NPORT-EX 2 1393670AQ123121.htm

 

Hawaiian Tax-Free Trust

Schedule of Investments

December 31, 2021

(unaudited)

 

Principal
Amount		   General Obligation Bonds (37.6%)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    City & County (24.2%)            
    City and County of Honolulu, Hawaii, Series A            
$1,000,000   5.000%, 10/01/23   Aa1/NR/AA+   $1,081,880    
3,000,000   5.000%, 10/01/25   Aa1/NR/AA+   3,499,890    
5,055,000   5.000%, 10/01/26   Aa1/NR/AA+   5,876,842    
1,735,000   5.000%, 10/01/29   Aa1/NR/AA+   2,012,184    
1,300,000   5.000%, 10/01/35   Aa1/NR/AA+   1,495,702    
1,000,000   5.000%, 10/01/36   Aa1/NR/AA+   1,149,740    
                 
    City and County of Honolulu, Hawaii, Series 2018A            
1,130,000   5.000%, 09/01/32   Aa1/NR/AA+   1,415,404    
                 
    City and County of Honolulu, Hawaii, Series 2019A, Rail Transit Project            
1,500,000   5.000%, 09/01/25   Aa1/NR/AA+   1,744,965    
1,060,000   5.000%, 09/01/26   Aa1/NR/AA+   1,272,360    
                 
    City and County of Honolulu, Hawaii, Series 2020A, Rail Transit Project            
500,000   4.000%, 09/01/36   Aa1/NR/AA+   599,640    
640,000   4.000%, 09/01/39   Aa1/NR/AA+   760,538    
500,000   4.000%, 09/01/40   Aa1/NR/AA+   593,245    
                 
    City and County of Honolulu, Hawaii, Series 2021A            
1,405,000   4.000%, 07/01/34   Aa1/NR/AA+   1,748,986    
6,430,000   4.000%, 07/01/36   Aa1/NR/AA+   7,907,293    
                 
    City and County of Honolulu, Hawaii, Series B            
2,040,000   5.000%, 10/01/26   Aa1/NR/AA+   2,371,663    
5,000,000   4.000%, 11/01/27   Aa1/NR/AA+   5,151,100    
5,000,000   4.500%, 11/01/28   Aa1/NR/AA+   5,170,800    
4,000,000   4.500%, 11/01/29   Aa1/NR/AA+   4,136,320    
                 
    City and County of Honolulu, Hawaii, Series 2018B            
5,000,000   5.000%, 09/01/24   Aa1/NR/AA+   5,611,700    
                 
    City and County of Honolulu, Hawaii, Series 2019B, Rail Transit Project            
1,095,000   4.000%, 09/01/24   Aa1/NR/AA+   1,200,021    
1,175,000   3.000%, 09/01/25   Aa1/NR/AA+   1,281,784    
                 
    City and County of Honolulu, Hawaii, Series 2020B, Rail Transit Project            
5,020,000   5.000%, 03/01/31   Aa1/NR/AA+   6,540,407    

 

 

 
 
 

 

 

Principal
Amount		   General Obligation Bonds (continued)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    City & County (continued)            
    City and County of Honolulu, Hawaii, Series C            
$2,860,000   5.000%, 10/01/23   Aa1/NR/AA+   $3,094,177    
2,745,000   5.000%, 10/01/26   Aa1/NR/AA+   3,191,282    
2,095,000   5.000%, 10/01/27   Aa1/NR/AA+   2,435,605    
4,510,000   5.000%, 10/01/28   Aa1/NR/AA+   5,232,322    
575,000   5.000%, 10/01/29   Aa1/NR/AA+   666,862    
                 
    City and County of Honolulu, Hawaii, Series 2019C            
1,075,000   4.000%, 08/01/26   Aa1/NR/AA+   1,238,647    
1,020,000   4.000%, 08/01/29   Aa1/NR/AA+   1,244,165    
3,000,000   4.000%, 08/01/36   Aa1/NR/AA+   3,581,100    
1,525,000   4.000%, 08/01/43   Aa1/NR/AA+   1,797,853    
                 
