Hawaiian Tax-Free Trust |
Schedule of Investments |
December 31, 2019 |
(unaudited) |
| Principal Amount |
| General Obligation Bonds (36.3%): |
| Ratings Moody's, S&P and Fitch |
|
| Value |
(a) |
|
|
|
|
|
|
|
|
|
|
||
|
|
| City & County (20.0%): |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
|
| City and County of Honolulu, Hawaii, Series A |
|
|
|
|
|
||
$ | 1,000,000 |
| 5.000%, 10/01/23 |
| Aa1/NR/AA+ |
| $ | 1,142,960 |
||
| 3,000,000 |
| 5.000%, 10/01/25 |
| Aa1/NR/AA+ |
|
| 3,629,340 |
||
| 5,055,000 |
| 5.000%, 10/01/26 |
| Aa1/NR/AA+ |
|
| 6,103,710 |
||
| 1,700,000 |
| 5.000%, 10/01/29 |
| Aa1/NR/AA+ |
|
| 2,037,212 |
||
| 1,300,000 |
| 5.000%, 10/01/35 |
| Aa1/NR/AA+ |
|
| 1,532,518 |
||
| 1,000,000 |
| 5.000%, 10/01/36 |
| Aa1/NR/AA+ |
|
| 1,175,970 |
||
|
|
|
|
|
|
|
|
|
||
|
|
| City and County of Honolulu, Hawaii, Series 2018A |
|
|
|
|
|
||
| 1,020,000 |
| 5.000%, 09/01/32 |
| Aa1/NR/AA+ |
|
| 1,286,628 |
||
|
|
|
|
|
|
|
|
|
||
|
|
| City and County of Honolulu, Hawaii, Series 2019A, Rail Transit Project |
|
|
|
|
|
||
| 1,500,000 |
| 5.000%, 09/01/25 |
| Aa1/NR/AA+ |
|
| 1,811,625 |
||
| 1,060,000 |
| 5.000%, 09/01/26 |
| Aa1/NR/AA+ |
|
| 1,308,687 |
||
|
|
|
|
|
|
|
|
|
||
|
|
| City and County of Honolulu, Hawaii, Series B |
|
|
|
|
|
||
| 2,040,000 |
| 5.000%, 10/01/26 |
| Aa1/NR/AA+ |
|
| 2,463,218 |
||
| 5,000,000 |
| 4.000%, 11/01/27 |
| Aa1/NR/AA+ |
|
| 5,360,300 |
||
| 5,000,000 |
| 4.500%, 11/01/28 |
| Aa1/NR/AA+ |
|
| 5,432,300 |
||
| 4,000,000 |
| 4.500%, 11/01/29 |
| Aa1/NR/AA+ |
|
| 4,337,720 |
||
|
|
|
|
|
|
|
|
|
||
|
|
| City and County of Honolulu, Hawaii, Series 2018B |
|
|
|
|
|
||
| 5,000,000 |
| 5.000%, 09/01/24 |
| Aa1/NR/AA+ |
|
| 5,874,650 |
||
|
|
|
|
|
|
|
|
|
||
|
|
| City and County of Honolulu, Hawaii, Series 2019B, Rail Transit Project |
|
|
|
|
|
||
| 1,095,000 |
| 4.000%, 09/01/24 |
| Aa1/NR/AA+ |
|
| 1,236,978 |
||
| 1,175,000 |
| 3.000%, 09/01/25 |
| Aa1/NR/AA+ |
|
| 1,287,459 |
||
|
|
|
|
|
|
|
|
|
||
|
|
| City and County of Honolulu, Hawaii, Series C |
|
|
|
|
|
||
| 2,860,000 |
| 5.000%, 10/01/23 |
| Aa1/NR/AA+ |
|
| 3,268,866 |
||
| 2,745,000 |
| 5.000%, 10/01/26 |
| Aa1/NR/AA+ |
|
| 3,314,478 |
||
| 2,060,000 |
| 5.000%, 10/01/27 |
| Aa1/NR/AA+ |
|
| 2,482,609 |
||
| 4,430,000 |
| 5.000%, 10/01/28 |
| Aa1/NR/AA+ |
|
| 5,319,987 |
||
|
|
|
|
|
|
|
|
|
||
|
|
| City and County of Honolulu, Hawaii, Series 2019C |
|
|
|
|
|
||
| 1,000,000 |
| 4.000%, 08/01/26 |
| Aa1/NR/AA+ |
|
| 1,168,690 |
||
| 1,000,000 |
| 4.000%, 08/01/29 |
| Aa1/NR/AA+ |
|
| 1,207,160 |
||
| 2,000,000 |
| 4.000%, 08/01/36 |
| Aa1/NR/AA+ |
|
| 2,322,740 |
||
|
|
|
|
|
|
|
|
|
||
|
|
| City and County of Honolulu, Hawaii, Series E, Crossover Refunding |
|
|
|
|
|
||
| 1,820,000 |
| 5.000%, 09/01/29 |
| Aa1/NR/AA+ |
|
| 2,276,602 |
||
|
|
|
|
|
|
|
|
|
||
|
|
| City and County of Honolulu, Hawaii, Series 2017H, FRN |
|
|
|
|
|
||
| 5,000,000 |
| 1.910%, 09/01/22 |
| Aa1/NR/AA+ |
|
| 5,000,300 |
||
|
|
|
|
|
|
|
|
|
||
|
|
| County of Hawaii, Series A |
|
|
|
|
|
||
| 1,500,000 |
| 5.000%, 09/01/25 |
| Aa2/AA/NR |
|
| 1,810,710 |
||
|
|
|
|
|
|
|
|
|
||
|
|
| County of Hawaii, 2016-Series A |
|
|
|
|
|
||
| 1,010,000 |
| 4.000%, 09/01/35 |
| Aa2/AA/NR |
|
| 1,120,767 |
|
|
| County of Hawaii, 2017-Series A |
|
|
|
|
|
|
| 1,610,000 |
| 5.000%, 09/01/27 |
| Aa2/NR/AA+ |
|
| 2,005,078 |
|
| 1,930,000 |
| 5.000%, 09/01/28 |
| Aa2/NR/AA+ |
|
| 2,394,841 |
|
| 4,150,000 |
| 5.000%, 09/01/29 |
| Aa2/NR/AA+ |
|
| 5,126,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| County of Hawaii, 2016-Series C |
|
|
|
|
|
|
| 320,000 |
| 5.000%, 09/01/27 |
| Aa2/AA/NR |
|
| 388,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| County of Hawaii, 2017-Series D |
|
|
|
|
|
|
| 2,430,000 |
| 4.000%, 09/01/28 |
| Aa2/NR/AA+ |
|
