Investment Objective

To provide as high a level of current income exempt from federal income tax and New York State personal 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 and New York State personal income tax.

May be Appropriate for Investors

  • Seeking income that is exempt from federal and New York State 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

$10.90

Daily $ Change

$0.00

Daily % Change

0.00%

as of 08/04/2021

Ticker

MNNWX

CUSIP

56382R340

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
N-Port Part F Reports

Performance

As of 06/30/2021

YTD

0.69%

1 Year

2.90%

3 Year

4.10%

5 Year

2.23%

10 Year

2.11%

Inception
(01/17/1994)

3.59%

Inception performance is based on the New York Tax Exempt Series Class A inception of 01/17/1994. 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 0.68%
Net 0.16%*

*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 06/30/2021

NEW YORK CITY NY TRANSITIONALFIN 5.00000 11/01/2022 6.61%
NEW YORK CITY NY MUNI WTR FIN 5.00000 06/15/2027 5.04%
NEW YORK ST URBAN DEV CORP SALES 4.00000 09/15/2029 4.85%
NEW YORK ST ENVRNMNTL FACS CORP 4.00000 08/15/2026 4.67%
NEW YORK CITY NY TRANSITIONALFIN 5.00000 07/15/2023 4.55%
NEW YORK ST DORM AUTH ST 5.00000 09/15/2028 4.31%
NEW YORK NY SER D- SUBSER - D1 4.00000 12/01/2028 4.00%
NEW YORK ST DORM AUTH 5.00000 02/15/2027 3.83%
SCHNECTADY CNTY NY 2.00000 12/15/2024 3.24%
NEW YORK ST DORM AUTH SALES TAX 4.00000 03/15/2028 3.21%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2021