    City and County of Honolulu, Hawaii, Series 2020C            
2,000,000   4.000%, 07/01/36   Aa1/NR/AA+   2,413,920    
1,000,000   3.000%, 07/01/37   Aa1/NR/AA+   1,107,780    
1,000,000   4.000%, 07/01/39   Aa1/NR/AA+   1,195,560    
                 
    City and County of Honolulu, Hawaii, Series E, Crossover Refunding            
1,820,000   5.000%, 09/01/29   Aa1/NR/AA+   2,237,326    
                 
    City and County of Honolulu, Hawaii, Series 2020F            
175,000   5.000%, 07/01/33   Aa1/NR/AA+   228,855    
1,250,000   5.000%, 07/01/35   Aa1/NR/AA+   1,626,750    
                 
    County of Hawaii, Series A            
1,500,000   5.000%, 09/01/25   Aa2/AA/NR   1,744,965    
                 
    County of Hawaii, 2016-Series A            
1,020,000   4.000%, 09/01/35   Aa2/AA/NR   1,136,627    
                 
    County of Hawaii, 2017-Series A            
2,365,000   5.000%, 09/01/27   Aa2/NR/AA+   2,876,360    
1,970,000   5.000%, 09/01/28   Aa2/NR/AA+   2,383,582    
4,175,000   5.000%, 09/01/29   Aa2/NR/AA+   5,049,579    
                 
    County of Hawaii, 2016-Series C            
370,000   5.000%, 09/01/27   Aa2/AA/NR   435,187    
                 
    County of Hawaii, 2017-Series D            
2,445,000   4.000%, 09/01/28   Aa2/NR/AA+   2,835,100    
1,000,000   4.000%, 09/01/31   Aa2/NR/AA+   1,143,480    
                 
    County of Hawaii, 2020-Series A            
1,050,000   5.000%, 09/01/25   Aa2/AA/AA+   1,221,476    
2,000,000   5.000%, 09/01/29   Aa2/AA/AA+   2,598,360    
2,250,000   5.000%, 09/01/31   Aa2/AA/AA+   2,970,900    
1,000,000   5.000%, 09/01/37   Aa2/AA/AA+   1,301,530    

 

 

 
 
 

 

 

Principal
Amount		   General Obligation Bonds (continued)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    City & County (continued)            
    County of Kauai, Hawaii, 2017 Series            
$250,000   4.000%, 08/01/22   Aa2/NR/AA   $255,528    
300,000   3.000%, 08/01/24   Aa2/NR/AA   319,932    
220,000   5.000%, 08/01/25   Aa2/NR/AA   255,022    
235,000   5.000%, 08/01/26   Aa2/NR/AA   281,121    
285,000   5.000%, 08/01/28   Aa2/NR/AA   350,579    
825,000   2.500%, 08/01/29   Aa2/NR/AA   888,113    
385,000   5.000%, 08/01/30   Aa2/NR/AA   471,344    
200,000   4.000%, 08/01/32   Aa2/NR/AA   230,358    
200,000   5.000%, 08/01/37   Aa2/NR/AA   241,638    
                 
    County of Kauai, Hawaii, 2021A Series            
1,000,000   5.000%, 08/01/23   Aa2/NR/AA   1,074,070    
                 
    County of Maui, Hawaii            
1,045,000   3.000%, 06/01/27   Aa1/AA+/AA+   1,080,269    
2,000,000   3.000%, 06/01/28   Aa1/AA+/AA+   2,064,120    
                 
    County of Maui, Hawaii, Series 2014 Refunding            
1,900,000   5.000%, 06/01/22   Aa1/AA+/AA+   1,937,905    
1,015,000   5.000%, 06/01/23   Aa1/AA+/AA+   1,082,995    
4,015,000   5.000%, 06/01/24   Aa1/AA+/AA+   4,464,439    
                 
    County of Maui, Hawaii, Series 2018            
4,160,000   5.000%, 09/01/26   Aa1/AA+/AA+   5,008,266    
5,060,000   5.000%, 09/01/30   Aa1/AA+/AA+   6,369,427    
                 
    County of Maui, Hawaii, Series 2020            
800,000   3.000%, 03/01/31   Aa1/AA+/AA+   904,480    
1,250,000   5.000%, 03/01/33   Aa1/AA+/AA+   1,621,075    
1,275,000   5.000%, 03/01/34   Aa1/AA+/AA+   1,648,588    
                 