| 2,827,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| County of Hawaii, Series E, BAN |
|
|
|
|
|
|
| 6,000,000 |
| 2.090%, 08/06/20 |
| Aa2/AA/NR |
|
| 6,001,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| County of Kauai, Hawaii, 2011-Series A |
|
|
|
|
|
|
| 200,000 |
| 3.250%, 08/01/23 |
| Aa2/AA/AA |
|
| 206,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| County of Kauai, Hawaii, 2012-Series A |
|
|
|
|
|
|
| 515,000 |
| 5.000%, 08/01/21 |
| Aa2/AA/AA |
|
| 546,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| County of Kauai, Hawaii, 2017 Series |
|
|
|
|
|
|
| 410,000 |
| 5.000%, 08/01/21 |
| Aa2/NR/AA |
|
| 435,272 |
|
| 250,000 |
| 4.000%, 08/01/22 |
| Aa2/NR/AA |
|
| 268,430 |
|
| 300,000 |
| 3.000%, 08/01/24 |
| Aa2/NR/AA |
|
| 324,486 |
|
| 220,000 |
| 5.000%, 08/01/25 |
| Aa2/NR/AA |
|
| 264,988 |
|
| 185,000 |
| 5.000%, 08/01/26 |
| Aa2/NR/AA |
|
| 228,223 |
|
| 235,000 |
| 5.000%, 08/01/28 |
| Aa2/NR/AA |
|
| 294,258 |
|
| 825,000 |
| 2.500%, 08/01/29 |
| Aa2/NR/AA |
|
| 864,996 |
|
| 385,000 |
| 5.000%, 08/01/30 |
| Aa2/NR/AA |
|
| 478,193 |
|
| 200,000 |
| 4.000%, 08/01/32 |
| Aa2/NR/AA |
|
| 228,262 |
|
| 200,000 |
| 5.000%, 08/01/37 |
| Aa2/NR/AA |
|
| 243,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| County of Kauai, Hawaii, Refunding, Series A |
|
|
|
|
|
|
| 1,125,000 |
| 3.250%, 08/01/21 |
| Aa2/AA/AA |
|
| 1,163,621 |
|
| 1,445,000 |
| 4.000%, 08/01/22 |
| Aa2/AA/AA |
|
| 1,510,328 |
|
| 1,295,000 |
| 4.000%, 08/01/24 |
| Aa2/AA/AA |
|
| 1,388,408 |
|
| 1,000,000 |
| 3.625%, 08/01/25 |
| Aa2/AA/AA |
|
| 1,037,960 |
|
| 970,000 |
| 3.000%, 08/01/25 |
| Aa2/AA/AA |
|
| 1,013,204 |
|
| 605,000 |
| 3.000%, 08/01/26 |
| Aa2/AA/AA |
|
| 629,351 |
|
| 2,280,000 |
| 4.500%, 08/01/28 |
| Aa2/AA/AA |
|
| 2,463,038 |
|
| 345,000 |
| 5.000%, 08/01/29 |
| Aa2/AA/AA |
|
| 377,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| County of Maui, Hawaii |
|
|
|
|
|
|
| 1,035,000 |
| 3.000%, 06/01/27 |
| Aa1/AA+/AA+ |
|
| 1,087,795 |
|
| 2,000,000 |
| 3.000%, 06/01/28 |
| Aa1/AA+/AA+ |
|
| 2,087,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| County of Maui, Hawaii, Series 2012 |
|
|
|
|
|
|
| 320,000 |
| 5.000%, 06/01/21 |
| Aa1/AA+/AA+ |
|
| 337,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| County of Maui, Hawaii, Series 2014 Refunding |
|
|
|
|
|
|
| 1,900,000 |
| 5.000%, 06/01/22 |
| Aa1/AA+/AA+ |
|
| 2,077,175 |
|
| 1,015,000 |
| 5.000%, 06/01/23 |
| Aa1/AA+/AA+ |
|
| 1,147,762 |
|
| 4,015,000 |
| 5.000%, 06/01/24 |
| Aa1/AA+/AA+ |
|
| 4,683,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| County of Maui, Hawaii, Series 2018 |
|
|
|
|
|
|
| 4,160,000 |
| 5.000%, 09/01/26 |
| Aa1/AA+/AA+ |
|
| 5,141,926 |
|
| 5,060,000 |
| 5.000%, 09/01/30 |
| Aa1/AA+/AA+ |
|
| 6,426,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total City & County |
|
|
|
| 131,015,647 |
|
|
| State (16.3%): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series EE |
|
|
|
|
|
|
| 385,000 |
| 5.000%, 11/01/22 |
| Aa1/AA+/AA+ |
|
| 427,007 |
|
| 2,915,000 |
| 5.000%, 11/01/25 |
| Aa1/AA+/NR |
|
| 3,229,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series EF |
|
|
|
|
|
|
| 1,235,000 |
| 5.000%, 11/01/23 |
| Aa1/AA+/AA+ |
|
| 1,370,492 |
|
| 5,000,000 |
| 5.000%, 11/01/24 |
| Aa1/AA+/AA+ |
|
| 5,539,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series EH |
|
|
|
|
|
|
| 4,170,000 |
| 5.000%, 08/01/25 |
| Aa1/AA+/AA+ |
|
| 4,734,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series EH, Unrefunded balance |
|
|
|
|
|
|
| 315,000 |
| 5.000%, 08/01/21 |
| Aa1/AA+/NR |
|
| 334,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series EL, Refunding |
|
|
|
|
|
|
| 2,045,000 |
| 5.000%, 08/01/23 |
| Aa1/AA+/AA+ |
|
| 2,324,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series EO, Refunding |
|
|
|
|
|
|
| 4,000,000 |
| 5.000%, 08/01/27 |