Revenue 65.40%
G.O. 28.78%
Pre-Refund 0.97%
Cash 3.75%
Other 1.10%

Credit Quality Distribution

As of 06/30/2021

AAA 12.38%
AA 75.28%
A 12.29%
NR 0.05%

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 06/30/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
071138MS7 BATH NY CENTRL SCH DIST 4.00000 06/15/2025 US 750,000 $857,340.00
073671TD1 BEACON NY CITY SCH DIST 2.00000 06/15/2024 US 390,000 $407,667.00
107799PJ1 BRIARCLIFF MANOR NY 5.00000 02/01/2023 US 400,000 $430,728.00
109409GF3 BRIGHTON NY CENTRL SCH DIST 2.12500 06/15/2025 US 500,000 $531,545.00
113067HH8 BROOKHAVEN COMSEWOGUE 2.25000 05/15/2024 US 500,000 $525,845.00
113152XB3 BROOKHAVEN NY 4.00000 03/15/2024 US 400,000 $440,136.00
119677MP4 BUFFALO NY SER A 5.00000 04/01/2024 US 250,000 $282,097.50
119699JG2 BUFFALO NY MUNI WTR FIN AUTH 4.00000 07/01/2022 US 300,000 $311,658.00
119699JH0 BUFFALO NY MUNI WTR FIN AUTH 5.00000 07/01/2023 US 300,000 $327,429.00
119699KM7 BUFFALO NY MUNI WTR FIN AUTH 5.00000 07/01/2026 US 250,000 $297,692.50
119699KN5 BUFFALO NY MUNI WTR FIN AUTH 5.00000 07/01/2026 US 600,000 $709,644.00
119699KP0 BUFFALO NY MUNI WTR FIN AUTH 5.00000 07/01/2026 US 250,000 $293,695.00
262006208 DREYFUS GVT CSH MANAGEMENT US 1,880,066.73 $1,880,066.73
293359ET8 TROY NY SCH DIST 2.00000 06/01/2026 US 500,000 $530,845.00
29508RKV7 ERIE CNTY NY FISCAL STABILITYAUT 5.00000 09/01/2027 US 1,000,000 $1,235,380.00
30309HAC1 FRETE 2019- ML05 TRUST 3.40000 01/25/2036 US 481,979.03 $551,981.67
392460ZT1 GREECE NY CENTRL SCH DIST 2.50000 06/15/2023 US 620,000 $647,559.00
496098GS7 KINGS PARK NY CENTRL SCH DIST 2.00000 09/01/2024 US 415,000 $436,559.25
59261AG35 MET TRANSPRTN AUTH NY REVENUE 4.75000 05/15/2030 US 1,175,000 $1,445,179.50
64966QAZ3 NEW YORK NY SER D- SUBSER - D1 4.00000 12/01/2028 US 1,650,000 $1,930,615.50
64971QXP3 NEW YORK CITY NY TRANSITIONALFIN 5.00000 11/01/2022 US 3,000,000 $3,193,200.00
64972GKA1 NEW YORK CITY NY MUNI WTR FINAUT 3.00000 06/15/2026 US 1,250,000 $1,337,212.50
64972GPJ7 NEW YORK CITY NY MUNI WTR FIN 5.00000 06/15/2027 US 2,000,000 $2,434,340.00
64972HXG2 NEW YORK CITY NY TRANSITIONALFIN 5.00000 07/15/2023 US 2,000,000 $2,196,120.00
64972HZH8 NEW YORK CITY NY TRANSITIONAL 5.00000 07/15/2023 US 820,000 $900,409.20
649791GL8 NEW YORK ST 4.25000 12/15/2021 US 480,000 $489,014.40
649791KL3 NEW YORK ST 5.00000 03/15/2023 US 510,000 $552,069.90
64985HWH6 NEW YORK ST ENVRNMNTL FACS CORP 4.00000 08/15/2026 US 2,000,000 $2,256,220.00
64985TAR2 NEW YORK ST URBAN DEV CORP SALES 4.00000 09/15/2029 US 2,000,000 $2,344,440.00
64986AZ79 NEW YORK ST ENVRNMNTL FACS CORP 5.00000 06/15/2023 US 300,000 $328,068.00
64990AJD8 NEW YORK ST DORM AUTH SALES TAX 4.00000 03/15/2028 US 1,350,000 $1,552,486.50
64990FJK1 NEW YORK ST DORM AUTH ST 5.00000 09/15/2028 US 1,680,000 $2,084,325.60
64990FJL9 NEW YORK ST DORM AUTH ST PERSONA 4.00000 09/15/2028 US 600,000 $696,768.00
64990FWA8 NEW YORK ST DORM AUTH 5.00000 02/15/2027 US 1,500,000 $1,848,675.00
64990GPA4 NEW YORK ST DORM AUTH REVENUES 4.00000 10/01/2027 US 1,000,000 $1,131,530.00
650010CA7 NEW YORK ST THRUWAY 4.00000 01/01/2030 US 1,000,000 $1,184,160.00
650035T99 NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2026 US 1,250,000 $1,501,037.50
662028FR5 NORTH ROSE - WOLCOTT NY 2.00000 06/15/2025 US 500,000 $528,295.00
6827455N0 ONONDAGA CNTY NY 5.00000 05/15/2023 US 1,000,000 $1,090,030.00
713873RB5 PERINTON NY 3.00000 12/15/2021 US 210,000 $212,660.70
713873RC3 PERINTON NY 4.00000 12/15/2022 US 210,000 $221,451.30
713873RD1 PERINTON NY 4.00000 12/15/2023 US 160,000 $174,396.80
73358WJJ4 PORT AUTH OF NEW YORK & NEW JERS 5.00000 12/01/2021 US 435,000 $443,708.70
73358WSS4 PORT AUTH OF NEW YORK & NEW JERS 5.00000 09/01/2024 US 1,000,000 $1,147,630.00
771690E26 ROCHESTER NY 5.00000 08/15/2022 US 95,000 $100,091.05
785721UD1 SACHEM NY CENTRL SCH DIST 5.00000 10/15/2023 US 250,000 $277,492.50
806415W68 SCHNECTADY CNTY NY 2.00000 12/15/2024 US 1,485,000 $1,565,249.40
832458L43 SMITHTOWN NY 2.00000 02/15/2022 US 675,000 $682,769.25
832458L50 SMITHTOWN NY 2.00000 02/15/2023 US 435,000 $447,906.45
864784FD0 SUFFOLK CNTY NY WTR AUTH 4.00000 12/01/2021 US 25,000 $25,398.00
864784FE8 SUFFOLK CNTY NY WTR AUTH 4.00000 12/01/2021 US 175,000 $177,822.75
865270XZ0 SULLIVAN CNTY NY 3.00000 11/15/2023 US 500,000 $529,085.00
89602N2P8 TRIBOROUGH NY BRIDGE & TUNNELAUT 5.00000 11/15/2023 US 350,000 $389,284.00
89602N7H1 TRIBOROUGH NY BRIDGE & TUNNEL 5.00000 05/15/2027 US 360,000 $446,086.80
89602RFK6 TRIBOROUGH BRIDGE & TUNNEL AUTH 4.00000 05/15/2029 US 500,000 $586,495.00
925445RH3 VESTAL NY CENTRL SCH DIST 2.00000 06/15/2025 US 685,000 $725,421.85
948123PZ1 WEBSTER NY CENTRAL SCH DIST 2.00000 10/15/2021 US 315,000 $316,691.55

Investments will change over time.

