NPORT-EX 2 BishopStreet_Schedule_F.htm SCHEDULE F FOR VALIDATION PURPOSES ONLY - [895315.TX]
 High Grade Income Fund    (unaudited)    

 

Schedule of Investments

as of March 31, 2020

 

Face
Amount
(000)		               Value    
(000)		  
 

CORPORATE OBLIGATIONS — 49.3%

  
 

Communication Services — 4.4%

   
   Comcast   
  $            300      3.150%, 03/01/26    $ 314      
   TWDC Enterprises 18 MTN   
  430      4.125%, 06/01/44      508      
  225      1.850%, 07/30/26      223      
   Verizon Communications   
  325      4.329%, 09/21/28      370      
   ViacomCBS   
  175      3.500%, 01/15/25      163      
     

 

 

  
                    1,578      
     

 

 

  
 

Consumer Discretionary — 7.0%

   
   Amazon.com   
  650      4.800%, 12/05/34      846      
   George Washington University   
  225      4.363%, 09/15/43      246      
   Home Depot   
  450      5.875%, 12/16/36      610      
   Lowe’s   
  375      3.650%, 04/05/29      385      
   McDonald’s MTN   
  200      4.600%, 05/26/45      229      
   Starbucks   
  225      2.450%, 06/15/26      224      
     

 

 

  
        2,540      
     

 

 

  
 

Consumer Staples — 1.9%

   
   Coca-Cola   
  200      2.450%, 11/01/20      201      
   General Mills   
  330      4.000%, 04/17/25      355      
   Hershey   
  125      2.625%, 05/01/23      124      
     

 

 

  
        680      
     

 

 

  
 

Energy — 4.0%

   
   Apache   
  159      7.750%, 12/15/29      91      
   BP Capital Markets PLC   
  300      3.814%, 02/10/24      303      
   Kinder Morgan Energy Partners LP   
  150      4.300%, 05/01/24      151      
   Occidental Petroleum   
  390      2.700%, 02/15/23      231      
   Schlumberger Investment SA   
  400      3.650%, 12/01/23      397      
   Shell International Finance BV   
  260      3.875%, 11/13/28      284      
     

 

 

  
        1,457      
     

 

 

  
 

Financials — 13.6%

   
   Aflac   
  350      3.625%, 11/15/24      368      
   Bank of America MTN   
  450      4.000%, 04/01/24      477      
  235      3.194%, VAR ICE LIBOR USD 3 Month+1.180% 07/23/30      240      

 

March 31, 2020    www.bishopstreetfunds.com    
 High Grade Income Fund    (unaudited)    

 

Schedule of Investments

as of March 31, 2020

 

Face
Amount
(000)		               Value    
(000)		  
 

Financials — (continued)

   
   Bank of Montreal MTN   
  $            275      3.300%, 02/05/24    $ 284      
   Bank of New York Mellon MTN   
  500      4.150%, 02/01/21      501      
   Capital One Financial   
  175      3.750%, 03/09/27      168      
   Citigroup   
  100      3.875%, 10/25/23      103      
   Discover Bank   
  200      4.200%, 08/08/23      211      
   Goldman Sachs Group MTN   
  250      2.983%, VAR ICE LIBOR USD 3 Month+1.300% 11/23/24      232      
   JPMorgan Chase   
  375      3.540%, VAR ICE LIBOR USD 3 Month+1.380% 05/01/28      386      
  275      2.700%, 05/18/23      282      
   MetLife   
  250      3.048%, 12/15/22      252      
   Morgan Stanley MTN   
  400      3.875%, 01/27/26      427      
   PNC Financial Services Group   
  250      3.500%, 01/23/24      251      
   US Bancorp MTN   
  450      3.000%, 03/15/22      461      
   Wells Fargo MTN   
  250      4.150%, 01/24/29      273      
     

 

 

  
                    4,916      
     

 

 

  
 

Health Care — 4.1%

   
   AbbVie   
  500      2.900%, 11/06/22      505      
   Celgene   
  250      3.875%, 08/15/25      278      
   CVS Health   
  250      2.875%, 06/01/26      253      
   Gilead Sciences   
  450      4.500%, 04/01/21      456      
     

 

 

  
        1,492      
     

 

 

  
 

Industrials — 1.5%

   
   FedEx   
  125      2.625%, 08/01/22      124      
   Norfolk Southern   
  150      2.900%, 06/15/26      153      
   Raytheon   
  260      2.500%, 12/15/22      266      
     

 

 

  
        543      
     

 

 

  
 

