Skip to main content

Address And Details

1001 Liberty Ave. , Pittsburgh, PA 15222
Fund Manager Jeff A. Kozemchak
Manager Tenure 21 Years 2 Months

Strategy And Objective

The Fund's investment objective is to provide current income exempt from federal regular income tax.The Fund pursues its objective by investing its assets so that, normally,distributions of annual interest income are exempt from federal regular income tax.Interest from the Fund's investments may be subject to (or may be a specific preference item for purposes of) the federal alternative minimum tax (AMT) forindividuals.The Fund will invest at least 65% of its assets in securities rated investment grade (or unrated securities of comparable quality) and may purchase securities rated below investment-grade,which are also known as junk bonds,(or unrated securities of comparable quality) up to 35% of its assets.The Fund's investment adviser (“Adviser”) seeks to maintain a low degree of Share price fluctuation by generally limiting the Fund's dollar-weighted average portfolio duration to oneyear or less.The Adviser may lengthen or shorten duration from time to time based on its interest rate outlook.Duration measures the sensitivity of a security'sprice to changes in interest rates.The Adviser may also continue to seek to maintain a low degree of Share price fluctuation and manage the Fund's average duration by investing in variable rate demand notes,municipal notes and short-term municipal bonds as a core position in the Fund's portfolio.The Adviser may seek higher returns than may be offered by a tax-exempt money market fund by generally investing in: ■ short-term securities with maturities greater than one year; ■ medium-quality securities; and/or ■ noninvestment-grade securities.Short-term securities generally include securities with maturities of no more than three years.The Fund also may invest in securities with maturities greater thanthree years,subject to the Fund generally limiting the Fund's dollar-weighted average portfolio duration to one year or less.Medium-quality securities generally include investment-grade securities that are rated in the third and fourth highest rating category by a nationally recognized statistical rating organization (NRSRO) and unrated securities of comparable quality.Investment-grade securities are securities that receive investment-grade ratings (i.e., generally ratings in the first,second,third or fourth highest rating categories) by an NRSRO or unrated securities of comparable quality.For example,securities rated AAA,AA,A and BBB (including modifiers,sub-categories or gradations) by Standard & Poor's, an NRSRO,would be rated in the first,second,third or fourth highest rating category,respectively.Tax-exempt securities rated A and BBB by Standard & Poor's are rated in the third (A) and fourth (BBB) highest rating categories and would be considered medium-quality securities by the Fund.The presence of a ratings modifier,sub-category,or gradation (forexample,a (+) or (-)),is intended to show relative standing within the major rating categories and does not affect the security credit rating for purposes of the Fund's investment parameters.Although medium-quality securities are still considered investment-grade securities,lower credit ratings do correspond to higher perceived credit risk.

Net Asset Value

as of 4:35 PM ET 11/10/2021

Performance

  • 1 Week
  • n/a
  • 1 Month
  • -0.10%
  • 3 Months
  • -0.20%
  • 1 Yr Return
  • 0.00%
  • 5 Yr Return
  • +0.40%

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 100.78%
Stocks 0.00%
Cash 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Other -0.78%
Total Net Assets 2.13 B

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -0.50 -0.19 0.02
Beta 0.18 0.13 0.10
R Squared 0.73 0.55 0.49
Std Deviation 0.83 0.67 0.53
Sharpe Ratio 0.30 0.16 n/a

Purchase Information

as of 5:03 PM ET 11/09/2021
Minimum Initial $1000000
Minimum Additional $0
Minimum Initial IRA $0

Performance

Timeframe Average Annual Current Performance Monthly As Of 11/30/2021 Average Annual Current Performance Quarterly As Of 09/30/2021 Avg Annual Current Performance Monthly As Of 11/30/2021 Avg Annual Current Performance Quarterly As Of 09/30/2021
1 Year
  • +0.24%
  • +0.48%
+0.24% +0.48%
3 Year
  • +1.17%
  • +1.29%
+1.17% +1.29%
10 Year
  • +0.93%
  • +0.94%
+0.93% +0.94%
Life Of Fund
  • +1.82%
  • +1.84%
+1.82% +1.84%

Top 10 Holdings

Symbol Company Name % Of Assets
n/a

Recent Articles from TheStreet

22 grizzly bear sh

Stocks Beware, BofA Says: Real Earnings Yield at 74-Year Low

There only have been four historical instances of negative real earnings yield, all of which resulted in bear markets, BofA said.

Caleres Steps Up on Second-Quarter Earnings Beat

Should You React To Quarterly Results?

Be prepared to stick to your guns if the market gets it wrong on your stocks.

Bulls vs. Bears: Cramer's 'Mad Money' Recap (Friday 2/1/19)

Cramer's Mad Money Recap 12/8: Pfizer, Sweetgreen, Edwards Lifesciences

Jim Cramer reminds us the Dow has soared from 1,000 to 35,000 over the course of his career. That's quite a run, despite all the investor negativity.

Paradise Cruise Ship Lead

Can Jimmy Buffett Take On Royal Caribbean and Carnival?

The former Bahamas Paradise cruise line will be rebranded to the singer's Margaritaville brand.

crypto

Crypto Faces Biggest Test, Morgan Stanley Says

Bitcoin headwinds as the Federal Reserve signals it is planning several rate hikes in 2022.

VanEck Bitcoin Lead

Money Managers Think Cryptocurrencies Are Due For A Correction Next Year

Don’t look for bitcoin or other digital assets to calm down anytime soon.

Wall Street Lead

Apple, Google, Jefferies Delay Workers' Return to Office

Big employers like Google and Apple are delaying plans to bring workers back to the office, but some banks are bucking that trend.

Why Consumers Aren't Shopping for Christmas Sweaters

Here's Why Supply Chain Struggles Won't Lead to a Blue Christmas for Retailers

Even major retailers including Amazon, Walmart, and Target have struggled to keep certain items in stock.

Instagram

Instagram Chief Defends Practices Amid Capitol Hill Questioning

Adam Mosseri was in front of Congress Wednesday defending his company's efforts to reduce social media's harm on youth.

China's Credit Risks Are Down In Most Sectors, But Payment Delays Persist In Construction And Energy, Survey Finds

Earnings For Workers Rise As Labor Shortages Continue

With another 4.2 million people across the country quitting their jobs in October, 11 million job openings remained unfilled.