $515,040.00
246317FE6 DELAWARE RIVER & BAY AUTH DE REV 5.00000 01/01/2019 US 2,000,000 $2,015,080.00
249176AJ7 DENVER CO CITY & CNTY WSTWTR MGM 4.00000 11/01/2020 US 1,500,000 $1,561,125.00
25476FUW6 DIST OF COLUMBIA 5.00000 06/01/2026 US 750,000 $878,865.00
254845KG4 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2022 US 1,000,000 $1,106,180.00
254845MC1 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2025 US 900,000 $1,008,027.00
254845MF4 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 04/01/2026 US 1,380,000 $1,586,047.80
262006208 DREYFUS GVT CSH MANAGEMENT US 2,823,711.43 $2,823,711.43
262608RP9 DU PAGE & WILL CNTYS IL CMTYSCH 5.00000 12/30/2018 US 820,000 $826,010.60
300011NK5 EVERETT WA FLTG RATE 1.93000 06/01/2019 US 885,000 $885,831.90
300060MH0 EVERETT WA WTR & SWR REVENUE 5.00000 12/01/2020 US 1,330,000 $1,412,885.60
3411502Z2 FLORIDA ST 3.50000 07/01/2046 US 2,000,000 $1,868,240.00
3431363K1 FLORIDA ST TURNPIKE AUTH 5.00000 07/01/2019 US 920,000 $940,966.80
347658SX5 FORT LAUDERDALE FL WTR & SWR REV 5.00000 09/01/2020 US 1,545,000 $1,631,875.35
347658WC6 FORT LAUDERDALE FL WTR & SWR REV 2.00000 09/01/2026 US 960,000 $882,720.00
347658WD4 FORT LAUDERDALE FL WTR & SWR 2.00000 03/01/2027 US 995,000 $903,599.30
348172QV2 FORT MYERS FL UTILITY REVENUE 5.00000 10/01/2019 US 785,000 $808,455.80
349316KH1 FORT WAYNE IN WTRWKS REV 2.00000 12/01/2020 US 745,000 $743,733.50
349515QH2 FORT WORTH TX WTR & SWR REVENUE 5.00000 02/15/2020 US 550,000 $572,544.50
349515ZT6 FORT WORTH TX WTR & SWR REVENUE 4.00000 02/15/2027 US 2,000,000 $2,022,640.00
360066NE0 FULTON CNTY GA WTR & SWR REV 5.00000 01/01/2019 US 1,200,000 $1,209,360.00
3733846U5 GEORGIA ST 5.00000 12/01/2025 US 4,000,000 $4,677,760.00
397337CM6 GREENWOOD SC MET DIST 5.00000 10/01/2026 US 500,000 $581,050.00
414005VC9 HARRIS CNTY TX 5.00000 08/15/2023 US 600,000 $672,444.00
414009GD6 HARRIS CNTY TX CULTURAL EDU FACS 4.00000 12/01/2019 US 500,000 $510,680.00
41422ECQ4 HARRIS CNTY TX MET TRANSIT AUTH 5.00000 11/01/2019 US 845,000 $872,132.95
438701A95 HONOLULU CITY & CNTY HI WSTWTR 5.00000 07/01/2023 US 1,750,000 $1,962,117.50
438701NR1 HONOLULU CITY & CNTY HI WSTWTR 5.00000 07/01/2019 US 1,000,000 $1,022,710.00
4424355N9 HOUSTON TX UNTILITY SYS REVENUE 5.00000 11/15/2024 US 1,265,000 $1,441,847.00
44244CCE5 HOUSTON TX UTILITY SYS REVENUE 2.43000 11/01/2019 US 1,000,000 $1,006,520.00
452024HT2 ILLINOIS ST MUNI ELEC AGY PWR 5.00000 02/01/2025 US 2,000,000 $2,257,260.00
452252HL6 ILLINOIS ST TOLL HIGHWAY AUTH 5.00000 12/01/2019 US 1,000,000 $1,033,380.00
454898RX7 INDIANA ST MUNI PWR AGY 5.00000 01/01/2019 US 2,540,000 $2,559,481.80
454898RY5 INDIANA ST MUNI PWR AGY 4.00000 01/01/2020 US 750,000 $768,555.00
46613C2N4 JEA FL ELEC SYS REVENUE 5.00000 10/01/2019 US 1,500,000 $1,543,005.00
46613CR56 JEA FL ELEC SYS REVENUE 5.00000 10/01/2019 US 2,000,000 $2,057,340.00
46613P3G9 JEA FL WTR & SWR REVENUE 5.00000 10/01/2027 US 1,000,000 $1,189,670.00
48507TFJ7 KANSAS CITY MO SANTN SWR SYS REV 4.00000 01/01/2025 US 750,000 $818,302.50
48507TFL2 KANSAS CITY MO SANTN SWR SYS REV 5.00000 01/01/2025 US 1,590,000 $1,810,628.40
48542AFA4 KANSAS ST DEV FIN AUTH HOSP 5.00000 11/15/2019 US 20,000 $20,619.80
48542AFD8 KANSAS ST DEV FIN AUTH HOSP 5.00000 11/15/2019 US 480,000 $494,985.60
485512KW6 KANSAS ST TURNPIKE AUTH TURNPIKE 5.00000 09/01/2019 US 2,965,000 $3,045,914.85
491552A88 KENTUCKY ST TURNPIKE AUTH ECON 5.00000 07/01/2019 US 500,000 $510,640.00
49474FNR7 KING CNTY WA 5.00000 06/01/2022 US 2,000,000 $2,201,220.00
495260H79 KING CNTY WA SCH DIST #414 5.00000 06/01/2027 US 2,000,000 $2,316,340.00
495289ZW3 KING CNTY WA SWR REVENUE 5.00000 01/01/2020 US 750,000 $778,125.00
499746E35 KNOXVILLE TN ELEC REVENUE 3.00000 07/01/2025 US 1,090,000 $1,097,935.20
499746YH2 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 800,000 $879,512.00
499746YK5 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 705,000 $772,412.10
499815MV7 KNOXVILLE TN WSTWTR SYS REVENUE 4.00000 04/01/2020 US 685,000 $705,413.00
499815RM2 KNOXVILLE TN WSTWTR SYS REVENUE 4.00000 04/01/2022 US 400,000 $421,896.00
506498YF5 LAFAYETTE LA UTILITIES REVENUE 5.00000 11/01/2019 US 990,000 $1,020,501.90
534272A58 LINCOLN NE ELEC SYS REVENUE 5.00000 09/01/2021 US 2,000,000 $2,163,080.00
546589YT3 LOUISVILLE & JEFFERSON CNTY KY 5.00000 05/15/2024 US 1,070,000 $1,212,994.80
558272CP3 MADISON TN SUBURBAN UTILITY DIST 5.00000 02/01/2019 US 655,000 $661,484.50
56045RHP7 MAINE ST MUNI BOND BANK 4.00000 11/01/2021 US 570,000 $601,612.20