| Aa1/AA+/AA+ |
|
| 4,659,040 |
|
| 2,000,000 |
| 5.000%, 08/01/28 |
| Aa1/AA+/AA+ |
|
| 2,327,700 |
|
| 1,045,000 |
| 5.000%, 08/01/29 |
| Aa1/AA+/AA+ |
|
| 1,215,659 |
|
| 2,995,000 |
| 5.000%, 08/01/30 |
| Aa1/AA+/AA+ |
|
| 3,470,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series EP, Refunding |
|
|
|
|
|
|
| 5,075,000 |
| 5.000%, 08/01/23 |
| Aa1/AA+/AA+ |
|
| 5,767,839 |
|
| 5,000,000 |
| 5.000%, 08/01/24 |
| Aa1/AA+/AA+ |
|
| 5,864,800 |
|
| 5,130,000 |
| 5.000%, 08/01/25 |
| Aa1/AA+/AA+ |
|
| 6,011,078 |
|
| 5,300,000 |
| 5.000%, 08/01/26 |
| Aa1/AA+/AA+ |
|
| 6,182,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series ET |
|
|
|
|
|
|
| 200,000 |
| 5.000%, 10/01/24 |
| Aa1/AA+/AA+ |
|
| 235,674 |
|
| 1,980,000 |
| 5.000%, 10/01/30 |
| Aa1/AA+/AA+ |
|
| 2,360,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series EZ Refunding |
|
|
|
|
|
|
| 2,085,000 |
| 5.000%, 10/01/26 |
| Aa1/AA+/AA+ |
|
| 2,514,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series FB |
|
|
|
|
|
|
| 6,125,000 |
| 5.000%, 04/01/27 |
| Aa1/AA+/AA+ |
|
| 7,475,624 |
|
| 2,255,000 |
| 4.000%, 04/01/29 |
| Aa1/AA+/AA+ |
|
| 2,579,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series FG |
|
|
|
|
|
|
| 715,000 |
| 5.000%, 10/01/28 |
| Aa1/AA+/AA+ |
|
| 878,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series FH |
|
|
|
|
|
|
| 825,000 |
| 5.000%, 10/01/25 |
| Aa1/AA+/AA+ |
|
| 999,595 |
|
| 3,615,000 |
| 5.000%, 10/01/28 |
| Aa1/AA+/AA+ |
|
| 4,443,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series FN |
|
|
|
|
|
|
| 2,500,000 |
| 5.000%, 10/01/29 |
| Aa1/AA+/AA+ |
|
| 3,136,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series FT |
|
|
|
|
|
|
| 10,040,000 |
| 5.000%, 01/01/29 |
| Aa1/AA+/AA+ |
|
| 12,686,444 |
|
| 1,680,000 |
| 5.000%, 01/01/30 |
| Aa1/AA+/AA+ |
|
| 2,108,131 |
|
| 4,000,000 |
| 5.000%, 01/01/33 |
| Aa1/AA+/AA+ |
|
| 4,965,480 |
|
| 1,000,000 |
| 5.000%, 01/01/38 |
| Aa1/AA+/AA+ |
|
| 1,224,760 |
|
|
| State of Hawaii, Series FW |
|
|
|
|
|
|
| 3,000,000 |
| 5.000%, 01/01/24 |
| Aa1/AA+/AA+ |
|
| 3,454,800 |
|
| 4,000,000 |
| 4.000%, 01/01/25 |
| Aa1/AA+/AA+ |
|
| 4,544,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total State |
|
|
|
| 107,069,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total General Obligation Bonds |
|
|
|
| 238,084,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Bonds (44.9%): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Airport (6.2%): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Airport System Revenue Refunding, AMT |
|
|
|
|
|
|
| 13,000,000 |
| 5.000%, 07/01/21 |
| A1/AA-/A+ |
|
| 13,741,520 |
|
| 5,000,000 |
| 5.000%, 07/01/22 |
| A1/AA-/A+ |
|
| 5,272,100 |
|
| 1,500,000 |
| 5.000%, 07/01/23 |
| A1/AA-/A+ |
|
| 1,581,405 |
|
| 2,000,000 |
| 5.000%, 07/01/24 |
| A1/AA-/A+ |
|
| 2,108,540 |
|
| 3,000,000 |
| 5.000%, 07/01/45 |
| A1/AA-/A+ |
|
| 3,419,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Airport System Revenue Refunding, Series A |
|
|
|
|
|
|
| 1,000,000 |
| 5.250%, 07/01/23 |
| A1/AA-/A+ |
|
| 1,020,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Airport System Revenue, Series A |
|
|
|
|
|
|
| 1,020,000 |
| 5.000%, 07/01/22 |
| A1/AA-/A+ |
|
| 1,039,717 |
|
| 180,000 |
| 5.000%, 07/01/34 |
| A1/AA-/A+ |
|
| 183,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Airport System Revenue, Series A, AMT |
|
|
|
|
|
|
| 4,000,000 |
| 5.000%, 07/01/29 |
| A1/AA-/A+ |
|
| 4,994,640 |
|
| 2,000,000 |
| 5.000%, 07/01/32 |
| A1/AA-/A+ |
|
| 2,458,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Airport System Revenue, Series B |
|
|
|
|
|
|
| 2,000,000 |
| 5.000%, 07/01/25 |
| A1/AA-/A+ |
|
| 2,397,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Department of Transportation Airports Division |
|
|
|
|
|
|
| 1,060,000 |
| 5.000%, 08/01/21 AGM Insured |