Information Technology — 5.7%

   
   Apple   
  450      4.650%, 02/23/46      597      
   Applied Materials   
  200      3.300%, 04/01/27      213      
   International Business Machines   
  360      3.500%, 05/15/29      390      
   KLA   
  200      4.650%, 11/01/24      211      
   Microsoft   
  250      3.625%, 12/15/23      273      

 

March 31, 2020    www.bishopstreetfunds.com    
 High Grade Income Fund    (unaudited)    

 

Schedule of Investments

as of March 31, 2020

 

Face
Amount
(000)		               Value    
(000)		  
  Information Technology — (continued)  
   QUALCOMM   
  $            365      3.250%, 05/20/27    $ 384      
     

 

 

  
        2,068      
     

 

 

  
 

Materials — 1.2%

   
   DuPont de Nemours   
  285      5.419%, 11/15/48      314      
   Sherwin-Williams   
  140      3.125%, 06/01/24      139      
     

 

 

  
        453      
     

 

 

  
 

Transportation — 1.1%

   
   Burlington Northern Santa Fe LLC   
  345      4.450%, 03/15/43      397      
     

 

 

  
 

Utilities — 4.8%

   
   Berkshire Hathaway Energy   
  400      6.125%, 04/01/36      527      
   Duke Energy Florida LLC   
  325      3.100%, 08/15/21      328      
   Sempra Energy   
  375      3.250%, 06/15/27      381      
   Sierra Pacific Power   
  200      2.600%, 05/01/26      200      
   Xcel Energy   
  300      3.300%, 06/01/25      304      
     

 

 

  
        1,740      
     

 

 

  
 

TOTAL CORPORATE OBLIGATIONS (Cost $17,243)

                  17,864      
     

 

 

  
   U.S. TREASURY OBLIGATIONS — 21.4%   
   U.S. Treasury Bonds   
  800      6.000%, 02/15/26      1,058      
  250      5.375%, 02/15/31      371      
  250      4.750%, 02/15/37      399      
  300      4.500%, 08/15/39      481      
  875      4.375%, 05/15/41      1,404      
  665      3.125%, 05/15/48      942      
  100      3.000%, 08/15/48      139      
  700      2.250%, 08/15/46      845      
   U.S. Treasury Notes   
  170      3.125%, 11/15/28      205      
  365      2.875%, 10/31/20      371      
  350      2.125%, 08/31/20      353      
  380      2.125%, 05/15/25      413      
  400      2.000%, 11/15/26      438      
  300      1.625%, 08/15/29      326      
     

 

 

  
 

TOTAL U.S. TREASURY OBLIGATIONS (Cost $6,475)

      7,745      
     

 

 

  
   U.S. GOVERNMENT AGENCY OBLIGATIONS — 14.1%   
   FFCB   
  350      3.220%, 12/10/25      400      
  450      3.100%, 12/06/24      501      
  200      1.530%, 03/02/27      208      
  200      1.430%, 02/14/24      207      

 

March 31, 2020    www.bishopstreetfunds.com    
 High Grade Income Fund    (unaudited)    

 

Schedule of Investments

as of March 31, 2020

 

Face
Amount
(000)/Shares		                    Value    
(000)		  
    U.S. GOVERNMENT AGENCY OBLIGATIONS — (continued)   
    FHLB   
  $            475                4.750%, 03/10/23    $ 535      
  500       3.125%, 06/13/25      561      
  500       3.000%, 03/10/28      569      
  550       2.500%, 03/11/22      573      
  500       2.125%, 09/14/29      533      
    FHLMC   
  350       1.125%, 10/14/25      350      
    FHLMC MTN   
  675       1.625%, 2.000%, 08/25/20, 08/25/21 (A)      676      
      

 

 

  
 

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $4,825)

      5,113      
      

 

 

  
 

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 5.4%

  
    FHLMC, Ser 2015-4425, Cl BY   
  597       2.000%, 01/15/45      596      
    FHLMC, Ser G12710   
  20       5.500%, 07/01/22      22      
    FNMA, Ser 2003-58, Cl D   
  28       3.500%, 07/25/33      30      
    FNMA, Ser 2012-84, Cl JB   
  217       3.000%, 05/25/42      230      
    FNMA, Ser 2013-92, Cl MT   
  30       4.000%, 07/25/41      32      
    FNMA, Ser 889958   
  13       5.000%, 10/01/23      13      
    GNMA, Ser 2011-112, Cl JP   
  25       2.000%, 02/20/40      26      
    GNMA, Ser 2012-91, Cl QL   
  765       2.000%, 09/20/41      778      
    GNMA, Ser 2013-4, Cl CN   
  220       2.000%, 10/16/42      222      
      