5742175P6 MARYLAND ST HLTH & HGR EDUCTNL 5.00000 07/01/2019 US 500,000 $510,830.00
57582PH94 MASSACHUSETTS ST 3.62500 10/01/2040 US 3,000,000 $2,853,330.00
576049W55 MASSACHUSETTS ST WTR RESOURCES 5.25000 08/01/2032 US 970,000 $1,213,033.50
584283EY7 MEDFORD OR HOSP FACS AUTH REVENU 5.00000 08/15/2019 US 440,000 $451,620.40
586158MQ7 MEMPHIS TN ELEC SYS REVENUE 5.00000 12/01/2018 US 1,000,000 $1,005,330.00
590545VA4 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2023 US 1,050,000 $1,177,270.50
590545VB2 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2024 US 1,200,000 $1,365,144.00
590545XB0 MESA AZ UTILITY SYS REVENUE 3.00000 07/01/2039 US 1,525,000 $1,347,886.50
592098E60 MET GOVT NASHVILE & DAVIDSON CNT 5.25000 01/01/2019 US 1,505,000 $1,517,581.80
592481JD8 MET SAINT LOUIS MO SWR DIST 4.00000 05/01/2026 US 2,000,000 $2,051,280.00
59259Y6H7 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2024 US 1,385,000 $1,571,060.90
59259YTP4 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2019 US 1,315,000 $1,359,315.50
59334DEL4 MIAMI-DADE CNTY FL WTR & SWR 5.25000 10/01/2019 US 500,000 $515,865.00
59334DHW7 MIAMI-DADE CNTY FL WTR &SWR REV 5.00000 10/01/2023 US 2,000,000 $2,247,520.00
60242MCD3 MILWAUKEE WI SEWERAGE REV 5.00000 06/01/2021 US 470,000 $505,499.10
60242MEA7 MILWAUKEE WI SEWERAGE REVENUE 3.00000 06/01/2031 US 1,000,000 $928,710.00
60412AGN7 MINNESOTA ST 5.00000 08/01/2024 US 2,000,000 $2,289,500.00
60637AEM0 MISSOURI ST HLTH & EDUCTNL FACS 5.00000 01/01/2020 US 725,000 $752,093.25
60637BDB3 MISSOURI ST HSG DEV COMMISSION 1.60000 11/01/2019 US 240,000 $239,028.00
626207G24 MUNI ELEC AUTH OF GEORGIA 5.00000 11/01/2020 US 1,000,000 $1,055,150.00
626207UU6 MUNI ELEC AUTH OF GEORGIA PROJ 5.25000 01/01/2019 US 500,000 $503,825.00
626207VM3 MUNI ELEC AUTH OF GEORGIA 5.25000 01/01/2019 US 2,250,000 $2,267,212.50
626207ZH0 MUNI ELEC AUTH OF GEORGIA 5.00000 11/01/2019 US 485,000 $499,569.40
63165N7M4 NASSAU CNTY NY 5.00000 04/01/2019 US 1,000,000 $1,015,270.00
63968ATP0 NEBRASKA ST PUBLIC PWR DIST 5.00000 01/01/2019 US 500,000 $503,845.00
63968AUE3 NEBRASKA ST PUBLIC PWR DIST REV 5.00000 01/01/2020 US 1,000,000 $1,037,120.00
63968AYA7 NEBRASKA ST PUBLIC PWR DIST REV 5.00000 01/01/2019 US 1,000,000 $1,007,690.00
644693LM3 NEW HAMPSHIRE ST TURNPIKE SYS 5.00000 02/01/2020 US 2,575,000 $2,676,558.00
646139Y90 NEW JERSEY ST TURNPIKE AUTH 5.00000 01/01/2019 US 1,625,000 $1,637,707.50
646140AA1 NEW JERSEY ST TURNPIKE AUTH 5.00000 01/01/2019 US 355,000 $357,793.85
646140AG8 NEW JERSEY ST TURNPIKE AUTH 5.00000 01/01/2019 US 560,000 $564,306.40
647719NK5 NEW ORLEANS LA SEWAGE SVC REV 5.00000 06/01/2021 US 600,000 $640,488.00
647753KH4 NEW ORLEANS LA WTR REVENUE 5.00000 12/01/2020 US 1,700,000 $1,792,242.00
64966LR29 NEW YORK NY 5.00000 06/01/2024 US 2,880,000 $3,270,988.80
64966LS51 NEW YORK NY 5.00000 08/01/2020 US 1,000,000 $1,054,000.00
64966LS77 NEW YORK NY 5.00000 08/01/2023 US 2,000,000 $2,243,540.00
64966LV65 NEW YORK NY 5.00000 08/01/2023 US 2,000,000 $2,243,540.00
64971WH37 NEW YORK CITY NY TRANSITIONALFIN 3.00000 02/01/2037 US 3,000,000 $2,663,430.00
64971XDL9 NEW YORK CITY NY TRANSITIONAL 5.00000 05/01/2028 US 2,740,000 $3,122,284.80
64972GRD8 NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 US 3,500,000 $3,953,915.00
649906QA5 NEW YORK ST DORM AUTH REVENUES N 4.00000 07/01/2020 US 420,000 $434,784.00
649907QR6 NEW YORK ST DORM AUTH REVENUES 5.00000 10/01/2023 US 860,000 $962,125.00
650009XW8 NEW YORK ST THRUWAY AUTH SER I 4.00000 01/01/2019 US 1,000,000 $1,005,320.00
650035B80 NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2023 US 765,000 $850,909.50
658203P57 NORTH CAROLINA ST MUNI PWR AGY # 5.00000 01/01/2020 US 400,000 $414,444.00
658203X74 NORTH CAROLINA ST MUNI PWR AGY 5.00000 01/01/2024 US 3,000,000 $3,380,730.00
65820HH71 NORTH CAROLINA ST MED CARE COMMI 5.00000 10/01/2020 US 580,000 $613,547.20
66283AEQ5 N TX MUNI WTR DIST REGL WSTWTR 3.50000 06/01/2035 US 1,000,000 $980,140.00
66285WSE7 N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2024 US 500,000 $557,705.00
662903PN7 N TEXAS ST MUNI WTR DIST WTR SYS 5.00000 09/01/2023 US 2,535,000 $2,842,495.50
663226KU1 NORTH WALES PA WTR AUTH 5.00000 11/01/2020 US 1,000,000 $1,055,360.00
677522CX0 OHIO ST 5.00000 06/15/2022 US 4,200,000 $4,623,738.00
677522MS0 OHIO ST 3.00000 09/01/2021 US 2,000,000 $2,050,020.00
67760HCD1 OHIO ST TPK COMMN TPK REV 5.50000 02/15/2019 US 3,735,000 $3,784,563.45
67760HJF9 OHIO ST TURNPIKE COMMISSION 5.25000 02/15/2027 US 600,000 $713,910.00
678252FL6 OKALOOSA CNTY FL WTR & SWR REVEN 5.00000 07/01/2023 US 2,065,000 $2,310,363.30