| A2/AA/A |
|
| 1,121,215 |
|
| 800,000 |
| 5.000%, 08/01/21 |
| A2/A+/A |
|
| 846,200 |
|
| 360,000 |
| 5.000%, 08/01/23 |
| A2/A+/A |
|
| 404,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Airport |
|
|
|
| 40,589,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Education (4.4%): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| University of Hawaii, Revenue Refunding, Medical School, Series E |
|
|
|
|
|
|
| 500,000 |
| 5.000%, 10/01/21 |
| Aa2/NR/AA |
|
| 534,045 |
|
| 1,610,000 |
| 5.000%, 10/01/25 |
| Aa2/NR/AA |
|
| 1,940,791 |
|
| 4,635,000 |
| 5.000%, 10/01/29 |
| Aa2/NR/AA |
|
| 5,667,029 |
|
| 3,825,000 |
| 5.000%, 10/01/31 |
| Aa2/NR/AA |
|
| 4,643,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| University of Hawaii, Series B |
|
|
|
|
|
|
| 1,055,000 |
| 4.000%, 10/01/23 |
| Aa2/NR/AA |
|
| 1,162,726 |
|
| 1,250,000 |
| 4.000%, 10/01/24 |
| Aa2/NR/AA |
|
| 1,409,825 |
|
| 1,050,000 |
| 5.000%, 10/01/25 |
| Aa2/NR/AA |
|
| 1,265,733 |
|
| 1,045,000 |
| 5.000%, 10/01/26 |
| Aa2/NR/AA |
|
| 1,255,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| University of Hawaii, Series F |
|
|
|
|
|
|
| 1,595,000 |
| 5.000%, 10/01/25 |
| Aa2/NR/AA |
|
| 1,922,709 |
|
| 1,335,000 |
| 5.000%, 10/01/29 |
| Aa2/NR/AA |
|
| 1,671,594 |
|
| 2,080,000 |
| 5.000%, 10/01/30 |
| Aa2/NR/AA |
|
| 2,591,763 |
|
| 2,690,000 |
| 5.000%, 10/01/31 |
| Aa2/NR/AA |
|
| 3,343,509 |
|
|
| University of Hawaii, 2017B, Refunding |
|
|
|
|
|
|
| 1,000,000 |
| 3.000%, 10/01/28 |
| Aa2/NR/AA |
|
| 1,104,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Education |
|
|
|
| 28,512,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Housing (1.9%): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Housing Finance and Development Corp., |
|
|
|
|
|
|
| 10,300,000 |
| 1.900%, 01/01/21 GNMA/FHA Insured |
| NR/AA+/NR |
|
| 10,303,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Housing Finance and Development Corp., |
|
|
|
|
|
|
| 1,825,000 |
| 3.750%, 01/01/31 FHLMC Insured Liquidity Agreement |
| NR/AA+/NR |
|
| 1,887,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Housing Finance and Development Corp., |
|
|
|
|
|
|
| 185,000 |
| 3.850%, 10/01/21 FHLMC Insured Liquidity Agreement |
| NR/AA+/NR |
|
| 190,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Housing Finance and Development Corp. |
|
|
|
|
|
|
| 220,000 |
| 4.500%, 01/01/26 GNMA/ FNMA/ FHLMC Insured |
| Aaa/AA+/AAA |
|
| 224,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Housing |
|
|
|
| 12,606,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Medical (7.6%): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaii Pacific Health) Series A |
|
|
|
|
|
|
| 695,000 |
| 5.000%, 07/01/20 |
| A1/NR/AA- |
|
| 708,295 |
|
| 750,000 |
| 5.000%, 07/01/21 |
| A1/NR/AA- |
|
| 791,858 |
|
| 1,000,000 |
| 5.000%, 07/01/24 |
| A1/NR/AA- |
|
| 1,126,890 |
|
| 685,000 |
| 5.000%, 07/01/25 |
| A1/NR/AA- |
|
| 770,420 |
|
| 1,355,000 |
| 5.000%, 07/01/27 |
| A1/NR/AA- |
|
| 1,516,082 |
|
| 280,000 |
| 5.000%, 07/01/28 |
| A1/NR/AA- |
|
| 312,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaii Pacific Health) Series B |
|
|
|
|
|
|
| 420,000 |
| 5.000%, 07/01/20 |
| A1/NR/AA- |
|
| 428,035 |
|
| 355,000 |
| 5.125%, 07/01/31 |
| A1/NR/AA- |
|
| 394,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hawaii State Department of Budget and Finance, Special Purpose Revenue (Queens Health System) Series A |
|
|
|
|
|
|
| 2,025,000 |
| 5.000%, 07/01/20 |
| A1/AA-/NR |
|
| 2,063,738 |
|
| 1,295,000 |
| 5.000%, 07/01/21 |
| A1/AA-/NR |
|
| 1,365,888 |
|
| 1,500,000 |
| 5.000%, 07/01/22 |
| A1/AA-/NR |
|
| 1,636,500 |
|
| 1,090,000 |
| 5.000%, 07/01/23 |
| A1/AA-/NR |
|
| 1,225,520 |
|
| 4,655,000 |
| 5.000%, 07/01/24 |
| A1/AA-/NR |
|
| 5,386,487 |
|
| 3,120,000 |
| 5.000%, 07/01/25 |
| A1/AA-/NR |