    County of Maui, Hawaii, Series 2021            
1,000,000   5.000%, 03/01/34   Aa1/AA+/AA+   1,323,930    
                 
    County of Maui, Hawaii, Series 2021            
1,000,000   4.000%, 03/01/37   Aa1/AA+/AA+   1,224,140    
    Total City & County       152,709,153    

 

 

 
 
 

 

 

Principal
Amount		   General Obligation Bonds (continued)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    State (13.4%)            
    State of Hawaii, Series EL, Refunding            
$2,045,000   5.000%, 08/01/23   Aa2/AA+/AA   $2,197,823    
                 
    State of Hawaii, Series EO            
3,410,000   5.000%, 08/01/27   NR/AA+/AA   3,799,899    
1,735,000   5.000%, 08/01/28   NR/AA+/AA   1,932,911    
1,475,000   5.000%, 08/01/29   NR/AA+/AA   1,642,442    
                 
    State of Hawaii, Series EO, Refunding            
3,195,000   5.000%, 08/01/30   Aa2/AA+/AA   3,558,591    
                 
    State of Hawaii, Series EP, Refunding            
5,075,000   5.000%, 08/01/23   Aa2/AA+/AA   5,454,255    
5,000,000   5.000%, 08/01/24   Aa2/AA+/AA   5,593,600    
                 
    State of Hawaii, Series ET            
200,000   5.000%, 10/01/24   Aa2/AA+/AA   225,190    
                 
    State of Hawaii, Series EZ Refunding            
2,085,000   5.000%, 10/01/26   Aa2/AA+/AA   2,431,590    
                 
    State of Hawaii, Series FB            
6,225,000   5.000%, 04/01/27   Aa2/AA+/AA   7,363,677    
2,255,000   4.000%, 04/01/29   Aa2/AA+/AA   2,561,049    
                 
    State of Hawaii, Series FG            
1,265,000   5.000%, 10/01/28   Aa2/AA+/AA   1,519,657    
                 
    State of Hawaii, Series FH            
825,000   5.000%, 10/01/25   Aa2/AA+/AA   962,808    
4,055,000   5.000%, 10/01/28   Aa2/AA+/AA   4,871,312    
                 
    State of Hawaii, Series FH            
6,460,000   4.000%, 10/01/30   Aa2/AA+/AA   7,426,933    
                 
    State of Hawaii, Series FN            
2,515,000   5.000%, 10/01/29   Aa2/AA+/AA   3,098,505    
1,215,000   5.000%, 10/01/31   Aa2/AA+/AA   1,490,659    
                 
    State of Hawaii, Series FT            
10,100,000   5.000%, 01/01/29   Aa2/AA+/AA   12,531,777    
1,680,000   5.000%, 01/01/30   Aa2/AA+/AA   2,072,246    
4,100,000   5.000%, 01/01/33   Aa2/AA+/AA   5,046,157    
1,095,000   5.000%, 01/01/38   Aa2/AA+/AA   1,341,342    
                 
    State of Hawaii, Series FW            
3,000,000   5.000%, 01/01/24   Aa2/AA+/AA   3,278,880    
4,000,000   4.000%, 01/01/25   Aa2/AA+/AA   4,426,680    
    Total State       84,827,983    
    Total General Obligation Bonds       237,537,136    

 

 

 
 
 

 

 

Principal
Amount		   Revenue Bonds (40.8%)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    Airport (3.5%)            
    State of Hawaii Airport System Revenue Refunding, AMT            
$1,500,000   5.000%, 07/01/23   A1/A+/A+   $1,552,500    
3,000,000   5.000%, 07/01/45   A1/A+/A+   3,402,750    
                 
    State of Hawaii Airport System Revenue, Series A,  AMT            
4,000,000   5.000%, 07/01/29   A1/A+/A+   4,931,640    
2,000,000   5.000%, 07/01/32   A1/A+/A+   2,441,620    
                 
    State of Hawaii Airport System Revenue, Series B            
2,000,000   5.000%, 07/01/25   A1/A+/A+   2,307,200    
                 