679111UJ1 OKLAHOMA ST TURNPIKE AUTH 5.00000 01/01/2020 US 2,750,000 $2,851,722.50
679111UL6 OKLAHOMA ST TURNPIKE AUTH 5.00000 01/01/2021 US 2,000,000 $2,129,320.00
6817936Z3 OMAHA NE PUBLIC PWR DIST 5.00000 02/01/2019 US 1,265,000 $1,277,978.90
682001FB3 OMAHA NE PUBLIC PWR DIST ELECREV 5.00000 02/01/2026 US 1,000,000 $1,146,990.00
686087PY7 OREGON ST HSG & CMNTY SVCS DEPT 1.95000 07/01/2020 US 230,000 $229,369.80
686543TM1 ORLANDO & ORANGE CNTY FL EXPRESS 5.00000 07/01/2019 US 500,000 $511,395.00
686543UH0 ORLANDO & ORANGE CNTY FL EXPRESS 5.00000 07/01/2020 US 1,165,000 $1,224,892.65
709222CM3 PENNSYLVANIA ST TPK COMMN 5.25000 07/15/2019 US 1,050,000 $1,077,457.50
709223ZB0 PENNSYLVANIA ST TURNPIKE COMMISS 5.00000 12/01/2019 US 1,000,000 $1,033,960.00
709224HA0 PENNSYLVANIA ST TURNPIKE COMMISS 5.00000 12/01/2023 US 1,200,000 $1,345,068.00
717893VQ1 PHILADELPHIA PA WTR & WSTWTR REV 5.00000 06/15/2019 US 1,000,000 $1,021,160.00
721876RC6 PIMA CNTY AZ SWR REVENUE 5.00000 07/01/2020 US 1,400,000 $1,471,470.00
721876RR3 PIMA CNTY AZ SWR REVENUE 5.00000 07/01/2019 US 1,000,000 $1,022,710.00
725304ST7 PITTSBURGH PA WTR & SWR AUTH 5.00000 09/01/2019 US 1,000,000 $1,027,200.00
735352LQ7 PORT SAINT LUCIE FL UTILITY REVE 5.25000 09/01/2023 US 500,000 $560,250.00
736742TY3 PORTLAND OR SWR SYS REVENUE 5.00000 08/01/2019 US 1,285,000 $1,317,099.30
736742XW2 PORTLAND OR SWR SYS REVENUE 5.00000 06/15/2026 US 2,480,000 $2,894,854.40
736742YT8 PORTLAND OR SWR SYS REVENUE 2.12500 06/15/2030 US 1,000,000 $878,580.00
744129FL6 PROVO UT ENERGY SYS REVENUE 5.00000 02/01/2025 US 975,000 $1,107,083.25
79575DF88 SALT RIVER AZ PROJ AGRIC 5.00000 12/01/2020 US 400,000 $425,104.00
79575DP53 SALT RIVER AZ PROJ AGRIC IMPT 5.00000 12/01/2018 US 1,340,000 $1,346,914.40
79642BX99 SAN ANTONIO TX WTR REVENUE 5.00000 05/15/2026 US 500,000 $581,695.00
79642BY72 SAN ANTONIO TX WTR REVENUE 5.00000 05/15/2026 US 2,170,000 $2,473,105.60
800803BR8 SANGAMON & MORGAN CNTYS IL CMNTY 5.50000 02/01/2019 US 725,000 $733,192.50
812631JW0 SEATTLE WA DRAIN & WSTWTR 5.00000 09/01/2021 US 2,000,000 $2,163,660.00
812631MW6 SEATTLE WA DRAIN & WSTWTR REVENU 4.00000 04/01/2026 US 2,435,000 $2,547,399.60
812643GM0 SEATTLE WA MUNI LIGHT & PWR REV 5.00000 06/01/2019 US 1,675,000 $1,708,835.00
812728TQ6 SEATTLE WA WTR SYS REVENUE 5.00000 05/01/2025 US 4,000,000 $4,603,240.00
837151LT4 SOUTH CAROLINA ST PUBLIC SVC REV 5.00000 01/01/2019 US 85,000 $85,668.95
873545GM3 TACOMA WA SWR REVENUE 4.00000 12/01/2019 US 1,095,000 $1,120,688.70
87515EAQ7 TAMPA FL HLTH SYS REVENUE 5.00000 11/15/2018 US 500,000 $501,875.00
889278SC2 TOLEDO OH 5.00000 12/01/2020 US 610,000 $641,774.90
889396MM6 TOLEDO OH WTRWKS REVENUE 5.00000 11/15/2021 US 610,000 $660,440.90
889396QA8 TOLEDO OH WTRWKS REVENUE 5.00000 11/15/2019 US 1,010,000 $1,043,814.80
890680GS4 TOPEKA KS UTILITY REVENUE 4.00000 08/01/2019 US 845,000 $858,976.30
89602NH23 TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 05/15/2023 US 2,805,000 $3,145,498.95
89602NZA5 TRIBOROUGH NY BRIDGE & TUNNELAUT 4.00000 11/15/2019 US 725,000 $741,856.25
89602NZX5 TRIBOROUGH NY BRIDGE & TUNNELAUT 5.00000 11/15/2020 US 920,000 $977,564.40
89657PGG2 TRINITY RIVER TX AUTH REVENUE 5.00000 02/01/2019 US 500,000 $505,115.00
89658HTQ3 TRINITY RIVER TX AUTH REGL WSTWT 5.00000 08/01/2023 US 2,200,000 $2,475,396.00
914054KZ3 UNIV AREA PA JT AUTH SWR REVENUE 2.25000 11/01/2027 US 1,500,000 $1,395,495.00
92817LLV3 VIRGINIA ST RESOURCES AUTH CLEAN 5.00000 10/01/2019 US 1,290,000 $1,329,319.20
92937NAF1 WPPI ENERGY WI PWR SPLY REVENUE 5.00000 07/01/2020 US 2,000,000 $2,098,580.00
932423TC0 WALLED LAKE MI CONSOL SCH DIST 5.00000 05/01/2019 US 1,000,000 $1,017,450.00
938240DM7 WASHINGTON CNTY OR CLEAN WTR 5.00000 10/01/2021 US 1,015,000 $1,099,458.15
93974CRP7 WASHINGTON ST 5.00000 01/01/2020 US 2,000,000 $2,073,980.00
93974DKT4 WASHINGTON ST 5.00000 02/01/2025 US 2,675,000 $3,047,413.50
93978HFF7 WASHINGTON ST HLTH CARE FACS AUT 5.00000 10/01/2018 US 475,000 $475,000.00
955023QT6 WEST OTTAWA MI PUBLIC SCH DIST 5.00000 05/01/2019 US 400,000 $406,932.00
967338WU4 WICHITA KS WTR & SWR UTILITY REV 5.00000 10/01/2019 US 2,000,000 $2,059,340.00
97710BR87 WISCONSIN ST HLTH & EDUCTNL FACS 3.00000 08/15/2019 US 510,000 $514,192.20
97712DCC8 WISCONSIN ST HLTH & EDUCTNL FACS 5.00000 11/15/2018 US 600,000 $602,214.00
982674JF1 WYANDOTTE CNTY KANSAS CITY KSUNI 5.00000 09/01/2020 US 1,495,000 $1,574,160.25
985900CR8 YAVAPAI CNTY AZ INDL DEV AUTH HO 5.00000 10/01/2020 US 460,000 $486,606.40

