Address And Details

680 E. Swedesford Rd , Wayne, PA 19087
Fund Manager Eric Lo
Manager Tenure 3 Years 9 Months

Strategy And Objective

The investment objective of the Fund is to provide high current income exempt from federal and Hawaii state income taxes. The Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade municipal bonds, the interest from which is exempt from regular federal and Hawaii state income taxes. While the Adviser attempts to maximize the portion of the Fund's assets invested in Hawaii issues, the Fund may also invest in municipal bonds issued by other U.S. states, territories and possessions. There is no restriction upon the amount of the Fund's assets that may be invested in obligations that pay income subject to the federal alternative minimum tax ("AMT") applicable to non corporate shareholders (i.e., shareholders that are not taxed as corporations, including but not limited to individual investors). To the extent that the Fund invests in securities subject to the federal AMT, the income received from these securities could be taxable to non corporate shareholders. Although the Adviser intends to invest Fund assets across a variety of municipal securities, the Fund may have significant positions in certain types of municipal obligations, such as state and local general obligation bonds (bonds whose payments are typically backed by the taxing power of the municipal issuer) and revenue bonds (bonds whose payments are backed by revenue from a particular source). The Fund may also invest in municipal bonds that are pre refunded, meaning that the payment of principal and interest of the bonds is funded from a designated escrow account that holds U.S. Treasury securities or other obligations of the U.S. Government (including its agencies and instrumentalities). There is no limit on the average maturity of the Fund's portfolio. While the portfolio duration of the Fund's portfolio will vary, it is generally expected to be within a 10% margin (higher or lower) of the duration of the Fund's benchmark index.

Net Asset Value

as of 5:36 PM ET 09/23/2021


  • 1 Week
  • -0.18%
  • 1 Month
  • -0.37%
  • 3 Months
  • -0.28%
  • 1 Yr Return
  • -0.46%
  • 5 Yr Return
  • -0.82%

Equity Sector Breakdown

ConsumerDurables n/a
Energy n/a
Finance n/a
Health n/a
IndustrialCyclical n/a
NonDurables n/a
RetailTrade n/a
Services n/a
Technology n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Bonds 98.64%
Other 0.92%
Cash 0.44%
Stocks 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 108.72 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -0.43 -0.89 -0.75
Beta 0.73 0.77 0.82
R Squared 0.97 0.97 0.96
Std Deviation 2.96 3.08 3.00
Sharpe Ratio 0.84 0.28 n/a

Purchase Information

as of 5:47 PM ET 09/20/2021
Minimum Initial $1000000
Minimum Additional $0
Minimum Initial IRA $0


Timeframe Average Annual Current Performance Monthly As Of 08/31/2021 Average Annual Current Performance Quarterly As Of 05/31/2021 Avg Annual Current Performance Monthly As Of 08/31/2021 Avg Annual Current Performance Quarterly As Of 05/31/2021
1 Year
  • +1.88%
  • +2.37%
+1.88% +2.37%
3 Year
  • +3.73%
  • +3.73%
+3.73% +3.73%
10 Year
  • +2.85%
  • +3.08%
+2.85% +3.08%
Life Of Fund
  • +4.27%
  • +4.30%
+4.27% +4.30%

Top 10 Holdings

Symbol Company Name % Of Assets

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