|
| 3,704,064 |
|
| 1,715,000 |
| 5.000%, 07/01/26 |
| A1/AA-/NR |
|
| 2,028,605 |
|
| 2,000,000 |
| 5.000%, 07/01/27 |
| A1/AA-/NR |
|
| 2,355,500 |
|
| 850,000 |
| 5.000%, 07/01/28 |
| A1/AA-/NR |
|
| 996,778 |
|
| 15,420,000 |
| 5.000%, 07/01/35 |
| A1/AA-/NR |
|
| 17,680,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hawaii State Department of Budget and Finance, Special Purpose Revenue (Senior Living Revenue, Kahala Nui) |
|
|
|
|
|
|
| 1,000,000 |
| 5.000%, 11/15/21 |
| NR/NR/A |
|
| 1,073,940 |
|
| 3,575,000 |
| 5.125%, 11/15/32 |
| NR/NR/A |
|
| 3,945,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Medical |
|
|
|
| 49,510,986 |
|
|
| Transportation (8.4%): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Harbor System, Series A |
|
|
|
|
|
|
| 16,500,000 |
| 5.750%, 07/01/35 |
| Aa3/AA-/AA- |
|
| 16,863,990 |
|
| 6,025,000 |
| 5.625%, 07/01/40 |
| Aa3/AA-/AA- |
|
| 6,153,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Highway Revenue, Series A |
|
|
|
|
|
|
| 1,555,000 |
| 5.000%, 01/01/25 |
| Aa1/AA+/AA |
|
| 1,818,433 |
|
| 5,000,000 |
| 5.000%, 01/01/27 |
| Aa1/AA+/AA |
|
| 6,150,800 |
|
| 5,000,000 |
| 5.000%, 01/01/30 |
| Aa1/AA+/AA |
|
| 6,081,700 |
|
| 4,750,000 |
| 4.000%, 01/01/31 |
| Aa1/AA+/AA |
|
| 5,382,653 |
|
| 3,040,000 |
| 5.000%, 01/01/32 |
| Aa1/AA+/AA |
|
| 3,255,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Highway Revenue, Series A |
|
|
|
|
|
|
| 1,000,000 |
| 5.000%, 01/01/26 |
| Aa1/AA+/NR |
|
| 1,211,840 |
|
| 2,200,000 |
| 5.000%, 01/01/31 |
| Aa1/AA+/NR |
|
| 2,795,474 |
|
| 1,000,000 |
| 5.000%, 01/01/32 |
| Aa1/AA+/NR |
|
| 1,264,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Highway Revenue, Series B |
|
|
|
|
|
|
| 2,000,000 |
| 5.000%, 01/01/25 |
| Aa1/AA+/AA |
|
| 2,369,060 |
|
| 1,340,000 |
| 5.000%, 01/01/27 |
| Aa1/AA+/AA |
|
| 1,648,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Transportation |
|
|
|
| 54,994,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Utility (5.0%): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series A, AMT |
|
|
|
|
|
|
| 11,320,000 |
| 3.100%, 05/01/26 |
| Baa2/NR/A- |
|
| 11,900,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series B, AMT |
|
|
|
|
|
|
| 4,000,000 |
| 4.000%, 03/01/37 |
| Baa2/NR/A- |
|
| 4,308,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2015 |
|
|
|
|
|
|
| 6,500,000 |
| 3.200%, 07/01/39 |
| Baa2/NR/A- |
|
| 6,610,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2015, AMT |
|
|
|
|
|
|
| 500,000 |
| 3.250%, 01/01/25 |
| Baa2/NR/A- |
|
| 526,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2019, AMT |
|
|
|
|
|
|
| 8,500,000 |
| 3.500%, 10/01/49 |
| NR/NR/A- |
|
| 8,604,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Department of Business, Economic Development and Tourism Green Energy Market Securitization Bonds, Series A (Federally Taxable) |
|
|
|
|
|
|
| 742,416 |
| 1.467%, 07/01/22 |
| Aaa/AAA/AAA |
|
| 741,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Utility |
|
|
|
| 32,691,692 |
|
|
| Water & Sewer (10.3%): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County of Honolulu, Hawaii, Board of Water Supply |
|
|
|
|
|
|
| 265,000 |
| 5.000%, 07/01/21 |
| Aa2/NR/AA+ |
|
| 280,481 |
|
| 1,000,000 |
| 5.000%, 07/01/23 |
| Aa2/NR/AA+ |
|
| 1,131,660 |
|
| 1,030,000 |
| 5.000%, 07/01/24 |
| Aa2/NR/AA+ |
|
| 1,202,144 |
|
| 1,795,000 |
| 5.000%, 07/01/26 |
| Aa2/NR/AA+ |
|
| 2,085,862 |
|
| 875,000 |
| 5.000%, 07/01/27 |
| Aa2/NR/AA+ |
|
| 1,014,773 |
|
| 1,750,000 |
| 5.000%, 07/01/28 |
| Aa2/NR/AA+ |
|
| 2,024,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County of Honolulu, Hawaii, Board of Water Supply |
|
|
|
|
|
|
| 4,795,000 |
| 4.500%, 07/01/29 |
| Aa2/NR/AA+ |
|
| 5,149,351 |
|
| 4,955,000 |
| 4.500%, 07/01/30 |
| Aa2/NR/AA+ |
|
| 5,312,355 |
|
| 5,020,000 |
| 5.000%, 07/01/31 |