 

 

  
 

TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (Cost $1,706)

      1,949      
      

 

 

  
 

MUNICIPAL BONDS — 5.2%

  
    California State, GO   
  260       6.509%, 04/01/39      275      
    City of Seattle Washington, Ser B, GO   
  425       3.500%, 12/01/31      467      
    Evansville, Redevelopment Authority, GO   
  500       7.210%, 02/01/39      510      
    Gwinnett County, Development Authority, RB   
  375       4.180%, 09/01/47      396      
    Houston, Independent School District, GO   
  250       6.125%, 02/15/28      251      
      

 

 

  
 

TOTAL MUNICIPAL BONDS (Cost $1,852)

      1,899      
      

 

 

  
 

CASH EQUIVALENT — 4.8%

  
  1,731,395       BlackRock FedFund, Institutional Shares, 0.360% (B) (Cost $1,731)      1,731      
      

 

 

  
 

TOTAL INVESTMENTS (Cost $33,832) — 100.2%

    $             36,301      
      

 

 

  

Percentages are based on Net Assets of $36,212 (000).

 

March 31, 2020    www.bishopstreetfunds.com    
 High Grade Income Fund    (unaudited)    

 

Schedule of Investments

as of March 31, 2020

 

(A)

Step Bonds — Represents the current rate, the step rate, the step date and the final maturity date.

(B)

The rate reported is the 7-day effective yield as of March 31, 2020.

Cl—Class

FFCB—Federal Farm Credit Bank

FHLB—Federal Home Loan Bank

FHLMC—Federal Home Loan Mortgage Corporation

FNMA—Federal National Mortgage Association

GNMA—Government National Mortgage Association

GO—General Obligation

ICE— Intercontinental Exchange

LIBOR—London Interbank Offered Rate

LLC—Limited Liability Corporation

LP—Limited Partnership

MTN—Medium Term Note

PLC—Public Limited Company

RB—Revenue Bond

Ser—Series

USD—United States Dollar

VAR—Variable Rate

Cost figures are shown in thousands.

The following is a summary of the inputs used as of March 31, 2020, in valuing the Fund’s investments carried at value (000):

 

High Grade Income Fund

  

Investments in Securities

      Level 1        Level 2        Level 3        Total  
  

 

 

     

 

 

     

 

 

     

 

 

  

Corporate Obligations

    $ —      $ 17,864      $ —      $ 17,864  

U.S. Treasury Obligations

      —        7,745        —        7,745  

U.S. Government Agency

            

Obligations

      —        5,113        —        5,113  

U.S. Government Agency

            

Mortgage-Backed Obligations

      —        1,949        —        1,949  

Municipal Bonds

      —        1,899        —        1,899  

Cash Equivalent

      1,731        —        —        1,731  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $         1,731      $         34,570      $             —      $         36,301  
  

 

 

     

 

 

     

 

 

     

 

 

  

For the period ended March 31, 2020, there were no transfers in or out of Level 3.

Amounts designated as “—” are $0.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

BSF-QH-001-3400

 

March 31, 2020    www.bishopstreetfunds.com    
 Hawaii Municipal Bond Fund    (unaudited)    

 

Schedule of Investments

as of March 31, 2020

 

Face
Amount
(000)		               Value    
(000)		  
   MUNICIPAL BONDS — 98.1%   
 

Alaska — 0.5%

   
   Alaska State, Ser A, GO   
  $            525      5.000%, 08/01/34    $ 611      
     

 

 

  
 

California — 1.9%

   
   California State, Educational Facilities Authority, Ser U-6, RB   
  670      5.000%, 05/01/45                  1,007      
   Orange County, Water District, Ser A, RB   
  1,000      5.000%, 08/15/23, Pre-Refunded @ 100(A)      1,130      
   University of California, Ser AF, RB   
  215      5.000%, 05/15/23, Pre-Refunded @ 100(A)      240      
     

 

 

  
        2,377      
     

 

 

  
 

Florida — 0.1%

   
   Miami-Dade County, School Board, Ser D, COP   
  150      5.000%, 02/01/27      177      
     

 

 

  
 