Distributions

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

$10.90

Daily $ Change

$0.00

Daily % Change

0.00%

as of 08/04/2021

Ticker

MNNWX

CUSIP

56382R340

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
N-Port Part F Reports

Investment Objective

To provide as high a level of current income exempt from federal income tax and New York State personal 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 and New York State personal income tax.

May be Appropriate for Investors

  • Seeking income that is exempt from federal and New York State 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 06/30/2021

YTD

0.69%

1 Year

2.90%

3 Year

4.10%

5 Year

2.23%

10 Year

2.11%

Inception
(01/17/1994)

3.59%

Inception performance is based on the New York Tax Exempt Series Class A inception of 01/17/1994. 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 0.68%
Net 0.16%*

*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 06/30/2021

NEW YORK CITY NY TRANSITIONALFIN 5.00000 11/01/2022 6.61%
NEW YORK CITY NY MUNI WTR FIN 5.00000 06/15/2027 5.04%
NEW YORK ST URBAN DEV CORP SALES 4.00000 09/15/2029 4.85%
NEW YORK ST ENVRNMNTL FACS CORP 4.00000 08/15/2026 4.67%
NEW YORK CITY NY TRANSITIONALFIN 5.00000 07/15/2023 4.55%
NEW YORK ST DORM AUTH ST 5.00000 09/15/2028 4.31%
NEW YORK NY SER D- SUBSER - D1 4.00000 12/01/2028 4.00%
NEW YORK ST DORM AUTH 5.00000 02/15/2027 3.83%
SCHNECTADY CNTY NY 2.00000 12/15/2024 3.24%
NEW YORK ST DORM AUTH SALES TAX 4.00000 03/15/2028 3.21%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 06/30/2021