Investments will change over time.

Distributions

  • Diversified Tax Exempt Series Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 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

$10.75

Daily $ Change

$0.00

Daily % Change

0.00%

as of 10/18/2018

Ticker

EXDVX

CUSIP

563821677

Inception Date

02/14/1994

Investment Minimum

$2,000.00

Investment minimum may be waived for participants in an automatic investment program and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
XBRL-05/14/18

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 09/30/2018

YTD

-0.68%

1 Year

-1.13%

3 Year

0.40%

5 Year

0.83%

10 Year

2.95%

Inception
(02/14/1994)

3.62%

US Stock Market Cycle (04/01/2000 - 09/30/2018)

3.46%

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 0.58%

Top Ten Investments

As of 09/30/2018

GEORGIA ST 5.00000 12/01/2025 1.77%
OHIO ST 5.00000 06/15/2022 1.75%
SEATTLE WA WTR SYS REVENUE 5.00000 05/01/2025 1.74%
NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 1.50%
OHIO ST TPK COMMN TPK REV 5.50000 02/15/2019 1.43%
NORTH CAROLINA ST MUNI PWR AGY 5.00000 01/01/2024 1.28%
NEW YORK NY 5.00000 06/01/2024 1.24%
TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 05/15/2023 1.19%
NEW YORK CITY NY TRANSITIONAL 5.00000 05/01/2028 1.18%
WASHINGTON ST 5.00000 02/01/2025 1.15%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 09/30/2018

Revenue
81.26%
G.O.
14.11%
Pre-Refund
3.57%
Cash
1.06%

Credit Quality Distribution

As of 09/30/2018

AAA
9.48%
AA
69.37%
A
20.73%
BBB
0.27%
NR
0.15%

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.