Hawaii — 89.1%

   
   Hawaii County, Ser A, GO   
  500      5.000%, 09/01/20      508      
  250      5.000%, 09/01/22      273      
  600      5.000%, 09/01/26      726      
  100      5.000%, 09/01/27      121      
  125      5.000%, 09/01/28      154      
  500      5.000%, 09/01/30      599      
  400      5.000%, 09/01/33      487      
  300      5.000%, 09/01/36      363      
  1,500      4.000%, 09/01/35      1,659      
   Hawaii County, Ser B, GO   
  200      5.000%, 09/01/22 (B)      218      
   Hawaii County, Ser D, GO   
  450      5.000%, 09/01/25      537      
  300      5.000%, 09/01/27      363      
   Hawaii State, Airports System Authority, Ser A, RB   
  250      5.250%, 07/01/23      252      
  2,500      5.250%, 07/01/27      2,521      
  1,000      5.250%, 07/01/28      1,008      
  900      5.250%, 07/01/30      907      
  420      5.000%, 07/01/39      423      
  2,000      5.000%, 07/01/45      2,202      
   Hawaii State, Airports System Authority, RB, AMT   
  1,500      5.000%, 07/01/24      1,551      
  1,000      4.125%, 07/01/24      1,023      
   Hawaii State, Airports System Revenue, COP, AMT   
  500      5.250%, 08/01/25      548      
   Hawaii State, Department of Budget & Finance, Pacific Health Project, Ser A, RB   
  425      6.000%, 07/01/33      480      

 

March 31, 2020    www.bishopstreetfunds.com    
 Hawaii Municipal Bond Fund    (unaudited)    

 

Schedule of Investments

as of March 31, 2020

 

Face
Amount
(000)		               Value    
(000)		  
 

Hawaii — (continued)

   
  $            100      5.500%,07/01/43    $ 108      
  350      4.625%,07/01/20, Pre-Refunded @ 100(A)      353      
   Hawaii State, Department of Budget & Finance, RB   
  325      5.125%,07/01/31      354      
  275      5.000%,07/01/20      278      
  300      5.000%,07/01/21      314      
  100      4.000%,01/01/24      107      
  140      4.000%,01/01/26      154      
  250      4.000%,01/01/31      281      
  350      3.250%,01/01/25      359      
  3,000      3.200%,07/01/39                  2,950      
   Hawaii State, Department of Budget & Finance, Ser A, RB   
  500      5.500%,07/01/20, Pre-Refunded @ 100(A)      505      
  205      5.000%,07/01/22      222      
  575      5.000%,07/01/26      634      
  500      5.000%,07/01/27      586      
  755      5.000%,07/01/30      879      
  3,000      5.000%,07/01/35      3,438      
  1,000      4.000%,07/01/40      1,066      
   Hawaii State, Department of Budget & Finance, Ser B, RB   
  775      5.000%,07/01/28      850      
   Hawaii State, Department of Hawaiian Home Lands, Kapolie Office Facilities, Ser A, COP, AGM Insured   
  500      5.000%,11/01/26      612      
   Hawaii State, Department of Hawaiian Home Lands, RB   
  500      5.000%,04/01/27      618      
   Hawaii State, Department of Transportation, Airports Division Lease Revenue, COP, AMT   
  2,525      5.000%,08/01/21      2,648      
  1,000      5.000%,08/01/27      1,086      
  1,000      5.000%,08/01/28      1,085      
   Hawaii State, Harbor System Revenue, Ser A, RB   
  2,000      5.625%,07/01/40      2,021      
  220      5.000%,07/01/25      222      
  1,125      4.250%,07/01/21      1,134      
   Hawaii State, Highway Revenue, Ser A, RB   
  700      5.000%,01/01/23      770      
  215      5.000%,01/01/25      249      
  1,950      5.000%,01/01/30      2,302      
  1,000      5.000%,01/01/33      1,140      
  1,200      4.000%,01/01/26      1,254      
   Hawaii State, Highway Revenue, Ser B, RB   
  165      5.000%,01/01/24      187      
   Hawaii State, Housing Finance & Development, Kuhio Park Terrace Multi-Family Housing, Ser A, RB, FHLMC Insured   
  200      3.900%,04/01/22      205      
  115      3.750%,04/01/21      117      
  180      3.500%,04/01/20      180      

 

March 31, 2020    www.bishopstreetfunds.com    
 Hawaii Municipal Bond Fund    (unaudited)    

 

Schedule of Investments

as of March 31, 2020

 

Face
Amount
(000)		                    Value    
(000)		  
 

Hawaii — (continued)