Revenue
65.40%
G.O.
28.78%
Pre-Refund
0.97%
Cash
3.75%
Other
1.10%

Credit Quality Distribution

As of 06/30/2021

AAA
12.38%
AA
75.28%
A
12.29%
NR
0.05%

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 06/30/2021

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
071138MS7 BATH NY CENTRL SCH DIST 4.00000 06/15/2025 US 750,000 $857,340.00
073671TD1 BEACON NY CITY SCH DIST 2.00000 06/15/2024 US 390,000 $407,667.00
107799PJ1 BRIARCLIFF MANOR NY 5.00000 02/01/2023 US 400,000 $430,728.00
109409GF3 BRIGHTON NY CENTRL SCH DIST 2.12500 06/15/2025 US 500,000 $531,545.00
113067HH8 BROOKHAVEN COMSEWOGUE 2.25000 05/15/2024 US 500,000 $525,845.00
113152XB3 BROOKHAVEN NY 4.00000 03/15/2024 US 400,000 $440,136.00
119677MP4 BUFFALO NY SER A 5.00000 04/01/2024 US 250,000 $282,097.50
119699JG2 BUFFALO NY MUNI WTR FIN AUTH 4.00000 07/01/2022 US 300,000 $311,658.00
119699JH0 BUFFALO NY MUNI WTR FIN AUTH 5.00000 07/01/2023 US 300,000 $327,429.00
119699KM7 BUFFALO NY MUNI WTR FIN AUTH 5.00000 07/01/2026 US 250,000 $297,692.50
119699KN5 BUFFALO NY MUNI WTR FIN AUTH 5.00000 07/01/2026 US 600,000 $709,644.00
119699KP0 BUFFALO NY MUNI WTR FIN AUTH 5.00000 07/01/2026 US 250,000 $293,695.00
262006208 DREYFUS GVT CSH MANAGEMENT US 1,880,066.73 $1,880,066.73
293359ET8 TROY NY SCH DIST 2.00000 06/01/2026 US 500,000 $530,845.00
29508RKV7 ERIE CNTY NY FISCAL STABILITYAUT 5.00000 09/01/2027 US 1,000,000 $1,235,380.00
30309HAC1 FRETE 2019- ML05 TRUST 3.40000 01/25/2036 US 481,979.03 $551,981.67
392460ZT1 GREECE NY CENTRL SCH DIST 2.50000 06/15/2023 US 620,000 $647,559.00
496098GS7 KINGS PARK NY CENTRL SCH DIST 2.00000 09/01/2024 US 415,000 $436,559.25
59261AG35 MET TRANSPRTN AUTH NY REVENUE 4.75000 05/15/2030 US 1,175,000 $1,445,179.50
64966QAZ3 NEW YORK NY SER D- SUBSER - D1 4.00000 12/01/2028 US 1,650,000 $1,930,615.50
64971QXP3 NEW YORK CITY NY TRANSITIONALFIN 5.00000 11/01/2022 US 3,000,000 $3,193,200.00
64972GKA1 NEW YORK CITY NY MUNI WTR FINAUT 3.00000 06/15/2026 US 1,250,000 $1,337,212.50
64972GPJ7 NEW YORK CITY NY MUNI WTR FIN 5.00000 06/15/2027 US 2,000,000 $2,434,340.00
64972HXG2 NEW YORK CITY NY TRANSITIONALFIN 5.00000 07/15/2023 US 2,000,000 $2,196,120.00
64972HZH8 NEW YORK CITY NY TRANSITIONAL 5.00000 07/15/2023 US 820,000 $900,409.20
649791GL8 NEW YORK ST 4.25000 12/15/2021 US 480,000 $489,014.40
649791KL3 NEW YORK ST 5.00000 03/15/2023 US 510,000 $552,069.90
64985HWH6 NEW YORK ST ENVRNMNTL FACS CORP 4.00000 08/15/2026 US 2,000,000 $2,256,220.00
64985TAR2 NEW YORK ST URBAN DEV CORP SALES 4.00000 09/15/2029 US 2,000,000 $2,344,440.00
64986AZ79 NEW YORK ST ENVRNMNTL FACS CORP 5.00000 06/15/2023 US 300,000 $328,068.00
64990AJD8 NEW YORK ST DORM AUTH SALES TAX 4.00000 03/15/2028 US 1,350,000 $1,552,486.50
64990FJK1 NEW YORK ST DORM AUTH ST 5.00000 09/15/2028 US 1,680,000 $2,084,325.60
64990FJL9 NEW YORK ST DORM AUTH ST PERSONA 4.00000 09/15/2028 US 600,000 $696,768.00
64990FWA8 NEW YORK ST DORM AUTH 5.00000 02/15/2027 US 1,500,000 $1,848,675.00
64990GPA4 NEW YORK ST DORM AUTH REVENUES 4.00000 10/01/2027 US 1,000,000 $1,131,530.00
650010CA7 NEW YORK ST THRUWAY 4.00000 01/01/2030 US 1,000,000 $1,184,160.00
650035T99 NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2026 US 1,250,000 $1,501,037.50
662028FR5 NORTH ROSE - WOLCOTT NY 2.00000 06/15/2025 US 500,000 $528,295.00
6827455N0 ONONDAGA CNTY NY 5.00000 05/15/2023 US 1,000,000 $1,090,030.00
713873RB5 PERINTON NY 3.00000 12/15/2021 US 210,000 $212,660.70
713873RC3 PERINTON NY 4.00000 12/15/2022 US 210,000 $221,451.30
713873RD1 PERINTON NY 4.00000 12/15/2023 US 160,000 $174,396.80
73358WJJ4 PORT AUTH OF NEW YORK & NEW JERS 5.00000 12/01/2021 US 435,000 $443,708.70
73358WSS4 PORT AUTH OF NEW YORK & NEW JERS 5.00000 09/01/2024 US 1,000,000 $1,147,630.00
771690E26 ROCHESTER NY 5.00000 08/15/2022 US 95,000 $100,091.05
785721UD1 SACHEM NY CENTRL SCH DIST 5.00000 10/15/2023 US 250,000 $277,492.50
806415W68 SCHNECTADY CNTY NY 2.00000 12/15/2024 US 1,485,000 $1,565,249.40
832458L43 SMITHTOWN NY 2.00000 02/15/2022 US 675,000 $682,769.25
832458L50 SMITHTOWN NY 2.00000 02/15/2023 US 435,000 $447,906.45
864784FD0 SUFFOLK CNTY NY WTR AUTH 4.00000 12/01/2021 US 25,000 $25,398.00
864784FE8 SUFFOLK CNTY NY WTR AUTH 4.00000 12/01/2021 US 175,000 $177,822.75
865270XZ0 SULLIVAN CNTY NY 3.00000 11/15/2023 US 500,000 $529,085.00
89602N2P8 TRIBOROUGH NY BRIDGE & TUNNELAUT 5.00000 11/15/2023 US 350,000 $389,284.00
89602N7H1 TRIBOROUGH NY BRIDGE & TUNNEL 5.00000 05/15/2027 US 360,000 $446,086.80
89602RFK6 TRIBOROUGH BRIDGE & TUNNEL AUTH 4.00000 05/15/2029 US 500,000 $586,495.00
925445RH3 VESTAL NY CENTRL SCH DIST 2.00000 06/15/2025 US 685,000 $725,421.85
948123PZ1 WEBSTER NY CENTRAL SCH DIST 2.00000 10/15/2021 US 315,000 $316,691.55

Investments will change over time.

Distributions

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