September Fund Holdings

As of 09/30/2018

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 $542,700.00
013493GL9 ALBUQUERQUE BERNALILLO NM WTR 5.00000 07/01/2022 US 1,250,000 $1,376,137.50
013493GM7 ALBUQUERQUE BERNALILLO CNTY NM 5.00000 07/01/2023 US 2,000,000 $2,245,300.00
01728AV78 ALLEGHENY CNTY PA HOSP DEV AUTH 5.00000 08/15/2019 US 640,000 $656,172.80
017357YR9 ALLEGHENY CNTY PA SAN AUTH 5.00000 12/01/2019 US 1,500,000 $1,550,070.00
02765UFC3 AMERICAN MUNI PWR-OHIO INC OHREV 5.00000 02/15/2022 US 1,895,000 $2,068,297.75
035555PK1 ANN ARBOR MI SWR DISP REVENUE 3.00000 07/01/2020 US 1,000,000 $1,017,590.00
035555QA2 ANN ARBOR MI SWR DISP REVENUE 2.00000 07/01/2027 US 820,000 $741,017.60
047870LR9 ATLANTA GA WTR & WSTWTR REVENUE 5.00000 11/01/2019 US 1,160,000 $1,197,375.20
051595BH8 AURORA CO WTR REVENUE 4.00000 08/01/2026 US 2,000,000 $2,048,600.00
051690FD2 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2022 US 500,000 $509,025.00
051690FE0 AURORA IL WTRWKS & SWR REVENUE 3.00000 12/01/2023 US 625,000 $637,600.00
052414MM8 AUSTIN TX ELEC UTILITY SYS 5.00000 11/15/2020 US 1,600,000 $1,697,024.00
052414PD5 AUSTIN TX ELEC UTILITY SYS REVEN 5.00000 11/15/2022 US 500,000 $554,210.00
052476T65 AUSTIN TX WTR & WSTWTR SYS REV 5.00000 11/15/2026 US 1,500,000 $1,760,745.00
059231L32 BALTIMORE MD REVENUE 5.00000 07/01/2026 US 815,000 $951,414.70
081653CB1 BEND OR WTR REVENUE 5.00000 06/01/2026 US 1,435,000 $1,649,202.45
10146HJH0 BOULDER CO WTR & SWR REV 5.00000 12/01/2019 US 1,500,000 $1,552,530.00
10146RHZ0 BOULDER CNTY CO OPEN SPACE CAPIT 5.00000 07/15/2026 US 1,000,000 $1,171,990.00
150260FQ5 CEDAR FALLS IA MUNI ELEC UTILITY 5.00000 12/01/2023 US 2,000,000 $2,257,300.00
152691AH4 CENTRAL BRADFORD PROGRESS AUTH P 5.25000 12/01/2018 US 600,000 $603,300.00
153821HP1 CENTRL LAKE CNTY IL JT ACTIONWTR 4.00000 05/01/2019 US 10,000 $10,116.50
153821HS5 CENTRL LAKE CNTY IL JT ACTIONWTR 4.00000 05/01/2019 US 750,000 $758,692.50
15567RBB8 CENTRL UT WTR CONSERVANCY DIST 5.00000 10/01/2025 US 500,000 $579,785.00
160429SB3 CHARLESTON SC WTRWKS & SWR REVEN 5.00000 01/01/2021 US 530,000 $564,635.50
161045LX5 CHARLOTTE NC WTR & SWR SYS 5.00000 12/01/2020 US 1,400,000 $1,489,390.00
161045PF0 CHARLOTTE NC WTR & SWR SYS REV 4.00000 07/01/2028 US 2,000,000 $2,060,200.00
172311LZ3 CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2026 US 500,000 $589,755.00
172311MF6 CINCINNATI OH WTR SYS REVENUE 5.00000 12/01/2025 US 1,000,000 $1,164,440.00
179282FT0 CLACKAMAS CNTY OR SVC DIST #1 2.00000 12/01/2029 US 1,000,000 $892,740.00
196632QB2 COLORADO SPRINGS CO UTILITIESREV 5.00000 11/15/2019 US 2,435,000 $2,517,059.50
199561GF2 COLUMBUS OH SWR REVENUE 5.00000 12/01/2024 US 520,000 $595,098.40
240195BU0 DAYTONA BEACH FL UTILITY SYS REV 5.00000 11/01/2019 US 1,010,000 $1,041,441.30
240523XX3 DE KALB CNTY GA WTR & SWR REVENU 5.00000 10/01/2019 US 500,000 $515,040.00
246317FE6 DELAWARE RIVER & BAY AUTH DE REV 5.00000 01/01/2019 US 2,000,000 $2,015,080.00
249176AJ7 DENVER CO CITY & CNTY WSTWTR MGM 4.00000 11/01/2020 US 1,500,000 $1,561,125.00
25476FUW6 DIST OF COLUMBIA 5.00000 06/01/2026 US 750,000 $878,865.00
254845KG4 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2022 US 1,000,000 $1,106,180.00
254845MC1 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 10/01/2025 US 900,000 $1,008,027.00
254845MF4 DIST OF COLUMBIA WTR & SWR AUTH 5.00000 04/01/2026 US 1,380,000 $1,586,047.80
262006208 DREYFUS GVT CSH MANAGEMENT US 2,823,711.43 $2,823,711.43
262608RP9 DU PAGE & WILL CNTYS IL CMTYSCH 5.00000 12/30/2018 US 820,000 $826,010.60
300011NK5 EVERETT WA FLTG RATE 1.93000 06/01/2019 US 885,000 $885,831.90
300060MH0 EVERETT WA WTR & SWR REVENUE 5.00000 12/01/2020 US 1,330,000 $1,412,885.60
3411502Z2 FLORIDA ST 3.50000 07/01/2046 US 2,000,000 $1,868,240.00
3431363K1 FLORIDA ST TURNPIKE AUTH 5.00000 07/01/2019 US 920,000 $940,966.80
347658SX5 FORT LAUDERDALE FL WTR & SWR REV 5.00000 09/01/2020 US 1,545,000 $1,631,875.35
347658WC6 FORT LAUDERDALE FL WTR & SWR REV 2.00000 09/01/2026 US 960,000 $882,720.00
347658WD4 FORT LAUDERDALE FL WTR & SWR 2.00000 03/01/2027 US 995,000 $903,599.30
348172QV2 FORT MYERS FL UTILITY REVENUE 5.00000 10/01/2019 US 785,000 $808,455.80
