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

Availability

Available in New York State.

Daily Price

$10.19

Daily $ Change

-$0.01

Daily % Change

-0.10%

as of 10/18/2018

Ticker

EXNTX

CUSIP

563821719

Inception Date

01/17/1994

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

-0.86%

1 Year

-1.38%

3 Year

0.31%

5 Year

0.71%

10 Year

2.72%

Inception
(01/17/1994)

3.47%

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

3.31%

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 0.60%

Top Ten Investments

As of 09/30/2018

NEW YORK NY 5.00000 08/01/2024 3.99%
NEW YORK ST DORM AUTH ST PERSONA 5.00000 02/15/2024 3.27%
NEW YORK CITY NY MUNI WTR FINAUT 5.00000 06/15/2025 2.52%
NEW YORK CITY NY TRANSITIONALFIN 5.00000 11/01/2022 2.39%
NEW YORK NY 5.00000 08/01/2023 2.18%
PORT AUTH OF NEW YORK & NEW JERS 5.00000 09/01/2024 2.06%
NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2027 2.04%
NEW YORK ST LOCAL GOVT ASSIST 5.00000 04/01/2020 1.88%
NASSAU CNTY NY 5.00000 04/01/2019 1.77%
NEW YORK ST URBAN DEV CORP 4.00000 09/15/2027 1.65%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 09/30/2018

