Fund Description

The fund was incepted in October 1994 and is managed by The Asset Management Group of Bank of Hawaii. The fund seeks to provide high current income that is exempt from federal and Hawaii income tax, with greater stability in the price of your investment than a long-term bond fund. The fund normally invests at least 80% of its assets in municipal obligations and about 50%-60% in Hawaii municipal obligations. The fund can also invest in other kinds of debt instruments issued by foreign and domestic companies and governments, and can use future contracts, options and other investment techniques for the purpose of cash flow management and/or risk reduction. Dividends are declared daily and paid monthly. Capital gains are distributed annually.