349316KH1 FORT WAYNE IN WTRWKS REV 2.00000 12/01/2020 US 745,000 $743,733.50
349515QH2 FORT WORTH TX WTR & SWR REVENUE 5.00000 02/15/2020 US 550,000 $572,544.50
349515ZT6 FORT WORTH TX WTR & SWR REVENUE 4.00000 02/15/2027 US 2,000,000 $2,022,640.00
360066NE0 FULTON CNTY GA WTR & SWR REV 5.00000 01/01/2019 US 1,200,000 $1,209,360.00
3733846U5 GEORGIA ST 5.00000 12/01/2025 US 4,000,000 $4,677,760.00
397337CM6 GREENWOOD SC MET DIST 5.00000 10/01/2026 US 500,000 $581,050.00
414005VC9 HARRIS CNTY TX 5.00000 08/15/2023 US 600,000 $672,444.00
414009GD6 HARRIS CNTY TX CULTURAL EDU FACS 4.00000 12/01/2019 US 500,000 $510,680.00
41422ECQ4 HARRIS CNTY TX MET TRANSIT AUTH 5.00000 11/01/2019 US 845,000 $872,132.95
438701A95 HONOLULU CITY & CNTY HI WSTWTR 5.00000 07/01/2023 US 1,750,000 $1,962,117.50
438701NR1 HONOLULU CITY & CNTY HI WSTWTR 5.00000 07/01/2019 US 1,000,000 $1,022,710.00
4424355N9 HOUSTON TX UNTILITY SYS REVENUE 5.00000 11/15/2024 US 1,265,000 $1,441,847.00
44244CCE5 HOUSTON TX UTILITY SYS REVENUE 2.43000 11/01/2019 US 1,000,000 $1,006,520.00
452024HT2 ILLINOIS ST MUNI ELEC AGY PWR 5.00000 02/01/2025 US 2,000,000 $2,257,260.00
452252HL6 ILLINOIS ST TOLL HIGHWAY AUTH 5.00000 12/01/2019 US 1,000,000 $1,033,380.00
454898RX7 INDIANA ST MUNI PWR AGY 5.00000 01/01/2019 US 2,540,000 $2,559,481.80
454898RY5 INDIANA ST MUNI PWR AGY 4.00000 01/01/2020 US 750,000 $768,555.00
46613C2N4 JEA FL ELEC SYS REVENUE 5.00000 10/01/2019 US 1,500,000 $1,543,005.00
46613CR56 JEA FL ELEC SYS REVENUE 5.00000 10/01/2019 US 2,000,000 $2,057,340.00
46613P3G9 JEA FL WTR & SWR REVENUE 5.00000 10/01/2027 US 1,000,000 $1,189,670.00
48507TFJ7 KANSAS CITY MO SANTN SWR SYS REV 4.00000 01/01/2025 US 750,000 $818,302.50
48507TFL2 KANSAS CITY MO SANTN SWR SYS REV 5.00000 01/01/2025 US 1,590,000 $1,810,628.40
48542AFA4 KANSAS ST DEV FIN AUTH HOSP 5.00000 11/15/2019 US 20,000 $20,619.80
48542AFD8 KANSAS ST DEV FIN AUTH HOSP 5.00000 11/15/2019 US 480,000 $494,985.60
485512KW6 KANSAS ST TURNPIKE AUTH TURNPIKE 5.00000 09/01/2019 US 2,965,000 $3,045,914.85
491552A88 KENTUCKY ST TURNPIKE AUTH ECON 5.00000 07/01/2019 US 500,000 $510,640.00
49474FNR7 KING CNTY WA 5.00000 06/01/2022 US 2,000,000 $2,201,220.00
495260H79 KING CNTY WA SCH DIST #414 5.00000 06/01/2027 US 2,000,000 $2,316,340.00
495289ZW3 KING CNTY WA SWR REVENUE 5.00000 01/01/2020 US 750,000 $778,125.00
499746E35 KNOXVILLE TN ELEC REVENUE 3.00000 07/01/2025 US 1,090,000 $1,097,935.20
499746YH2 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 800,000 $879,512.00
499746YK5 KNOXVILLE TN ELEC REVENUE 5.00000 07/01/2022 US 705,000 $772,412.10
499815MV7 KNOXVILLE TN WSTWTR SYS REVENUE 4.00000 04/01/2020 US 685,000 $705,413.00
499815RM2 KNOXVILLE TN WSTWTR SYS REVENUE 4.00000 04/01/2022 US 400,000 $421,896.00
506498YF5 LAFAYETTE LA UTILITIES REVENUE 5.00000 11/01/2019 US 990,000 $1,020,501.90
534272A58 LINCOLN NE ELEC SYS REVENUE 5.00000 09/01/2021 US 2,000,000 $2,163,080.00
546589YT3 LOUISVILLE & JEFFERSON CNTY KY 5.00000 05/15/2024 US 1,070,000 $1,212,994.80
558272CP3 MADISON TN SUBURBAN UTILITY DIST 5.00000 02/01/2019 US 655,000 $661,484.50
56045RHP7 MAINE ST MUNI BOND BANK 4.00000 11/01/2021 US 570,000 $601,612.20
5742175P6 MARYLAND ST HLTH & HGR EDUCTNL 5.00000 07/01/2019 US 500,000 $510,830.00
57582PH94 MASSACHUSETTS ST 3.62500 10/01/2040 US 3,000,000 $2,853,330.00
576049W55 MASSACHUSETTS ST WTR RESOURCES 5.25000 08/01/2032 US 970,000 $1,213,033.50
584283EY7 MEDFORD OR HOSP FACS AUTH REVENU 5.00000 08/15/2019 US 440,000 $451,620.40
586158MQ7 MEMPHIS TN ELEC SYS REVENUE 5.00000 12/01/2018 US 1,000,000 $1,005,330.00
590545VA4 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2023 US 1,050,000 $1,177,270.50
590545VB2 MESA AZ UTILITY SYS REVENUE 5.00000 07/01/2024 US 1,200,000 $1,365,144.00
590545XB0 MESA AZ UTILITY SYS REVENUE 3.00000 07/01/2039 US 1,525,000 $1,347,886.50
592098E60 MET GOVT NASHVILE & DAVIDSON CNT 5.25000 01/01/2019 US 1,505,000 $1,517,581.80
592481JD8 MET SAINT LOUIS MO SWR DIST 4.00000 05/01/2026 US 2,000,000 $2,051,280.00
59259Y6H7 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2024 US 1,385,000 $1,571,060.90
59259YTP4 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2019 US 1,315,000 $1,359,315.50