Revenue 61.35%
G.O. 35.92%
Pre-Refund 1.32%
Cash 1.41%

Credit Quality Distribution

As of 09/30/2018

AAA 9.82%
AA 79.70%
A 9.39%
NR 1.09%

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)
01244QBU9 ALBANY NY MUNI WTR FIN AUTH 5.00000 12/01/2018 US 1,295,000 $1,301,772.85
01244QBV7 ALBANY NY MUNI WTR FIN AUTH 2ND 5.00000 12/01/2019 US 1,125,000 $1,164,926.25
0313033Y4 AMHERST NY 2.12500 11/01/2025 US 675,000 $650,436.75
041717MC0 ARLINGTON NY CENTRAL SCH DIST 4.00000 12/15/2020 US 400,000 $417,060.00
041717MD8 ARLINGTON NY CENTRL SCH DIST 4.00000 12/15/2021 US 300,000 $317,559.00
05620PKT9 BABYLON NY 2.25000 12/01/2026 US 705,000 $692,556.75
073653MR5 BEACON NY 3.00000 10/01/2018 US 675,000 $675,000.00
076316KB3 BEDFORD NY CENTRL SCH DIST 2.00000 10/15/2021 US 500,000 $500,000.00
107799LT3 BRIARCLIFF MANOR NY 3.00000 02/01/2020 US 265,000 $268,773.60
113152TQ5 BROOKHAVEN NY 3.00000 02/01/2019 US 1,385,000 $1,390,512.30
119699JG2 BUFFALO NY MUNI WTR FIN AUTH 4.00000 07/01/2022 US 300,000 $318,867.00
119699JH0 BUFFALO NY MUNI WTR FIN AUTH 5.00000 07/01/2023 US 300,000 $335,361.00
137177UA7 CANANDAIGUA NY CITY SCH DIST 2.12500 06/15/2026 US 540,000 $517,374.00
149465ZF6 CATTARAUGUS CNTY NY 2.00000 04/15/2019 US 405,000 $405,319.95
159555KP5 CHAPPAQUA NY CENTRL SCH DIST 2.25000 06/15/2025 US 675,000 $669,998.25
164095EW7 CHENANGO VLY NY CENTRL SCH 2.12500 06/15/2021 US 500,000 $491,250.00
180312KE9 CLARENCE NY CENTRL SCH DIST 4.00000 05/15/2021 US 250,000 $262,955.00
182306R36 CLARKSTOWN NY 4.00000 05/15/2019 US 375,000 $380,006.25
182324TN3 CLARKSTOWN NY CENTRL SCH DIST 4.00000 10/15/2020 US 500,000 $519,650.00
219417SD5 CORNING NY CITY SCH DIST 4.00000 06/15/2026 US 995,000 $1,090,181.70
220605JU4 CORTLAND CNTY NY 2.75000 09/01/2019 US 305,000 $307,141.10
262006208 DREYFUS GVT CSH MANAGEMENT US 1,986,171.23 $1,986,171.23
2670393W3 DUTCHESS CNTY NY 2.12500 12/15/2023 US 850,000 $845,214.50
29508RFH4 ERIE CNTY NY FISCAL STABILITYAUT 4.00000 03/15/2019 US 600,000 $605,976.00
296821EF4 ESSEX CNTY NY 5.00000 05/01/2020 US 500,000 $523,615.00
364704NN2 GANANDA NY CENTRL SCH DIST 3.00000 06/15/2019 US 250,000 $251,785.00
367352QL8 GATES CHILI NY CENTRL SCH DIST 2.00000 06/15/2019 US 215,000 $215,206.40
392460ZT1 GREECE NY CENTRL SCH DIST 2.50000 06/15/2023 US 620,000 $626,317.80
463352EY6 IROQUOIS NY CENTRL SCH DIST 2.00000 06/15/2021 US 500,000 $500,075.00
464776NW9 ISLIP NY UNION FREE SCH DIST 2.25000 03/01/2019 US 475,000 $475,831.25
470592KJ4 JAMESTOWN NY CITY SCH DIST 3.00000 04/01/2019 US 200,000 $201,044.00
496098EW0 KINGS PARK NY CENTRL SCH DIST 2.00000 08/01/2020 US 500,000 $500,620.00
496098GC2 KINGS PARK NY CENTRL SCH DIST 2.00000 07/15/2025 US 800,000 $765,160.00
540006JW4 LOCKPORT CITY NY SCH DIST 2.00000 08/01/2019 US 450,000 $450,436.50
561484TK2 MAMARONECK TOWN NY 2.00000 07/15/2020 US 335,000 $334,936.35
59259N6Y4 MET TRANSPRTN AUTH NY 5.00000 11/15/2025 US 1,350,000 $1,576,489.50
59259NNU3 MET TRANSPRTN AUTH NY DEDICATED 5.25000 11/15/2018 US 200,000 $200,824.00
59259NV42 MET TRANSPRTN AUTH NY DEDICATED 5.00000 11/15/2023 US 1,885,000 $2,121,661.75
59259YTP4 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2019 US 1,000,000 $1,033,700.00
59259YTU3 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2022 US 505,000 $553,697.15
59259YWV7 MET TRANSPORTN AUTH NY REVENUE 5.00000 11/15/2021 US 1,000,000 $1,084,260.00
59259YY60 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2018 US 650,000 $652,437.50
59259YY78 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2019 US 500,000 $516,850.00
59261AAF4 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2022 US 250,000 $276,482.50
59261ADJ3 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2025 US 750,000 $858,937.50
59261ADU8 MET TRANSPRTN AUTH NY REVENUE 6.50000 11/15/2018 US 700,000 $703,955.00
59261AKA4 MET TRANSPRTN AUTH NY REVENUE 6.50000 11/15/2018 US 90,000 $90,508.50
59261AKC0 MET TRANSPRTN AUTH NY REVENUE 6.50000 11/15/2018 US 210,000 $211,173.90
595685PJ1 MIDDLE COUNTRY NY CENTRL SCH DIS 2.00000 08/15/2026 US 1,005,000 $945,835.65
610763NU4 MONROE CNTY NY WTR AUTH 5.00000 08/01/2019 US 455,000 $466,707.15
630599JC3 NAPLES NY CENTRAL SCH DIST 2.50000 06/15/2020 US 710,000 $717,092.90