    State of Hawaii Airport System Revenue Refunding , Series 2011,  AMT            
890,000   5.000%, 07/01/24   A1/A+/A+   915,668    
                 
    State of Hawaii Airport System Revenue, Series 2015A,  AMT            
2,000,000   5.000%, 07/01/41   A1/A+/A+   2,268,500    
                 
    State of Hawaii Airport System Revenue, Series 2020A,  AMT            
3,000,000   5.000%, 07/01/32   A1/A+/A+   3,832,470    
                 
    State of Hawaii Department of Transportation Airports Division Lease Revenue COP AMT            
360,000   5.000%, 08/01/23   A2/A/A   386,190    
    Total Airport       22,038,538    
                 
    Education (5.2%)            
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Mid-Pacific Institute) Series 2020            
340,000   4.000%, 01/01/28   NR/BBB+/NR   388,637    
360,000   4.000%, 01/01/29   NR/BBB+/NR   417,002    
270,000   4.000%, 01/01/32   NR/BBB+/NR   312,657    
540,000   4.000%, 01/01/33   NR/BBB+/NR   624,154    
435,000   3.000%, 01/01/34   NR/BBB+/NR   459,673    
300,000   3.000%, 01/01/35   NR/BBB+/NR   316,377    
280,000   3.000%, 01/01/36   NR/BBB+/NR   294,949    
                 
    University of Hawaii, Revenue Refunding, Medical School, Series E            
1,695,000   5.000%, 10/01/25   Aa3/NR/AA   1,976,065    
4,635,000   5.000%, 10/01/29   Aa3/NR/AA   5,526,820    
3,825,000   5.000%, 10/01/31   Aa3/NR/AA   4,554,810    
                 
    University of Hawaii, Series B            
1,055,000   4.000%, 10/01/23   Aa3/NR/AA   1,122,499    
1,250,000   4.000%, 10/01/24   Aa3/NR/AA   1,371,938    
1,125,000   5.000%, 10/01/25   Aa3/NR/AA   1,311,548    
1,065,000   5.000%, 10/01/26   Aa3/NR/AA   1,237,754    

 

 

 
 
 

 

 

Principal
Amount		   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    Education (continued)            
    University of Hawaii, Series F            
$1,595,000   5.000%, 10/01/25   Aa3/NR/AA   $1,859,483    
1,335,000   5.000%, 10/01/29   Aa3/NR/AA   1,640,528    
2,080,000   5.000%, 10/01/30   Aa3/NR/AA   2,553,262    
2,690,000   5.000%, 10/01/31   Aa3/NR/AA   3,300,307    
                 
    University of Hawaii, 2017B, Refunding            
1,000,000   3.000%, 10/01/28   Aa3/NR/AA   1,108,260    
                 
    University of Hawaii, 2020B, Refunding            
230,000   5.000%, 10/01/23   Aa3/NR/AA   248,706    
                 
    University of Hawaii, 2020D, Refunding            
2,000,000   4.000%, 10/01/33   Aa3/NR/AA   2,441,860    
    Total Education       33,067,289    
                 
    Housing (0.3%)            
    State of Hawaii Housing Finance and Development Corp., Iwilei Apartments, Series A            
1,825,000   3.750%, 01/01/31 FHLMC Insured Liquidity Agreement   NR/AA+/NR   1,845,312    
                 