59334DEL4 MIAMI-DADE CNTY FL WTR & SWR 5.25000 10/01/2019 US 500,000 $515,865.00
59334DHW7 MIAMI-DADE CNTY FL WTR &SWR REV 5.00000 10/01/2023 US 2,000,000 $2,247,520.00
60242MCD3 MILWAUKEE WI SEWERAGE REV 5.00000 06/01/2021 US 470,000 $505,499.10
60242MEA7 MILWAUKEE WI SEWERAGE REVENUE 3.00000 06/01/2031 US 1,000,000 $928,710.00
60412AGN7 MINNESOTA ST 5.00000 08/01/2024 US 2,000,000 $2,289,500.00
60637AEM0 MISSOURI ST HLTH & EDUCTNL FACS 5.00000 01/01/2020 US 725,000 $752,093.25
60637BDB3 MISSOURI ST HSG DEV COMMISSION 1.60000 11/01/2019 US 240,000 $239,028.00
626207G24 MUNI ELEC AUTH OF GEORGIA 5.00000 11/01/2020 US 1,000,000 $1,055,150.00
626207UU6 MUNI ELEC AUTH OF GEORGIA PROJ 5.25000 01/01/2019 US 500,000 $503,825.00
626207VM3 MUNI ELEC AUTH OF GEORGIA 5.25000 01/01/2019 US 2,250,000 $2,267,212.50
626207ZH0 MUNI ELEC AUTH OF GEORGIA 5.00000 11/01/2019 US 485,000 $499,569.40
63165N7M4 NASSAU CNTY NY 5.00000 04/01/2019 US 1,000,000 $1,015,270.00
63968ATP0 NEBRASKA ST PUBLIC PWR DIST 5.00000 01/01/2019 US 500,000 $503,845.00
63968AUE3 NEBRASKA ST PUBLIC PWR DIST REV 5.00000 01/01/2020 US 1,000,000 $1,037,120.00
63968AYA7 NEBRASKA ST PUBLIC PWR DIST REV 5.00000 01/01/2019 US 1,000,000 $1,007,690.00
644693LM3 NEW HAMPSHIRE ST TURNPIKE SYS 5.00000 02/01/2020 US 2,575,000 $2,676,558.00
646139Y90 NEW JERSEY ST TURNPIKE AUTH 5.00000 01/01/2019 US 1,625,000 $1,637,707.50
646140AA1 NEW JERSEY ST TURNPIKE AUTH 5.00000 01/01/2019 US 355,000 $357,793.85
646140AG8 NEW JERSEY ST TURNPIKE AUTH 5.00000 01/01/2019 US 560,000 $564,306.40
647719NK5 NEW ORLEANS LA SEWAGE SVC REV 5.00000 06/01/2021 US 600,000 $640,488.00
647753KH4 NEW ORLEANS LA WTR REVENUE 5.00000 12/01/2020 US 1,700,000 $1,792,242.00
64966LR29 NEW YORK NY 5.00000 06/01/2024 US 2,880,000 $3,270,988.80
64966LS51 NEW YORK NY 5.00000 08/01/2020 US 1,000,000 $1,054,000.00
64966LS77 NEW YORK NY 5.00000 08/01/2023 US 2,000,000 $2,243,540.00
64966LV65 NEW YORK NY 5.00000 08/01/2023 US 2,000,000 $2,243,540.00
64971WH37 NEW YORK CITY NY TRANSITIONALFIN 3.00000 02/01/2037 US 3,000,000 $2,663,430.00
64971XDL9 NEW YORK CITY NY TRANSITIONAL 5.00000 05/01/2028 US 2,740,000 $3,122,284.80
64972GRD8 NEW YORK CITY NY MUNI WTR FIN 5.00000 12/15/2027 US 3,500,000 $3,953,915.00
649906QA5 NEW YORK ST DORM AUTH REVENUES N 4.00000 07/01/2020 US 420,000 $434,784.00
649907QR6 NEW YORK ST DORM AUTH REVENUES 5.00000 10/01/2023 US 860,000 $962,125.00
650009XW8 NEW YORK ST THRUWAY AUTH SER I 4.00000 01/01/2019 US 1,000,000 $1,005,320.00
650035B80 NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2023 US 765,000 $850,909.50
658203P57 NORTH CAROLINA ST MUNI PWR AGY # 5.00000 01/01/2020 US 400,000 $414,444.00
658203X74 NORTH CAROLINA ST MUNI PWR AGY 5.00000 01/01/2024 US 3,000,000 $3,380,730.00
65820HH71 NORTH CAROLINA ST MED CARE COMMI 5.00000 10/01/2020 US 580,000 $613,547.20
66283AEQ5 N TX MUNI WTR DIST REGL WSTWTR 3.50000 06/01/2035 US 1,000,000 $980,140.00
66285WSE7 N TX TOLLWAY AUTH REVENUE 5.00000 01/01/2024 US 500,000 $557,705.00
662903PN7 N TEXAS ST MUNI WTR DIST WTR SYS 5.00000 09/01/2023 US 2,535,000 $2,842,495.50
663226KU1 NORTH WALES PA WTR AUTH 5.00000 11/01/2020 US 1,000,000 $1,055,360.00
677522CX0 OHIO ST 5.00000 06/15/2022 US 4,200,000 $4,623,738.00
677522MS0 OHIO ST 3.00000 09/01/2021 US 2,000,000 $2,050,020.00
67760HCD1 OHIO ST TPK COMMN TPK REV 5.50000 02/15/2019 US 3,735,000 $3,784,563.45
67760HJF9 OHIO ST TURNPIKE COMMISSION 5.25000 02/15/2027 US 600,000 $713,910.00
678252FL6 OKALOOSA CNTY FL WTR & SWR REVEN 5.00000 07/01/2023 US 2,065,000 $2,310,363.30
679111UJ1 OKLAHOMA ST TURNPIKE AUTH 5.00000 01/01/2020 US 2,750,000 $2,851,722.50
679111UL6 OKLAHOMA ST TURNPIKE AUTH 5.00000 01/01/2021 US 2,000,000 $2,129,320.00
6817936Z3 OMAHA NE PUBLIC PWR DIST 5.00000 02/01/2019 US 1,265,000 $1,277,978.90
682001FB3 OMAHA NE PUBLIC PWR DIST ELECREV 5.00000 02/01/2026 US 1,000,000 $1,146,990.00
686087PY7 OREGON ST HSG & CMNTY SVCS DEPT 1.95000 07/01/2020 US 230,000 $229,369.80
686543TM1 ORLANDO & ORANGE CNTY FL EXPRESS 5.00000 07/01/2019 US 500,000 $511,395.00
686543UH0 ORLANDO & ORANGE CNTY FL EXPRESS 5.00000 07/01/2020 US 1,165,000 $1,224,892.65
709222CM3 PENNSYLVANIA ST TPK COMMN 5.25000 07/15/2019 US 1,050,000 $1,077,457.50