63165N7M4 NASSAU CNTY NY 5.00000 04/01/2019 US 2,425,000 $2,462,029.75
63166QBL3 NASSAU CNTY NY SWR & STORM WTR F 5.00000 11/01/2018 US 350,000 $350,885.50
63166QBS8 NASSAU CNTY NY SWR & STORM WTR 5.00000 10/01/2018 US 500,000 $500,000.00
63166QBW9 NASSAU CNTY NY SWR & STORM WTR 5.00000 10/01/2022 US 500,000 $555,925.00
64966LS77 NEW YORK NY 5.00000 08/01/2023 US 2,700,000 $3,028,779.00
64966LZV6 NEW YORK NY 5.00000 08/01/2024 US 4,865,000 $5,537,878.15
64971QXP3 NEW YORK CITY NY TRANSITIONALFIN 5.00000 11/01/2022 US 3,000,000 $3,317,400.00
64971WAV2 NEW YORK CITY NY TRANSITIONAL 5.00000 11/01/2023 US 2,000,000 $2,258,520.00
64971WPN4 NEW YORK CITY NY TRANSITIONALFIN 5.00000 05/01/2025 US 750,000 $867,045.00
64971WTP5 NEW YORK CITY NY TRANSITIONALFIN 5.00000 02/01/2025 US 475,000 $544,711.00
64971WWS5 NEW YORK CITY NY TRANSITIONAL 3.25000 08/01/2035 US 1,000,000 $968,370.00
64972F3P9 NEW YORK CITY MUNI WTR FIN AUTH 4.00000 06/15/2020 US 350,000 $362,190.50
64972GJC9 NEW YORK CITY NY MUNI WTR FINAUT 5.00000 06/15/2025 US 3,000,000 $3,498,360.00
64972GKA1 NEW YORK CITY NY MUNI WTR FINAUT 3.00000 06/15/2036 US 1,250,000 $1,136,587.50
64972GPJ7 NEW YORK CITY NY MUNI WTR FIN 5.00000 06/15/2027 US 2,000,000 $2,236,020.00
64972HVU3 NEW YORK CITY NY TRANSITIONALFIN 5.00000 07/15/2019 US 1,000,000 $1,024,520.00
64972HXG2 NEW YORK CITY NY TRANSITIONALFIN 5.00000 07/15/2023 US 2,000,000 $2,242,380.00
64972HYJ5 NEW YORK CITY NY TRANSITIONAL 5.00000 01/15/2026 US 1,250,000 $1,448,812.50
649791FT2 NEW YORK ST 5.00000 12/15/2019 US 565,000 $586,193.15
649791HE3 NEW YORK ST 5.00000 03/01/2021 US 1,000,000 $1,073,030.00
64985HWH6 NEW YORK ST ENVRNMNTL FACS CORP 4.00000 08/15/2026 US 2,000,000 $2,040,580.00
64986AP62 NEW YORK ST ENVRNMNTL FACS CORP 5.00000 06/15/2021 US 1,000,000 $1,075,230.00
64986AU58 NEW YORK ST ENVRNMNTL FACS CORP 5.00000 06/15/2020 US 1,250,000 $1,314,587.50
64986DAQ8 NEW YORK ST ENVRNMNTL FACS CORP 5.00000 06/15/2026 US 1,000,000 $1,150,700.00
64986DBP9 NEW YORK ST ENVRNMNTL FACS CORP 5.00000 06/15/2026 US 1,000,000 $1,134,390.00
649876S59 NEW YORK ST LOCAL GOVT ASSIST 5.50000 04/01/2019 US 445,000 $453,090.10
649876U49 NEW YORK ST LOCAL GOVT ASSIST 5.00000 04/01/2020 US 2,500,000 $2,610,850.00
64989KJF4 NEW YORK ST PWR AUTH REVENUE 4.00000 11/15/2018 US 220,000 $220,598.40
649902AW3 NEW YORK ST DORM AUTH ST PERSONA 5.50000 03/15/2026 US 1,200,000 $1,438,872.00
649905VA1 NEW YORK ST DORM AUTH REVENUES 5.00000 07/01/2019 US 225,000 $230,161.50
649907AM4 NEW YORK ST DORM AUTH REV 5.00000 10/01/2018 US 500,000 $500,000.00
649907QR6 NEW YORK ST DORM AUTH REVENUES 5.00000 10/01/2023 US 1,000,000 $1,118,750.00
64990ADM4 NEW YORK ST DORM AUTH SALES TAX 5.00000 03/15/2021 US 1,400,000 $1,498,294.00
64990ADR3 NEW YORK ST DORM AUTH SALES TAX 5.00000 03/15/2025 US 500,000 $577,280.00
64990AGC3 NEW YORK ST DORM AUTH SALES TAX 5.00000 03/15/2027 US 1,500,000 $1,740,720.00
64990AGV1 NEW YORK ST DORM AUTH SALES TAX 4.00000 03/15/2027 US 1,050,000 $1,065,802.50
64990AJK2 NEW YORK ST DORM AUTH SALES TAX 5.00000 03/15/2021 US 2,000,000 $2,140,420.00
64990BBJ1 NEW YORK ST DORM AUTH REVENUES 4.00000 10/01/2018 US 250,000 $250,000.00
64990BBU6 NEW YORK ST DORM AUTH REVENUES 5.00000 04/01/2019 US 1,265,000 $1,284,316.55
64990BP49 NEW YORK ST DORM AUTH REVENUES 3.00000 10/01/2026 US 1,000,000 $1,019,280.00
64990E4U8 NEW YORK ST DORM AUTH ST PERSONA 5.00000 08/15/2026 US 300,000 $349,770.00
64990E5M5 NEW YORK ST DORM AUTH ST PERSONA 5.00000 02/15/2024 US 4,000,000 $4,533,840.00
64990EX28 NEW YORK ST DORM AUTH ST 3.50000 03/15/2037 US 850,000 $825,180.00
64990EYE1 NEW YORK ST DORM AUTH ST PERSONA 5.00000 03/15/2025 US 500,000 $575,990.00
64990HGJ3 NEW YORK ST DORM AUTH REV 5.00000 07/01/2019 US 750,000 $767,430.00
650009XW8 NEW YORK ST THRUWAY AUTH SER I 4.00000 01/01/2019 US 525,000 $527,793.00
650014WV1 NEW YORK ST THRUWAY AUTH 2ND GEN 5.00000 10/01/2018 US 100,000 $100,000.00
650014XA6 NEW YORK ST THRUWAY AUTH 2ND GEN 5.00000 10/01/2018 US 250,000 $250,000.00
650028SK0 NEW YORK ST THRUWAY AUTH PERSONA 5.00000 03/15/2020 US 550,000 $573,826.00
6500354H8 NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2027 US 2,500,000 $2,828,950.00
6500357L6 NEW YORK ST URBAN DEV CORP 4.00000 09/15/2027 US 2,250,000 $2,290,702.50