    Medical (7.3%)            
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaii Pacific Health) Series A            
200,000   5.000%, 07/01/22   A1/NR/AA-   204,740    
1,000,000   5.000%, 07/01/24   A1/NR/AA-   1,067,990    
685,000   5.000%, 07/01/25   A1/NR/AA-   730,511    
1,355,000   5.000%, 07/01/27   A1/NR/AA-   1,443,969    
280,000   5.000%, 07/01/28   A1/NR/AA-   298,385    
20,000   5.500%, 07/01/43   A1/NR/AA-   21,421    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaii Pacific Health) Series A            
3,895,000   6.000%, 07/01/33   A1/NR/AA-   4,219,492    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaii Pacific Health) Series B            
225,000   5.000%, 07/01/30   A1/NR/AA-   239,774    
415,000   5.125%, 07/01/31   A1/NR/AA-   443,021    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Queens Health System) Series A            
1,105,000   5.000%, 07/01/23   A1/AA-/NR   1,182,538    
4,725,000   5.000%, 07/01/24   A1/AA-/NR   5,253,775    
3,120,000   5.000%, 07/01/25   A1/AA-/NR   3,593,366    
1,715,000   5.000%, 07/01/26   A1/AA-/NR   1,971,993    
2,400,000   5.000%, 07/01/27   A1/AA-/NR   2,755,152    
850,000   5.000%, 07/01/28   A1/AA-/NR   974,831    
15,520,000   5.000%, 07/01/35   A1/AA-/NR   17,660,829    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Senior Living Revenue, Kahala Nui)            
3,575,000   5.125%, 11/15/32   NR/NR/A   3,692,761    
    Total Medical       45,754,548    

 

 

 
 
 

 

 

Principal
Amount		   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    Transportation (10.6%)            
    State of Hawaii Harbor System, Series 2020A, AMT            
$  1,000,000   4.000%, 07/01/33   Aa3/NR/AA-   $  1,200,340    
10,000,000   4.000%, 07/01/36   Aa3/NR/AA-   11,937,200    
9,000,000   4.000%, 07/01/37   Aa3/NR/AA-   10,720,170    
                 
    State of Hawaii Harbor System, Series 2020A, AMT            
495,000   4.000%, 07/01/35   Aa3/NR/AA-   592,094    
                 
    State of Hawaii Harbor System, Series 2020C            
200,000   5.000%, 07/01/29   Aa3/NR/AA-   257,222    
200,000   4.000%, 07/01/34   Aa3/NR/AA-   242,286    
560,000   4.000%, 07/01/37   Aa3/NR/AA-   674,430    
875,000   4.000%, 07/01/38   Aa3/NR/AA-   1,051,986    
                 
    State of Hawaii Highway Revenue, Series A            
1,000,000   5.000%, 01/01/25   Aa2/AA+/AA   1,113,500    
1,000,000   5.000%, 01/01/26   Aa2/AA+/NR   1,175,630    
5,000,000   5.000%, 01/01/27   Aa2/AA+/AA   5,968,400    
5,000,000   5.000%, 01/01/30   Aa2/AA+/AA   5,924,500    
2,200,000   5.000%, 01/01/31   Aa2/AA+/NR   2,784,364    
4,750,000   4.000%, 01/01/31   Aa2/AA+/AA   5,407,828    
3,040,000   5.000%, 01/01/32   Aa2/AA+/AA   3,040,000    
1,000,000   5.000%, 01/01/32   Aa2/AA+/NR   1,262,290    
                 
    State of Hawaii Highway Revenue, Series B            
1,340,000   5.000%, 01/01/27   Aa2/AA+/AA   1,599,531    
                 
    State of Hawaii Highway Revenue, Series 2021            
2,000,000   5.000%, 01/01/33   Aa2/AA+/NR   2,642,000    
3,000,000   5.000%, 01/01/34   Aa2/AA+/NR   3,956,520    
1,010,000   5.000%, 01/01/35   Aa2/AA+/NR   1,329,170    
3,000,000   5.000%, 01/01/39   Aa2/AA+/NR   3,913,950    
    Total Transportation       66,793,411    

 

 

 
 
 

 

 

Principal
Amount		   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    Utility (5.0%)            
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series A, AMT            
$11,360,000   3.100%, 05/01/26   Baa1/NR/A-   $12,330,712    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series B, AMT            
4,000,000   4.000%, 03/01/37   Baa1/NR/A-   4,430,440    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2015            
6,300,000   3.200%, 07/01/39   Baa1/NR/A-   6,885,585    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2015, AMT            
500,000   3.250%, 01/01/25   Baa1/NR/A-   533,550    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2019, AMT            
7,000,000   3.500%, 10/01/49   Baa1/NR/A-   7,287,070    
    Total Utility       31,467,357    
                 
    Water & Sewer (7.8%)            
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series A            
1,000,000   5.000%, 07/01/23   Aa2/NR/AA+   1,071,100    
1,030,000   5.000%, 07/01/24   Aa2/NR/AA+   1,146,627    
1,795,000   5.000%, 07/01/26   Aa2/NR/AA+   1,995,412    
                 