709223ZB0 PENNSYLVANIA ST TURNPIKE COMMISS 5.00000 12/01/2019 US 1,000,000 $1,033,960.00
709224HA0 PENNSYLVANIA ST TURNPIKE COMMISS 5.00000 12/01/2023 US 1,200,000 $1,345,068.00
717893VQ1 PHILADELPHIA PA WTR & WSTWTR REV 5.00000 06/15/2019 US 1,000,000 $1,021,160.00
721876RC6 PIMA CNTY AZ SWR REVENUE 5.00000 07/01/2020 US 1,400,000 $1,471,470.00
721876RR3 PIMA CNTY AZ SWR REVENUE 5.00000 07/01/2019 US 1,000,000 $1,022,710.00
725304ST7 PITTSBURGH PA WTR & SWR AUTH 5.00000 09/01/2019 US 1,000,000 $1,027,200.00
735352LQ7 PORT SAINT LUCIE FL UTILITY REVE 5.25000 09/01/2023 US 500,000 $560,250.00
736742TY3 PORTLAND OR SWR SYS REVENUE 5.00000 08/01/2019 US 1,285,000 $1,317,099.30
736742XW2 PORTLAND OR SWR SYS REVENUE 5.00000 06/15/2026 US 2,480,000 $2,894,854.40
736742YT8 PORTLAND OR SWR SYS REVENUE 2.12500 06/15/2030 US 1,000,000 $878,580.00
744129FL6 PROVO UT ENERGY SYS REVENUE 5.00000 02/01/2025 US 975,000 $1,107,083.25
79575DF88 SALT RIVER AZ PROJ AGRIC 5.00000 12/01/2020 US 400,000 $425,104.00
79575DP53 SALT RIVER AZ PROJ AGRIC IMPT 5.00000 12/01/2018 US 1,340,000 $1,346,914.40
79642BX99 SAN ANTONIO TX WTR REVENUE 5.00000 05/15/2026 US 500,000 $581,695.00
79642BY72 SAN ANTONIO TX WTR REVENUE 5.00000 05/15/2026 US 2,170,000 $2,473,105.60
800803BR8 SANGAMON & MORGAN CNTYS IL CMNTY 5.50000 02/01/2019 US 725,000 $733,192.50
812631JW0 SEATTLE WA DRAIN & WSTWTR 5.00000 09/01/2021 US 2,000,000 $2,163,660.00
812631MW6 SEATTLE WA DRAIN & WSTWTR REVENU 4.00000 04/01/2026 US 2,435,000 $2,547,399.60
812643GM0 SEATTLE WA MUNI LIGHT & PWR REV 5.00000 06/01/2019 US 1,675,000 $1,708,835.00
812728TQ6 SEATTLE WA WTR SYS REVENUE 5.00000 05/01/2025 US 4,000,000 $4,603,240.00
837151LT4 SOUTH CAROLINA ST PUBLIC SVC REV 5.00000 01/01/2019 US 85,000 $85,668.95
873545GM3 TACOMA WA SWR REVENUE 4.00000 12/01/2019 US 1,095,000 $1,120,688.70
87515EAQ7 TAMPA FL HLTH SYS REVENUE 5.00000 11/15/2018 US 500,000 $501,875.00
889278SC2 TOLEDO OH 5.00000 12/01/2020 US 610,000 $641,774.90
889396MM6 TOLEDO OH WTRWKS REVENUE 5.00000 11/15/2021 US 610,000 $660,440.90
889396QA8 TOLEDO OH WTRWKS REVENUE 5.00000 11/15/2019 US 1,010,000 $1,043,814.80
890680GS4 TOPEKA KS UTILITY REVENUE 4.00000 08/01/2019 US 845,000 $858,976.30
89602NH23 TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 05/15/2023 US 2,805,000 $3,145,498.95
89602NZA5 TRIBOROUGH NY BRIDGE & TUNNELAUT 4.00000 11/15/2019 US 725,000 $741,856.25
89602NZX5 TRIBOROUGH NY BRIDGE & TUNNELAUT 5.00000 11/15/2020 US 920,000 $977,564.40
89657PGG2 TRINITY RIVER TX AUTH REVENUE 5.00000 02/01/2019 US 500,000 $505,115.00
89658HTQ3 TRINITY RIVER TX AUTH REGL WSTWT 5.00000 08/01/2023 US 2,200,000 $2,475,396.00
914054KZ3 UNIV AREA PA JT AUTH SWR REVENUE 2.25000 11/01/2027 US 1,500,000 $1,395,495.00
92817LLV3 VIRGINIA ST RESOURCES AUTH CLEAN 5.00000 10/01/2019 US 1,290,000 $1,329,319.20
92937NAF1 WPPI ENERGY WI PWR SPLY REVENUE 5.00000 07/01/2020 US 2,000,000 $2,098,580.00
932423TC0 WALLED LAKE MI CONSOL SCH DIST 5.00000 05/01/2019 US 1,000,000 $1,017,450.00
938240DM7 WASHINGTON CNTY OR CLEAN WTR 5.00000 10/01/2021 US 1,015,000 $1,099,458.15
93974CRP7 WASHINGTON ST 5.00000 01/01/2020 US 2,000,000 $2,073,980.00
93974DKT4 WASHINGTON ST 5.00000 02/01/2025 US 2,675,000 $3,047,413.50
93978HFF7 WASHINGTON ST HLTH CARE FACS AUT 5.00000 10/01/2018 US 475,000 $475,000.00
955023QT6 WEST OTTAWA MI PUBLIC SCH DIST 5.00000 05/01/2019 US 400,000 $406,932.00
967338WU4 WICHITA KS WTR & SWR UTILITY REV 5.00000 10/01/2019 US 2,000,000 $2,059,340.00
97710BR87 WISCONSIN ST HLTH & EDUCTNL FACS 3.00000 08/15/2019 US 510,000 $514,192.20
97712DCC8 WISCONSIN ST HLTH & EDUCTNL FACS 5.00000 11/15/2018 US 600,000 $602,214.00
982674JF1 WYANDOTTE CNTY KANSAS CITY KSUNI 5.00000 09/01/2020 US 1,495,000 $1,574,160.25
985900CR8 YAVAPAI CNTY AZ INDL DEV AUTH HO 5.00000 10/01/2020 US 460,000 $486,606.40

Investments will change over time.

Distributions

  • Diversified Tax Exempt Series Distribution History
  • 2018 Distribution Calendar
  • Fourth Quarter 2017 Distributions
  • Third Quarter 2018 Distributions
  • Second Quarter 2018 Distributions
  • First Quarter 2018 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.


Loading...