650035W95 NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2026 US 1,050,000 $1,223,586.00
653352G57 NIAGARA CNTY NY 2.00000 02/01/2020 US 500,000 $500,385.00
658731KQ6 NORTH COLONIE NY CENTRL SCH DIST 4.00000 07/15/2020 US 400,000 $414,672.00
6824545V1 ONEIDA CNTY NY 3.00000 05/01/2019 US 400,000 $401,900.00
6824547G2 ONEIDA CNTY NY 2.50000 05/15/2019 US 500,000 $501,925.00
6827454B7 ONONDAGA CNTY NY 5.00000 05/01/2020 US 250,000 $262,287.50
6827455M2 ONONDAGA CNTY NY 5.00000 05/15/2022 US 1,000,000 $1,103,480.00
6827455N0 ONONDAGA CNTY NY 5.00000 05/15/2023 US 1,000,000 $1,127,010.00
6827457M0 ONONDAGA CNTY NY 2.12500 06/15/2030 US 715,000 $629,285.80
6845753K7 ORANGE CNTY NY 5.00000 03/01/2023 US 520,000 $581,843.60
725633TS0 PITTSFORD NY 2.00000 11/01/2025 US 580,000 $561,590.80
725633TT8 PITTSFORD NY 2.00000 11/01/2026 US 595,000 $565,601.05
725635EH5 PITTSFORD NY CENTRL SCH DIST 4.00000 10/01/2021 US 350,000 $369,638.50
73358WQH0 PORT AUH OF NEW YORK & NEW JERSE 5.00000 12/01/2018 US 400,000 $402,124.00
73358WQN7 PORT AUTH OF NEW YORK & NEW JERS 5.00000 12/01/2023 US 765,000 $864,610.65
73358WRJ5 PORT AUTH OF NEW YORK & NEW JERS 4.00000 06/01/2019 US 200,000 $202,900.00
73358WSS4 PORT AUTH OF NEW YORK & NEW JERS 5.00000 09/01/2024 US 2,500,000 $2,862,275.00
73358WWL4 PORT AUTH OF NEW YORK & NEW JERS 5.00000 05/01/2024 US 800,000 $914,304.00
746639TJ2 PUTNAM CNTY NY 2.00000 11/15/2018 US 300,000 $300,078.00
759897VY4 RENSSELEAR CNTY NY 2.00000 07/15/2020 US 930,000 $930,130.20
771690E26 ROCHESTER NY 5.00000 08/15/2022 US 95,000 $105,147.90
771694KN5 ROCHESTER NY 5.00000 02/01/2019 US 1,625,000 $1,642,062.50
778190FN3 ROSLYN NY UNION FREE SCH DIST 5.00000 10/15/2020 US 215,000 $228,115.00
823194ZX6 SHENENDEHOWA NY CENTRL SCH DIST 4.00000 07/15/2020 US 475,000 $492,423.00
838488DU5 SOUTH JEFFERSON NY CENTRAL SCH 2.00000 06/15/2019 US 710,000 $710,930.10
86476PPK8 SUFFOLK CNTY NY 5.00000 10/01/2019 US 1,000,000 $1,029,670.00
864784DE0 SUFFOLK CNTY NY WTR AUTH WTRWKS 5.00000 06/01/2021 US 1,225,000 $1,321,824.00
864784DW0 SUFFOLK CNTY NY WTR AUTH 5.00000 06/01/2019 US 775,000 $791,120.00
864784FD0 SUFFOLK CNTY NY WTR AUTH 4.00000 12/01/2021 US 25,000 $26,501.25
864784FE8 SUFFOLK CNTY NY WTR AUTH 4.00000 12/01/2021 US 175,000 $185,178.00
865270WS7 SULLIVAN CNTY NY 2.00000 06/01/2019 US 1,015,000 $1,016,055.60
865270XZ0 SULLIVAN CNTY NY 3.00000 11/15/2023 US 500,000 $517,540.00
890159G26 TONAWANDA NY 2.00000 06/01/2019 US 355,000 $355,298.20
89602N2P8 TRIBOROUGH NY BRIDGE & TUNNELAUT 5.00000 11/15/2023 US 350,000 $396,651.50
89602N5B6 TRIBOROUGH NY BRIDGE & TUNNEL 5.00000 11/15/2024 US 650,000 $747,227.00
89602NM43 TRIBOROUGH NY BRIDGE & TUNNEL 5.00000 11/15/2018 US 305,000 $306,180.35
89602NMJ0 TRIBOROUGH NY BRIDGE & TUNNEL 5.00000 11/15/2018 US 890,000 $893,390.90
89602NN67 TRIBOROUGH NY BRIDGE & TUNNELAUT 5.00000 11/15/2018 US 310,000 $311,199.70
89602NPF5 TRIBOROUGH NY BRG & TUN AUTH REV 5.00000 11/15/2018 US 500,000 $501,905.00
89602NXV1 TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 11/15/2019 US 1,075,000 $1,111,840.25
89602NZF4 TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 11/15/2022 US 1,000,000 $1,108,420.00
89602NZS6 TRIBOROGH NY BRIDGE & TUNNEL AUT 4.00000 11/15/2018 US 250,000 $250,657.50
89602NZW7 TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 11/15/2019 US 820,000 $848,101.40
89602NZZ0 TRIBOROUGH NY BRIDGE & TUNNELAUT 5.00000 11/15/2022 US 1,000,000 $1,113,010.00
903766G72 ULSTER CNTY NY 2.00000 11/15/2020 US 685,000 $684,431.45
903766YP2 ULSTER CNTY NY 4.00000 11/15/2019 US 510,000 $521,857.50
906582JX0 UNION ENDITCOTT NY CENTRAL SCH 2.12500 06/15/2019 US 580,000 $581,264.40
920105EE9 VLY STREAM NY CENTRL HIGH SCHDIS 4.00000 06/15/2026 US 870,000 $923,252.70
925445RH3 VESTAL NY CENTRL SCH DIST 2.00000 06/15/2025 US 685,000 $659,552.25
929024ES2 VOORHEESVILLE NY CENTRL SCH DIST 5.00000 06/15/2021 US 500,000 $537,615.00
935120FZ3 WARREN CNTY NY 4.00000 07/15/2020 US 500,000 $517,180.00
945829DJ5 WAYNE CNTY NY 3.00000 06/01/2021 US 295,000 $302,147.85
948123NB6 WEBSTER NY CENTRAL SCH DIST 4.00000 10/01/2018 US 375,000 $375,000.00
951228KE4 WEST BABYLON NY UNION FREE SCH 4.00000 08/01/2025 US 1,075,000 $1,172,825.00
986082NA9 YONKERS NY 4.00000 08/15/2020 US 350,000 $362,449.50