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series 2020A            
500,000   5.000%, 07/01/27   NR/AAA/AA+   614,105    
1,565,000   5.000%, 07/01/33   NR/AAA/AA+   2,046,613    
2,105,000   4.000%, 07/01/36   NR/AAA/AA+   2,559,427    
1,890,000   4.000%, 07/01/37   NR/AAA/AA+   2,293,024    
2,060,000   4.000%, 07/01/39   NR/AAA/AA+   2,490,190    
                 
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series 2021A            
500,000   5.000%, 07/01/32   NR/AAA/AA+   673,350    
525,000   5.000%, 07/01/33   NR/AAA/AA+   705,663    
35,000   4.000%, 07/01/39   NR/AAA/AA+   43,115    
2,565,000   4.000%, 07/01/46   NR/AAA/AA+   3,112,935    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2015B            
2,000,000   5.000%, 07/01/24   Aa2/NR/AA   2,229,120    
2,095,000   5.000%, 07/01/25   Aa2/NR/AA   2,423,098    

 

 

 
 

 

 

Principal
Amount		   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    Water & Sewer (continued)            
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2016A            
$2,085,000   5.000%, 07/01/34   Aa2/NR/AA   $2,460,404    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2016B            
635,000   5.000%, 07/01/35   Aa2/NR/AA   748,716    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2018A            
6,000,000   5.000%, 07/01/36   Aa2/NR/AA   7,331,460    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2019A            
2,000,000   5.000%, 07/01/24   Aa2/NR/AA   2,229,120    
3,000,000   4.000%, 07/01/30   Aa2/NR/AA   3,632,610    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2019B            
1,000,000   4.000%, 07/01/34   Aa2/NR/AA   1,199,590    
900,000   4.000%, 07/01/38   Aa2/NR/AA   1,072,305    
                 
    City and County of Honolulu, Hawaii, Wastewater System (Second Bond Resolution) Junior Series 2015A            
4,000,000   5.000%, 07/01/25   Aa3/NR/AA-   4,618,920    
                 
    City and County of Honolulu, Hawaii, Wastewater System (Second Bond Resolution) Junior Series 2019A            
1,375,000   3.000%, 07/01/26   Aa3/NR/AA-   1,515,828    
1,050,000   3.000%, 07/01/27   Aa3/NR/AA-   1,167,863    
    Total Water & Sewer       49,380,595    
                 
    Other (1.1%)            
    Hawaii State Department of Hawaiian Home Lands, Series 2017            
925,000   5.000%, 04/01/22   A1/NR/NR   935,813    
600,000   5.000%, 04/01/23   A1/NR/NR   634,674    
500,000   5.000%, 04/01/24   A1/NR/NR   550,025    
945,000   5.000%, 04/01/26   A1/NR/NR   1,114,382    
905,000   5.000%, 04/01/29   A1/NR/NR   1,084,525    
840,000   5.000%, 04/01/30   A1/NR/NR   1,001,851    
                 
    Hawaii State Department of Hawaiian Home Lands, COP (Kapolei Office Facility), 2017 Series A            
330,000   5.000%, 11/01/24   Aa3/NR/NR   371,059    
145,000   5.000%, 11/01/25   Aa3/NR/NR   168,741    
1,115,000   5.000%, 11/01/27   Aa3/NR/NR   1,374,304    
    Total Other       7,235,374    
    Total Revenue Bonds         257,582,424    

 

 

 
 

 

 

Principal
Amount		   Pre-Refunded\Escrowed to Maturity Bonds (18.6%)††   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    Pre-Refunded\Escrowed to Maturity General Obligation Bonds (9.6%)            
    City & County (4.5%)            
    City and County of Honolulu, Hawaii, Series A, Prerefunded to 11/01/22 @100            
$2,000,000   5.000%, 11/01/26   Aa1/NR/NR   $2,079,780    
5,000,000   5.000%, 11/01/27   Aa1/NR/NR   5,199,450    
5,000,000   5.000%, 11/01/31   Aa1/NR/NR   5,199,450    
5,000,000   5.000%, 11/01/32   Aa1/NR/NR   5,199,450    
                 
