HIMAX — Hancock Horizon Mississippi Tax-Free Income Fund

Data updated: 2021-08-26

HIMAX — Hancock Horizon Mississippi Tax-Free Income Fund. Municipal - National Bond · $11.66M AUM. Holdings, fees, performance and SEC filings.

HIMAX Fund Overview

HIMAX — Hancock Horizon Mississippi Tax-Free Income Fund is a US mutual fund managed by Advisors' Inner Circle Fund II, categorised as Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: Advisors' Inner Circle Fund II
Category: Municipal - National Bond
Assets under management: $11.66M
1-year return: 2.2%
Ticker: HIMAX
SEC CIK: 0000890540
SEC series ID: S000031106
Share class ID: C000096477

HIMAX Investment Objective and Strategy

Hancock Horizon Mississippi Tax-Free Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Advisors' Inner Circle Fund II.

Investment objective

"The Hancock Horizon Mississippi Tax-Free Income Fund (the ""Mississippi Tax-Free Income Fund"" or the ""Fund"") seeks current income exempt from both federal income tax and Mississippi personal income tax."

Principal investment strategy

"Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that pay interest that is exempt from federal and Mississippi income tax. This investment policy may not be changed without shareholder approval. While the Fund intends to invest primarily in municipal bonds of Mississippi issuers, securities of issuers located outside of Mississippi that are exempt from both federal and Mississippi income tax are included for purposes of the 80% test. The Fund may invest up to 35% of its total assets in municipal securities issued by U.S. territories. The types of municipal securities that the Fund may invest in include, without limitation, 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 other municipal securities including, without limitation, industrial development bonds, bond anticipation notes, tax anticipation notes, municipal lease obligations, certificates of participation and tax exempt commercial paper. In addition, the Fund may invest in securities of investment companies, including exchange-traded funds (""ETFs""), pending direct investment in municipal securities. The Fund intends to invest in investment grade municipal bonds (rated in one of the four highest rating categories by at least one rating agency), but also may invest up to 15% of its net assets in municipal bonds rated below investment grade (high yield or ""junk"" bonds). Although the Fund intends to invest substantially all of its assets in tax-free securities, the Fund may invest up to 20% of its net assets in securities that pay interest subject to the federal alternative minimum tax and in securities that pay taxable interest.

The Fund is non-diversified, meaning that it may invest a large percentage of its assets in a single issuer or a relatively small number of issuers. The Fund, however, intends to satisfy the asset diversification tests to be treated as a regulated investment company. In selecting investments for the Fund, the Adviser employs a value-oriented strategy to identify higher yielding bonds that offer a greater potential for above average returns. When making investment decisions, the Adviser seeks to leverage its knowledge of Mississippi issues and issuers to gain a competitive advantage in the selection of undervalued bonds. 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 general obligations, municipal leases, revenue bonds and industrial development bonds) and in one or more economic sectors (such as housing, hospitals, healthcare facilities or utilities).

The Adviser may sell a bond it deems to have deteriorating credit quality or limited upside potential as compared to other investments."

HIMAX Performance

Total returns for HIMAX (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	2.2%

HIMAX Risk Information

Risk metrics for HIMAX, derived from monthly returns in SEC filings.

1-year volatility (annualised): 2.1%

HIMAX Costs and Fees

HIMAX costs about $100 per $10,000 invested per year in fund expenses.

Net expense ratio: 1.00%
Gross expense ratio: 1.55%
Portfolio turnover: 0%
Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

HIMAX Cashflows

Over the 12 months to 2021-06, Hancock Horizon Mississippi Tax-Free Income Fund had net inflows of $3.05M, from monthly SEC N-PORT filings.

Month	Net flow
2021-06	$105.82K
2021-05	$220.81K
2021-04	$167.96K
2021-03	$398.40K
2021-02	$289.36K
2021-01	$426.04K

HIMAX Debt Constituents

No individual debt constituents are reported in Hancock Horizon Mississippi Tax-Free Income Fund's latest SEC N-PORT filing.

HIMAX Prospectus and SEC Filings

Official Hancock Horizon Mississippi Tax-Free Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Municipal - National Bond funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.