Investments will change over time.

Distributions

  • New York 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

$10.19

Daily $ Change

-$0.01

Daily % Change

-0.10%

as of 10/18/2018

Ticker

EXNTX

CUSIP

563821719

Inception Date

01/17/1994

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 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

Availability

Available in New York State.

Performance

As of 09/30/2018

YTD

-0.86%

1 Year

-1.38%

3 Year

0.31%

5 Year

0.71%

10 Year

2.72%

Inception
(01/17/1994)

3.47%

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

3.31%

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 0.60%

Top Ten Investments

As of 09/30/2018

NEW YORK NY 5.00000 08/01/2024 3.99%
NEW YORK ST DORM AUTH ST PERSONA 5.00000 02/15/2024 3.27%
NEW YORK CITY NY MUNI WTR FINAUT 5.00000 06/15/2025 2.52%
NEW YORK CITY NY TRANSITIONALFIN 5.00000 11/01/2022 2.39%
NEW YORK NY 5.00000 08/01/2023 2.18%
PORT AUTH OF NEW YORK & NEW JERS 5.00000 09/01/2024 2.06%
NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2027 2.04%
NEW YORK ST LOCAL GOVT ASSIST 5.00000 04/01/2020 1.88%
NASSAU CNTY NY 5.00000 04/01/2019 1.77%
NEW YORK ST URBAN DEV CORP 4.00000 09/15/2027 1.65%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 09/30/2018