    County of Hawaii, Series A, Prerefunded to 09/01/22 @100            
1,500,000   5.000%, 09/01/30   Aa2/AA/AA+   1,547,880    
                 
    County of Hawaii, 2013-Series A, Prerefunded to 09/01/22 @100            
500,000   5.000%, 09/01/23   Aa2/AA/AA+   515,960    
1,000,000   5.000%, 09/01/25   Aa2/AA/AA+   1,031,920    
1,000,000   5.000%, 09/01/27   Aa2/AA/AA+   1,031,920    
1,000,000   5.000%, 09/01/28   Aa2/AA/AA+   1,031,920    
                 
    County of Kauai, Hawaii, Refunding, Series A            
1,300,000   4.000%, 08/01/24   Aa2/AA/NR   1,328,821    
970,000   3.000%, 08/01/25   Aa2/AA/NR   985,821    
615,000   3.000%, 08/01/26   Aa2/AA/NR   625,031    
2,280,000   4.500%, 08/01/28   Aa2/AA/NR   2,337,114    
345,000   5.000%, 08/01/29   Aa2/AA/NR   354,632    
    Total City & County       28,469,149    
                 
    State (5.1%)            
    State of Hawaii, Series EE            
2,915,000   5.000%, 11/01/25   Aa2/AA+/AA   3,031,279    
                 
    State of Hawaii, Series EE, Prerefunded to 11/01/22 @100            
80,000   5.000%, 11/01/24   Aa2/AA+/NR   83,191    
45,000   5.000%, 11/01/24   NR/NR/NR*   46,795    
2,385,000   5.000%, 11/01/25   NR/NR/NR*   2,480,138    
40,000   5.000%, 11/01/26   NR/NR/NR*   41,596    
70,000   5.000%, 11/01/27   NR/NR/NR*   72,792    
220,000   5.000%, 11/01/27   Aa2/AA+/NR   228,776    
                 
    State of Hawaii, Series EF            
3,000,000   5.000%, 11/01/24   Aa2/AA+/AA   3,119,670    
                 
    State of Hawaii, Series EH            
4,170,000   5.000%, 08/01/25   Aa2/AA+/AA   4,481,624    
                 
    State of Hawaii, Series EH            
5,000   5.000%, 08/01/30   NR/NR/NR*   5,374    
                 
    State of Hawaii, Series EH            
500,000   5.000%, 08/01/30   NR/NR/NR*   537,365    
                 
    State of Hawaii, Series EH, Prerefunded to 08/01/23 @100            
1,800,000   5.000%, 08/01/27   Aa2/AA+/NR   1,934,514    

 

 

 
 

 

 

Principal
Amount		   Pre-Refunded\Escrowed to Maturity General Obligation Bonds (continued)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    State (continued)            
    State of Hawaii, Series EO            
$590,000   5.000%, 08/01/27   NR/NR/NR*   $659,561    
265,000   5.000%, 08/01/28   NR/NR/NR*   296,244    
570,000   5.000%, 08/01/29   NR/NR/NR*   637,203    
                 
    State of Hawaii, Series EP, Refunding            
5,280,000   5.000%, 08/01/25   Aa2/AA+/AA   5,909,746    
5,300,000   5.000%, 08/01/26   Aa2/AA+/AA   5,932,131    
                 
    State of Hawaii, Series ET            
2,070,000   5.000%, 10/01/30   Aa2/AA+/AA   2,417,450    
    Total State       31,915,449    
    Total Pre-Refunded\Escrowed to Maturity General Obligation Bonds       60,384,598    
                 
    Pre-Refunded\Escrowed to Maturity Revenue Bonds (9.0%)            
    Transportation (2.2%)            
    State of Hawaii Highway Revenue, Series A, Prerefunded to 01/01/22 @100            
6,000,000   5.000%, 01/01/28   Aa2/AA+/NR   6,000,000    
4,140,000   5.000%, 01/01/29   Aa2/AA+/NR   4,140,000    
3,980,000   5.000%, 01/01/30   Aa2/AA+/NR   3,980,000    
    Total Transportation       14,120,000    
                 