| Aa2/NR/AA+ |
|
| 5,467,734 |
|
| 3,040,000 |
| 5.000%, 07/01/32 |
| Aa2/NR/AA+ |
|
| 3,308,797 |
|
| 3,495,000 |
| 5.000%, 07/01/33 |
| Aa2/NR/AA+ |
|
| 3,800,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County of Honolulu, Hawaii, Wastewater System |
|
|
|
|
|
|
| 2,060,000 |
| 5.000%, 07/01/23 |
| Aa2/NR/AA |
|
| 2,332,723 |
|
| 2,000,000 |
| 5.000%, 07/01/24 |
| Aa2/NR/AA |
|
| 2,334,260 |
|
| 2,075,000 |
| 5.000%, 07/01/25 |
| Aa2/NR/AA |
|
| 2,488,921 |
|
| 2,000,000 |
| 5.000%, 07/01/30 |
| Aa2/NR/AA |
|
| 2,364,440 |
|
| 3,700,000 |
| 5.000%, 07/01/31 |
| Aa2/NR/AA |
|
| 4,362,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County of Honolulu, Hawaii, Wastewater System |
|
|
|
|
|
|
| 2,000,000 |
| 5.000%, 07/01/34 |
| Aa2/NR/AA |
|
| 2,394,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County of Honolulu, Hawaii, Wastewater System |
|
|
|
|
|
|
| 6,000,000 |
| 5.000%, 07/01/36 |
| Aa2/NR/AA |
|
| 7,370,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County of Honolulu, Hawaii, Wastewater System |
|
|
|
|
|
|
| 2,000,000 |
| 5.000%, 07/01/24 |
| Aa2/NR/AA |
|
| 2,334,260 |
|
| 3,000,000 |
| 4.000%, 07/01/30 |
| Aa2/NR/AA |
|
| 3,565,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County of Honolulu, Hawaii, Wastewater System |
|
|
|
|
|
|
| 4,000,000 |
| 5.000%, 07/01/25 |
| Aa3/NR/AA- |
|
| 4,793,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County of Honolulu, Hawaii, Wastewater System |
|
|
|
|
|
|
| 1,375,000 |
| 3.000%, 07/01/26 |
| Aa3/NR/AA- |
|
| 1,511,249 |
|
| 1,050,000 |
| 3.000%, 07/01/27 |
| Aa3/NR/AA- |
|
| 1,163,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Water & Sewer |
|
|
|
| 67,794,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other (1.1%): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hawaii State Department of Hawaiian Home Lands, Series 2017 |
|
|
|
|
|
|
| 925,000 |
| 5.000%, 04/01/22 |
| Aa3/NR/NR |
|
| 1,004,060 |
|
| 600,000 |
| 5.000%, 04/01/23 |
| Aa3/NR/NR |
|
| 672,558 |
|
| 500,000 |
| 5.000%, 04/01/24 |
| Aa3/NR/NR |
|
| 578,035 |
|
| 850,000 |
| 5.000%, 04/01/26 |
| Aa3/NR/NR |
|
| 1,031,713 |
|
| 905,000 |
| 5.000%, 04/01/29 |
| Aa3/NR/NR |
|
| 1,108,535 |
|
| 785,000 |
| 5.000%, 04/01/30 |
| Aa3/NR/NR |
|
| 957,205 |
|
|
| Hawaii State Department of Hawaiian Home Lands, COP |
|
|
|
|
|
|
| 330,000 |
| 5.000%, 11/01/24 |
| Aa2/NR/NR |
|
| 388,644 |
|
| 145,000 |
| 5.000%, 11/01/25 |
| Aa2/NR/NR |
|
| 175,344 |
|
| 1,115,000 |
| 5.000%, 11/01/27 |
| Aa2/NR/NR |
|
| 1,403,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Other |
|
|
|
| 7,319,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Revenue Bonds |
|
|
|
| 294,020,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-Refunded\ Escrowed to Maturity Bonds (17.1%)†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-Refunded\ Escrowed to Maturity General Obligation Bonds (10.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| City & County (4.5%): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County of Honolulu, Hawaii, Refunding, Series B, |
|
|
|
|
|
|
| 5,000,000 |
| 4.750%, 12/01/35 |
| Aa1/NR/AA+ |
|
| 5,167,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County of Honolulu, Hawaii, Series A, Prerefunded to |
|
|
|
|
|
|
| 2,000,000 |
| 5.000%, 11/01/26 |
| Aa1/NR/AA+ |
|
| 2,219,520 |
|
| 5,000,000 |
| 5.000%, 11/01/27 |
| Aa1/NR/AA+ |
|
| 5,548,800 |
|
| 5,000,000 |
| 5.000%, 11/01/31 |
| Aa1/NR/AA+ |
|
| 5,548,800 |
|
| 5,000,000 |
| 5.000%, 11/01/32 |
| Aa1/NR/AA+ |
|
| 5,548,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| County of Hawaii, Series A, Prerefunded to 09/01/22 @100 |
|
|
|
|
|
|
| 1,500,000 |
| 5.000%, 09/01/30 |
| Aa2/AA/AA+ |
|
| 1,655,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| County of Hawaii, 2013-Series A, Prerefunded to 09/01/22 @100 |
|
|
|
|
|
|