Revenue
61.35%
G.O.
35.92%
Pre-Refund
1.32%
Cash
1.41%

Credit Quality Distribution

As of 09/30/2018

AAA
9.82%
AA
79.70%
A
9.39%
NR
1.09%

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)
01244QBU9 ALBANY NY MUNI WTR FIN AUTH 5.00000 12/01/2018 US 1,295,000 $1,301,772.85
01244QBV7 ALBANY NY MUNI WTR FIN AUTH 2ND 5.00000 12/01/2019 US 1,125,000 $1,164,926.25
0313033Y4 AMHERST NY 2.12500 11/01/2025 US 675,000 $650,436.75
041717MC0 ARLINGTON NY CENTRAL SCH DIST 4.00000 12/15/2020 US 400,000 $417,060.00
041717MD8 ARLINGTON NY CENTRL SCH DIST 4.00000 12/15/2021 US 300,000 $317,559.00
05620PKT9 BABYLON NY 2.25000 12/01/2026 US 705,000 $692,556.75
073653MR5 BEACON NY 3.00000 10/01/2018 US 675,000 $675,000.00
076316KB3 BEDFORD NY CENTRL SCH DIST 2.00000 10/15/2021 US 500,000 $500,000.00
107799LT3 BRIARCLIFF MANOR NY 3.00000 02/01/2020 US 265,000 $268,773.60
113152TQ5 BROOKHAVEN NY 3.00000 02/01/2019 US 1,385,000 $1,390,512.30
119699JG2 BUFFALO NY MUNI WTR FIN AUTH 4.00000 07/01/2022 US 300,000 $318,867.00
119699JH0 BUFFALO NY MUNI WTR FIN AUTH 5.00000 07/01/2023 US 300,000 $335,361.00
137177UA7 CANANDAIGUA NY CITY SCH DIST 2.12500 06/15/2026 US 540,000 $517,374.00
149465ZF6 CATTARAUGUS CNTY NY 2.00000 04/15/2019 US 405,000 $405,319.95
159555KP5 CHAPPAQUA NY CENTRL SCH DIST 2.25000 06/15/2025 US 675,000 $669,998.25
164095EW7 CHENANGO VLY NY CENTRL SCH 2.12500 06/15/2021 US 500,000 $491,250.00
180312KE9 CLARENCE NY CENTRL SCH DIST 4.00000 05/15/2021 US 250,000 $262,955.00
182306R36 CLARKSTOWN NY 4.00000 05/15/2019 US 375,000 $380,006.25
182324TN3 CLARKSTOWN NY CENTRL SCH DIST 4.00000 10/15/2020 US 500,000 $519,650.00
219417SD5 CORNING NY CITY SCH DIST 4.00000 06/15/2026 US 995,000 $1,090,181.70
220605JU4 CORTLAND CNTY NY 2.75000 09/01/2019 US 305,000 $307,141.10
262006208 DREYFUS GVT CSH MANAGEMENT US 1,986,171.23 $1,986,171.23
2670393W3 DUTCHESS CNTY NY 2.12500 12/15/2023 US 850,000 $845,214.50
29508RFH4 ERIE CNTY NY FISCAL STABILITYAUT 4.00000 03/15/2019 US 600,000 $605,976.00
296821EF4 ESSEX CNTY NY 5.00000 05/01/2020 US 500,000 $523,615.00
364704NN2 GANANDA NY CENTRL SCH DIST 3.00000 06/15/2019 US 250,000 $251,785.00
367352QL8 GATES CHILI NY CENTRL SCH DIST 2.00000 06/15/2019 US 215,000 $215,206.40
392460ZT1 GREECE NY CENTRL SCH DIST 2.50000 06/15/2023 US 620,000 $626,317.80
463352EY6 IROQUOIS NY CENTRL SCH DIST 2.00000 06/15/2021 US 500,000 $500,075.00
464776NW9 ISLIP NY UNION FREE SCH DIST 2.25000 03/01/2019 US 475,000 $475,831.25
470592KJ4 JAMESTOWN NY CITY SCH DIST 3.00000 04/01/2019 US 200,000 $201,044.00
496098EW0 KINGS PARK NY CENTRL SCH DIST 2.00000 08/01/2020 US 500,000 $500,620.00
496098GC2 KINGS PARK NY CENTRL SCH DIST 2.00000 07/15/2025 US 800,000 $765,160.00
540006JW4 LOCKPORT CITY NY SCH DIST 2.00000 08/01/2019 US 450,000 $450,436.50
561484TK2 MAMARONECK TOWN NY 2.00000 07/15/2020 US 335,000 $334,936.35
59259N6Y4 MET TRANSPRTN AUTH NY 5.00000 11/15/2025 US 1,350,000 $1,576,489.50
59259NNU3 MET TRANSPRTN AUTH NY DEDICATED 5.25000 11/15/2018 US 200,000 $200,824.00
59259NV42 MET TRANSPRTN AUTH NY DEDICATED 5.00000 11/15/2023 US 1,885,000 $2,121,661.75
59259YTP4 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2019 US 1,000,000 $1,033,700.00
59259YTU3 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2022 US 505,000 $553,697.15
59259YWV7 MET TRANSPORTN AUTH NY REVENUE 5.00000 11/15/2021 US 1,000,000 $1,084,260.00
59259YY60 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2018 US 650,000 $652,437.50
59259YY78 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2019 US 500,000 $516,850.00
59261AAF4 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2022 US 250,000 $276,482.50
59261ADJ3 MET TRANSPRTN AUTH NY REVENUE 5.00000 11/15/2025 US 750,000 $858,937.50
59261ADU8 MET TRANSPRTN AUTH NY REVENUE 6.50000 11/15/2018 US 700,000 $703,955.00
59261AKA4 MET TRANSPRTN AUTH NY REVENUE 6.50000 11/15/2018 US 90,000 $90,508.50
59261AKC0 MET TRANSPRTN AUTH NY REVENUE 6.50000 11/15/2018 US 210,000 $211,173.90
595685PJ1 MIDDLE COUNTRY NY CENTRL SCH DIS 2.00000 08/15/2026 US 1,005,000 $945,835.65
610763NU4 MONROE CNTY NY WTR AUTH 5.00000 08/01/2019 US 455,000 $466,707.15
630599JC3 NAPLES NY CENTRAL SCH DIST 2.50000 06/15/2020 US 710,000 $717,092.90
63165N7M4 NASSAU CNTY NY 5.00000 04/01/2019 US 2,425,000 $2,462,029.75