    Water & Sewer (6.8%)            
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Refunding Series A            
4,795,000   4.500%, 07/01/29   Aa2/NR/AA+   4,897,853    
4,955,000   4.500%, 07/01/30   Aa2/NR/AA+   5,061,285    
5,020,000   5.000%, 07/01/31   Aa2/NR/AA+   5,140,028    
3,040,000   5.000%, 07/01/32   Aa2/NR/AA+   3,112,686    
3,495,000   5.000%, 07/01/33   Aa2/NR/AA+   3,578,565    
                 
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series A            
875,000   5.000%, 07/01/27   Aa2/NR/AA+   976,168    
1,750,000   5.000%, 07/01/28   Aa2/NR/AA+   1,952,335    
                 
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series 2014A            
360,000   5.000%, 07/01/29   Aa2/NR/AA+   401,623    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2012A, Prerefunded to 07/01/22 @100            
1,000,000   5.000%, 07/01/30   Aa2/NR/NR   1,023,910    
1,000,000   5.000%, 07/01/31   Aa2/NR/NR   1,023,910    
1,500,000   5.000%, 07/01/32   Aa2/NR/NR   1,535,865    
2,500,000   5.000%, 07/01/42   Aa2/NR/NR   2,559,775    

 

 

 
 
 

 

 

Principal
Amount		   Pre-Refunded\Escrowed to Maturity Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    Water & Sewer (continued)            
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2012B            
$2,000,000   4.000%, 07/01/28   Aa2/NR/NR   $2,037,740    
3,000,000   4.000%, 07/01/30   Aa2/NR/NR   3,056,610    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2015B            
2,150,000   5.000%, 07/01/30   Aa2/NR/AA   2,489,141    
3,700,000   5.000%, 07/01/31   Aa2/NR/AA   4,283,638    
    Total Water & Sewer       43,131,132    
    Total Pre-Refunded\Escrowed to Maturity Revenue Bonds       57,251,132    
    Total Pre-Refunded\Escrowed to Maturity Bonds       117,635,730    
    Total Municipal Bonds (cost $586,909,450)       612,755,290    

 

 

Shares   Short-Term Investment (1.5%)            
9,110,196   Dreyfus Government Cash Management - Institutional Shares, 0.03%** (cost $9,110,196)   Aaa-mf/AAAm/NR   9,110,196    
                 
    Total Investments (cost $596,019,646-note b)   98.5%   621,865,486    
    Other assets less liabilities   1.5   9,329,509    
    Net Assets   100.0%   $ 631,194,995    
                 
        Percent of        
    Portfolio Distribution By Quality Rating   Investments †        
    Aaa and Aaa-mf of Moody's or AAA of S&P and AAAm of S&P   3.8%        
    Pre-Refunded Bonds††   18.9        
    Aa of Moody's or AA of S&P or Fitch   66.8        
    A of Moody's or S&P or Fitch   10.1        
    BBB of S&P   0.4        
        100.0%        

 

 

    PORTFOLIO ABBREVIATIONS:            
    AMT - Alternative Minimum Tax            
    COP - Certificates of Participation            
    FHLMC - Federal Home Loan Mortgage Corp.            
    NR - Not Rated            

 

 

    *    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 four credit ratings if a credit rating were to be assigned by a NRSRO.    
    **    The rate is an annualized seven-day yield at period end.    
    †     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.      

 

 

See accompanying notes to financial statements.

 

 
 
 

 

 

Hawaiian Tax-Free Trust

NOTES TO FINANCIAL STATEMENTS

December 31, 2021

(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, 2021, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $596,019,646 amounted to $25,845,840 which consisted of aggregate gross unrealized appreciation of $25,927,807 and aggregate gross unrealized depreciation of $81,967.

 

(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, 2021:

 

Valuation Inputs+   Investments in
Securities
Level 1 – Quoted Prices- Short-Term Investment $ 9,110,196
Level 2 – Other Significant Observable Inputs - Municipal Bonds   612,755,290
Level 3 – Significant Unobservable Inputs   —
Total $ 621,865,486

 

+ See schedule of investments for a detailed listing of securities.