| 500,000 |
| 5.000%, 09/01/23 |
| Aa2/AA/AA+ |
|
| 551,690 |
|
| 1,000,000 |
| 5.000%, 09/01/25 |
| Aa2/AA/AA+ |
|
| 1,103,380 |
|
| 1,000,000 |
| 5.000%, 09/01/27 |
| Aa2/AA/AA+ |
|
| 1,103,380 |
|
| 1,000,000 |
| 5.000%, 09/01/28 |
| Aa2/AA/AA+ |
|
| 1,103,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total City & County |
|
|
|
| 29,550,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State (5.7%): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series DZ, Prerefunded to 12/01/21 @100 |
|
|
|
|
|
|
| 3,710,000 |
| 5.000%, 12/01/26 |
| NR/NR/NR* |
|
| 3,986,506 |
|
| 3,580,000 |
| 5.000%, 12/01/26 |
| NR/NR/NR* |
|
| 3,843,309 |
|
| 1,305,000 |
| 5.000%, 12/01/26 |
| Aa1/AA+/AA+ |
|
| 1,402,262 |
|
| 3,240,000 |
| 5.000%, 12/01/28 |
| NR/NR/NR* |
|
| 3,481,477 |
|
| 945,000 |
| 5.000%, 12/01/28 |
| Aa1/AA+/AA+ |
|
| 1,015,431 |
|
| 8,845,000 |
| 5.000%, 12/01/29 |
| NR/NR/NR* |
|
| 9,504,218 |
|
| 1,735,000 |
| 5.000%, 12/01/29 |
| Aa1/AA+/AA+ |
|
| 1,864,310 |
|
| 4,220,000 |
| 5.000%, 12/01/30 |
| NR/NR/NR* |
|
| 4,534,517 |
|
| 2,315,000 |
| 5.000%, 12/01/30 |
| Aa1/AA+/AA+ |
|
| 2,487,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series EE, Prerefunded to 11/01/22 @100 |
|
|
|
|
|
|
| 80,000 |
| 5.000%, 11/01/24 |
| Aa1/AA+/NR |
|
| 88,781 |
|
| 45,000 |
| 5.000%, 11/01/24 |
| NR/NR/NR* |
|
| 49,939 |
|
| 2,385,000 |
| 5.000%, 11/01/25 |
| NR/NR/NR* |
|
| 2,646,778 |
|
| 70,000 |
| 5.000%, 11/01/27 |
| NR/NR/NR* |
|
| 77,683 |
|
| 220,000 |
| 5.000%, 11/01/27 |
| Aa1/AA+/NR |
|
| 244,147 |
|
|
| State of Hawaii, Series EH, Prerefunded to 08/01/23 @100 |
|
|
|
|
|
|
| 1,800,000 |
| 5.000%, 08/01/27 |
| Aa1/AA+/AA+ |
|
| 2,048,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii, Series EH, ETM |
|
|
|
|
|
|
| 5,000 |
| 5.000%, 08/01/21 |
| NR/NR/NR* |
|
| 5,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total State |
|
|
|
| 37,280,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pre-Refunded\ Escrowed to Maturity General Obligation Bonds |
|
|
|
| 66,830,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-Refunded Revenue Bonds (6.9%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transportation (2.3%): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Hawaii Highway Revenue, Series A, Prerefunded to |
|
|
|
|
|
|
| 6,000,000 |
| 5.000%, 01/01/28 |
| Aa1/AA+/AA |
|
| 6,466,560 |
|
| 4,140,000 |
| 5.000%, 01/01/29 |
| Aa1/AA+/AA |
|
| 4,461,926 |
|
| 3,980,000 |
| 5.000%, 01/01/30 |
| Aa1/AA+/AA |
|
| 4,289,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Transportation |
|
|
|
| 15,217,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Water & Sewer (4.6%): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County of Honolulu, Hawaii, Wastewater System, |
|
|
|
|
|
|
| 5,360,000 |
| 4.500%, 07/01/28 |
| Aa2/NR/AA |
|
| 5,633,467 |
|
| 4,480,000 |
| 4.500%, 07/01/30 |
| Aa2/NR/AA |
|
| 4,708,570 |
|
| 1,000,000 |
| 4.000%, 07/01/31 |
| Aa2/NR/AA |
|
| 1,043,630 |
|
| 2,000,000 |
| 5.250%, 07/01/36 |
| Aa2/NR/AA |
|
| 2,124,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2012 A, Prerefunded to 07/01/22 @100 |
|
|
|
|
|
|
| 1,000,000 |
| 5.000%, 07/01/30 |
| Aa2/NR/AA |
|
| 1,097,000 |
|
| 1,000,000 |
| 5.000%, 07/01/31 |
| Aa2/NR/AA |
|
| 1,097,000 |
|
| 1,500,000 |
| 5.000%, 07/01/32 |
| Aa2/NR/AA |
|
| 1,645,500 |
|
| 2,500,000 |
| 5.000%, 07/01/42 |
| Aa2/NR/AA |
|
| 2,742,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County of Honolulu, Hawaii, Wastewater System |
|
|
|
|
|
|
| 2,000,000 |
| 4.000%, 07/01/28 |
| Aa2/NR/AA |
|
| 2,144,880 |
|
| 3,000,000 |
| 4.000%, 07/01/30 |
| Aa2/NR/AA |
|
| 3,217,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County of Honolulu, Hawaii, Wastewater System |
|
|
|
|
|
|
| 4,400,000 |
| 4.500%, 07/01/27 |
| Aa3/NR/AA- |
|
| 4,475,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Water & Sewer |