63166QBL3 NASSAU CNTY NY SWR & STORM WTR F 5.00000 11/01/2018 US 350,000 $350,885.50
63166QBS8 NASSAU CNTY NY SWR & STORM WTR 5.00000 10/01/2018 US 500,000 $500,000.00
63166QBW9 NASSAU CNTY NY SWR & STORM WTR 5.00000 10/01/2022 US 500,000 $555,925.00
64966LS77 NEW YORK NY 5.00000 08/01/2023 US 2,700,000 $3,028,779.00
64966LZV6 NEW YORK NY 5.00000 08/01/2024 US 4,865,000 $5,537,878.15
64971QXP3 NEW YORK CITY NY TRANSITIONALFIN 5.00000 11/01/2022 US 3,000,000 $3,317,400.00
64971WAV2 NEW YORK CITY NY TRANSITIONAL 5.00000 11/01/2023 US 2,000,000 $2,258,520.00
64971WPN4 NEW YORK CITY NY TRANSITIONALFIN 5.00000 05/01/2025 US 750,000 $867,045.00
64971WTP5 NEW YORK CITY NY TRANSITIONALFIN 5.00000 02/01/2025 US 475,000 $544,711.00
64971WWS5 NEW YORK CITY NY TRANSITIONAL 3.25000 08/01/2035 US 1,000,000 $968,370.00
64972F3P9 NEW YORK CITY MUNI WTR FIN AUTH 4.00000 06/15/2020 US 350,000 $362,190.50
64972GJC9 NEW YORK CITY NY MUNI WTR FINAUT 5.00000 06/15/2025 US 3,000,000 $3,498,360.00
64972GKA1 NEW YORK CITY NY MUNI WTR FINAUT 3.00000 06/15/2036 US 1,250,000 $1,136,587.50
64972GPJ7 NEW YORK CITY NY MUNI WTR FIN 5.00000 06/15/2027 US 2,000,000 $2,236,020.00
64972HVU3 NEW YORK CITY NY TRANSITIONALFIN 5.00000 07/15/2019 US 1,000,000 $1,024,520.00
64972HXG2 NEW YORK CITY NY TRANSITIONALFIN 5.00000 07/15/2023 US 2,000,000 $2,242,380.00
64972HYJ5 NEW YORK CITY NY TRANSITIONAL 5.00000 01/15/2026 US 1,250,000 $1,448,812.50
649791FT2 NEW YORK ST 5.00000 12/15/2019 US 565,000 $586,193.15
649791HE3 NEW YORK ST 5.00000 03/01/2021 US 1,000,000 $1,073,030.00
64985HWH6 NEW YORK ST ENVRNMNTL FACS CORP 4.00000 08/15/2026 US 2,000,000 $2,040,580.00
64986AP62 NEW YORK ST ENVRNMNTL FACS CORP 5.00000 06/15/2021 US 1,000,000 $1,075,230.00
64986AU58 NEW YORK ST ENVRNMNTL FACS CORP 5.00000 06/15/2020 US 1,250,000 $1,314,587.50
64986DAQ8 NEW YORK ST ENVRNMNTL FACS CORP 5.00000 06/15/2026 US 1,000,000 $1,150,700.00
64986DBP9 NEW YORK ST ENVRNMNTL FACS CORP 5.00000 06/15/2026 US 1,000,000 $1,134,390.00
649876S59 NEW YORK ST LOCAL GOVT ASSIST 5.50000 04/01/2019 US 445,000 $453,090.10
649876U49 NEW YORK ST LOCAL GOVT ASSIST 5.00000 04/01/2020 US 2,500,000 $2,610,850.00
64989KJF4 NEW YORK ST PWR AUTH REVENUE 4.00000 11/15/2018 US 220,000 $220,598.40
649902AW3 NEW YORK ST DORM AUTH ST PERSONA 5.50000 03/15/2026 US 1,200,000 $1,438,872.00
649905VA1 NEW YORK ST DORM AUTH REVENUES 5.00000 07/01/2019 US 225,000 $230,161.50
649907AM4 NEW YORK ST DORM AUTH REV 5.00000 10/01/2018 US 500,000 $500,000.00
649907QR6 NEW YORK ST DORM AUTH REVENUES 5.00000 10/01/2023 US 1,000,000 $1,118,750.00
64990ADM4 NEW YORK ST DORM AUTH SALES TAX 5.00000 03/15/2021 US 1,400,000 $1,498,294.00
64990ADR3 NEW YORK ST DORM AUTH SALES TAX 5.00000 03/15/2025 US 500,000 $577,280.00
64990AGC3 NEW YORK ST DORM AUTH SALES TAX 5.00000 03/15/2027 US 1,500,000 $1,740,720.00
64990AGV1 NEW YORK ST DORM AUTH SALES TAX 4.00000 03/15/2027 US 1,050,000 $1,065,802.50
64990AJK2 NEW YORK ST DORM AUTH SALES TAX 5.00000 03/15/2021 US 2,000,000 $2,140,420.00
64990BBJ1 NEW YORK ST DORM AUTH REVENUES 4.00000 10/01/2018 US 250,000 $250,000.00
64990BBU6 NEW YORK ST DORM AUTH REVENUES 5.00000 04/01/2019 US 1,265,000 $1,284,316.55
64990BP49 NEW YORK ST DORM AUTH REVENUES 3.00000 10/01/2026 US 1,000,000 $1,019,280.00
64990E4U8 NEW YORK ST DORM AUTH ST PERSONA 5.00000 08/15/2026 US 300,000 $349,770.00
64990E5M5 NEW YORK ST DORM AUTH ST PERSONA 5.00000 02/15/2024 US 4,000,000 $4,533,840.00
64990EX28 NEW YORK ST DORM AUTH ST 3.50000 03/15/2037 US 850,000 $825,180.00
64990EYE1 NEW YORK ST DORM AUTH ST PERSONA 5.00000 03/15/2025 US 500,000 $575,990.00
64990HGJ3 NEW YORK ST DORM AUTH REV 5.00000 07/01/2019 US 750,000 $767,430.00
650009XW8 NEW YORK ST THRUWAY AUTH SER I 4.00000 01/01/2019 US 525,000 $527,793.00
650014WV1 NEW YORK ST THRUWAY AUTH 2ND GEN 5.00000 10/01/2018 US 100,000 $100,000.00
650014XA6 NEW YORK ST THRUWAY AUTH 2ND GEN 5.00000 10/01/2018 US 250,000 $250,000.00
650028SK0 NEW YORK ST THRUWAY AUTH PERSONA 5.00000 03/15/2020 US 550,000 $573,826.00
6500354H8 NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2027 US 2,500,000 $2,828,950.00
6500357L6 NEW YORK ST URBAN DEV CORP 4.00000 09/15/2027 US 2,250,000 $2,290,702.50
650035W95 NEW YORK ST URBAN DEV CORP REV 5.00000 03/15/2026 US 1,050,000 $1,223,586.00
