Hawaii Municipal Fund 

The fund principally commits at least 80% of its net assets, including any capital secured through borrowing for investment, to a portfolio comprised primarily of investment-grade municipal securities. These financial instruments are issued by the State of Hawaii, its political subdivisions, or agencies, and are structured to provide interest income that is exempt from both regular federal and Hawaii state income taxes. A significant portion, potentially exceeding 25% of the fund's total assets, may be concentrated within one specific segment of the municipal securities market. This fund is categorized as non-diversified.