|
|
|
| 29,929,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pre-Refunded Revenue Bonds |
|
|
|
| 45,147,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pre-Refunded\ Escrowed to Maturity Bonds |
|
|
|
| 111,977,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds (cost 617,902,651) |
|
|
|
| 644,083,278 |
| Shares |
| Short-Term Investment (0.3%) |
|
|
|
|
|
|
| 1,945,037 |
| Dreyfus Government Cash Management, Institutional Shares, 1.51%**(cost 1,945,037) |
| Aaa-mf/AAAm/NR |
|
| 1,945,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments (cost 619,847,688-note b) |
| 98.6% |
|
| 646,028,315 |
|
|
|
| Other assets less liabilities |
| 1.4 |
|
| 9,102,246 |
|
|
|
| Net Assets |
| 100.0% |
| $ | 655,130,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percent of |
|
|
|
|
|
|
| Portfolio Distribution By Quality Rating |
| Investments† |
|
|
|
|
|
|
| Aaa and Aaa-mf of Moody's or AAA and AAAm of S&P or Fitch |
| 0.5% |
|
|
|
|
|
|
| Prerefunded bonds\ ETM bonds †† |
| 17.3 |
|
|
|
|
|
|
| Aa of Moody's or AA of S&P or Fitch |
| 76.3 |
|
|
|
|
|
|
| A of Moody's or S&P or Fitch |
| 5.9 |
|
|
|
|
|
|
|
|
| 100.0% |
|
|
|
|
| PORTFOLIO ABBREVIATIONS: |
AGM |
| Assured Guaranty Municipal Corp. |
AMT |
| Alternative Minimum Tax |
BAN |
| Bond Anticipation Note |
COP |
| Certificates of Participation |
ETM |
| Escrowed to Maturity |
FHLMC |
| Federal Home Loan Mortgage Corp. |
FHA |
| Federal Housing Association |
FNMA |
| Federal National Mortgage Association |
FRN |
| Floating Rate Note |
GNMA |
| Government National Mortgage Association |
NR |
| Not Rated |
SIFMA |
| Securities Industry and Financial Markets Association |
* | Any security not rated (“NR”) by any of the Nationally Recognized Statistical Rating Organizations (“NRSRO”) has been determined by the Investment Adviser to have sufficient quality to be ranked in the top credit four ratings if a credit rating were to be assigned by a NRSRO. |
|
|
** | The rate is an annualized seven-day yield at period end. |
|
|
*** | Illiquid security: This security represents 0.9% of net assets. |
|
|
† | Where applicable, calculated using the highest rating of the three NRSRO. |
|
|
†† | Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date. Escrowed to Maturity bonds are bonds where money has been placed in the escrow account which is used to pay principal and interest through the bond's originally scheduled maturity date. Escrowed to Maturity are shown as ETM. All other securities in the category are pre-refunded. |
See accompanying notes to financial statements.
Hawaiian Tax-Free Trust
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
(unaudited)
(a)
Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
(b)
At December 31, 2019, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $619,847,688 amounted to $26,180,627 which consisted of aggregate gross unrealized appreciation of $26,209,994 and aggregate gross unrealized depreciation of $29,367.
(c)
Fair Value Measurements: The Trust follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Trust’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Trust’s investments and are summarized in the following fair value hierarchy:
Level 1 – Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Trust has the ability to access.
Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the valuation inputs, representing 100% of the Trust’s investments, used to value the Trust’s net assets as of December 31, 2019:
Valuation Inputs+ | Investments | |
Level 1 – Quoted Prices- Short-Term Investment | $ | 1,945,037 |
Level 2 – Other Significant Observable Inputs- Municipal Bonds |
| 644,083,278 |
Level 3 – Significant Unobservable Inputs |
| — |
Total | $ | 646,028,315 |
+ See schedule of investments for a detailed listing of securities. |
|
|