653352G57 NIAGARA CNTY NY 2.00000 02/01/2020 US 500,000 $500,385.00
658731KQ6 NORTH COLONIE NY CENTRL SCH DIST 4.00000 07/15/2020 US 400,000 $414,672.00
6824545V1 ONEIDA CNTY NY 3.00000 05/01/2019 US 400,000 $401,900.00
6824547G2 ONEIDA CNTY NY 2.50000 05/15/2019 US 500,000 $501,925.00
6827454B7 ONONDAGA CNTY NY 5.00000 05/01/2020 US 250,000 $262,287.50
6827455M2 ONONDAGA CNTY NY 5.00000 05/15/2022 US 1,000,000 $1,103,480.00
6827455N0 ONONDAGA CNTY NY 5.00000 05/15/2023 US 1,000,000 $1,127,010.00
6827457M0 ONONDAGA CNTY NY 2.12500 06/15/2030 US 715,000 $629,285.80
6845753K7 ORANGE CNTY NY 5.00000 03/01/2023 US 520,000 $581,843.60
725633TS0 PITTSFORD NY 2.00000 11/01/2025 US 580,000 $561,590.80
725633TT8 PITTSFORD NY 2.00000 11/01/2026 US 595,000 $565,601.05
725635EH5 PITTSFORD NY CENTRL SCH DIST 4.00000 10/01/2021 US 350,000 $369,638.50
73358WQH0 PORT AUH OF NEW YORK & NEW JERSE 5.00000 12/01/2018 US 400,000 $402,124.00
73358WQN7 PORT AUTH OF NEW YORK & NEW JERS 5.00000 12/01/2023 US 765,000 $864,610.65
73358WRJ5 PORT AUTH OF NEW YORK & NEW JERS 4.00000 06/01/2019 US 200,000 $202,900.00
73358WSS4 PORT AUTH OF NEW YORK & NEW JERS 5.00000 09/01/2024 US 2,500,000 $2,862,275.00
73358WWL4 PORT AUTH OF NEW YORK & NEW JERS 5.00000 05/01/2024 US 800,000 $914,304.00
746639TJ2 PUTNAM CNTY NY 2.00000 11/15/2018 US 300,000 $300,078.00
759897VY4 RENSSELEAR CNTY NY 2.00000 07/15/2020 US 930,000 $930,130.20
771690E26 ROCHESTER NY 5.00000 08/15/2022 US 95,000 $105,147.90
771694KN5 ROCHESTER NY 5.00000 02/01/2019 US 1,625,000 $1,642,062.50
778190FN3 ROSLYN NY UNION FREE SCH DIST 5.00000 10/15/2020 US 215,000 $228,115.00
823194ZX6 SHENENDEHOWA NY CENTRL SCH DIST 4.00000 07/15/2020 US 475,000 $492,423.00
838488DU5 SOUTH JEFFERSON NY CENTRAL SCH 2.00000 06/15/2019 US 710,000 $710,930.10
86476PPK8 SUFFOLK CNTY NY 5.00000 10/01/2019 US 1,000,000 $1,029,670.00
864784DE0 SUFFOLK CNTY NY WTR AUTH WTRWKS 5.00000 06/01/2021 US 1,225,000 $1,321,824.00
864784DW0 SUFFOLK CNTY NY WTR AUTH 5.00000 06/01/2019 US 775,000 $791,120.00
864784FD0 SUFFOLK CNTY NY WTR AUTH 4.00000 12/01/2021 US 25,000 $26,501.25
864784FE8 SUFFOLK CNTY NY WTR AUTH 4.00000 12/01/2021 US 175,000 $185,178.00
865270WS7 SULLIVAN CNTY NY 2.00000 06/01/2019 US 1,015,000 $1,016,055.60
865270XZ0 SULLIVAN CNTY NY 3.00000 11/15/2023 US 500,000 $517,540.00
890159G26 TONAWANDA NY 2.00000 06/01/2019 US 355,000 $355,298.20
89602N2P8 TRIBOROUGH NY BRIDGE & TUNNELAUT 5.00000 11/15/2023 US 350,000 $396,651.50
89602N5B6 TRIBOROUGH NY BRIDGE & TUNNEL 5.00000 11/15/2024 US 650,000 $747,227.00
89602NM43 TRIBOROUGH NY BRIDGE & TUNNEL 5.00000 11/15/2018 US 305,000 $306,180.35
89602NMJ0 TRIBOROUGH NY BRIDGE & TUNNEL 5.00000 11/15/2018 US 890,000 $893,390.90
89602NN67 TRIBOROUGH NY BRIDGE & TUNNELAUT 5.00000 11/15/2018 US 310,000 $311,199.70
89602NPF5 TRIBOROUGH NY BRG & TUN AUTH REV 5.00000 11/15/2018 US 500,000 $501,905.00
89602NXV1 TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 11/15/2019 US 1,075,000 $1,111,840.25
89602NZF4 TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 11/15/2022 US 1,000,000 $1,108,420.00
89602NZS6 TRIBOROGH NY BRIDGE & TUNNEL AUT 4.00000 11/15/2018 US 250,000 $250,657.50
89602NZW7 TRIBOROUGH NY BRIDGE & TUNNEL AU 5.00000 11/15/2019 US 820,000 $848,101.40
89602NZZ0 TRIBOROUGH NY BRIDGE & TUNNELAUT 5.00000 11/15/2022 US 1,000,000 $1,113,010.00
903766G72 ULSTER CNTY NY 2.00000 11/15/2020 US 685,000 $684,431.45
903766YP2 ULSTER CNTY NY 4.00000 11/15/2019 US 510,000 $521,857.50
906582JX0 UNION ENDITCOTT NY CENTRAL SCH 2.12500 06/15/2019 US 580,000 $581,264.40
920105EE9 VLY STREAM NY CENTRL HIGH SCHDIS 4.00000 06/15/2026 US 870,000 $923,252.70
925445RH3 VESTAL NY CENTRL SCH DIST 2.00000 06/15/2025 US 685,000 $659,552.25
929024ES2 VOORHEESVILLE NY CENTRL SCH DIST 5.00000 06/15/2021 US 500,000 $537,615.00
935120FZ3 WARREN CNTY NY 4.00000 07/15/2020 US 500,000 $517,180.00
945829DJ5 WAYNE CNTY NY 3.00000 06/01/2021 US 295,000 $302,147.85
948123NB6 WEBSTER NY CENTRAL SCH DIST 4.00000 10/01/2018 US 375,000 $375,000.00
951228KE4 WEST BABYLON NY UNION FREE SCH 4.00000 08/01/2025 US 1,075,000 $1,172,825.00
986082NA9 YONKERS NY 4.00000 08/15/2020 US 350,000 $362,449.50

Investments will change over time.

Distributions

  • New York 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...