   
    Hawaii State, Housing Finance & Development, Ser A, RB, GNMA Insured   
  $        1,000                1.900%,01/01/21    $             1,002      
    Hawaii State, Housing Finance & Development, Single-Family Housing, Ser B, RB, GNMA/FNMA/FHLMC Insured   
  270       3.450%,01/01/22      276      
    Hawaii State, Housing Finance & Development, Wilikina Apartments Project, Ser A, RB   
  1,000       5.000%,05/01/34      1,031      
    Hawaii State, Ser DZ, GO   
  300       5.000%,12/01/21, Pre-Refunded @ 100(A)      319      
  225       4.000%,12/01/30      234      
  200       4.000%,12/01/31      208      
    Hawaii State, Ser EA, GO   
  435       5.000%,12/01/21      463      
  1,700       5.000%,12/01/22      1,808      
    Hawaii State, Ser EE-2017, GO   
  400       5.000%,11/01/22, Pre-Refunded @ 100 (A)      439      
    Hawaii State, Ser EF, GO   
  300       5.000%,11/01/23      329      
  500       5.000%,11/01/24      548      
    Hawaii State, Ser EH, GO   
  45       5.000%,08/01/23, Pre-Refunded @ 100(A)      51      
  125       5.000%,08/01/24      140      
  300       5.000%,08/01/29      335      
  295       5.000%,08/01/30      329      
  95       5.000%,08/01/32      106      
    Hawaii State, Ser EH-2017, GO   
  85       5.000%,08/01/23 (B)      95      
    Hawaii State, Ser EO, GO   
  1,000       5.000%,08/01/29      1,152      
  1,000       5.000%,08/01/30      1,150      
  1,000       5.000%,08/01/33      1,146      
    Hawaii State, Ser EP, GO   
  500       5.000%,08/01/25      579      
    Hawaii State, Ser FG, GO   
  500       5.000%,10/01/30      608      
  200       5.000%,10/01/31      243      
    Hawaii State, Ser FH, GO   
  400       5.000%,10/01/28      489      
    Hawaii State, Ser FK, GO   
  1,500       5.000%,05/01/29      1,860      
    Hawaii State, Ser FN-REF, GO   
  625       5.000%,10/01/30      780      
    Hawaii State, Ser FT, GO   
  280       5.000%,01/01/29      353      
  750       5.000%,01/01/31      938      

 

March 31, 2020    www.bishopstreetfunds.com    
 Hawaii Municipal Bond Fund    (unaudited)    

 

Schedule of Investments

as of March 31, 2020

 

Face
Amount
(000)		                    Value    
(000)		  
 

Hawaii — (continued)

   
    Hawaii State, Ser FW, GO   
  $        2,465                5.000%,01/01/37    $             3,080      
  1,000       5.000%,01/01/39      1,233      
    Honolulu Hawaii City & County, Board of Water Supply, Ser A, RB   
  500       5.000%,07/01/22, Pre-Refunded @ 100(A)      543      
  915       5.000%,07/01/23      999      
  1,500       5.000%,07/01/24      1,657      
  250       5.000%,07/01/25      296      
  500       5.000%,07/01/26      607      
  700       5.000%,07/01/27      852      
  750       3.000%,07/01/45      771      
    Honolulu Hawaii City & County, GO   
  580       5.000%,03/01/30      766      
  215       4.000%,09/01/25      246      
  250       4.000%,09/01/27      297      
  250       4.000%,09/01/33      292      
  300       4.000%,09/01/39      350      
    Honolulu Hawaii City & County, Ser A, GO   
  305       5.250%,08/01/21, Pre-Refunded @ 100(A)      322      
  1,000       5.000%,10/01/23      1,130      
  1,000       5.000%,10/01/27      1,197      
  350       5.000%,10/01/29      418      
  800       5.000%,10/01/31      946      
  1,500       5.000%,10/01/37      1,757      
  1,175       5.000%,09/01/38      1,464      
  325       4.000%,08/01/21, Pre-Refunded @ 100(A)      337      
    Honolulu Hawaii City & County, Ser B, GO   
  120       5.000%,12/01/20      123      
  300       5.000%,08/01/21, Pre-Refunded @ 100(A)      315      
  280       5.000%,11/01/22      307      
  200       5.000%,11/01/24      219      
  1,000       5.000%,11/01/25      1,095      
  500       5.000%,10/01/26      598      
  500       5.000%,10/01/28      597      
    Honolulu Hawaii City & County, Ser C, GO   
  125       5.000%,10/01/21      132      
  375       5.000%,08/01/32      485      
  1,000       5.000%,08/01/34      1,284      
  1,400       5.000%,08/01/44      1,749      
  1,200       4.000%,08/01/23      1,310      
  2,000       4.000%,10/01/32      2,263      
  145       3.000%,10/01/28      157      
    Honolulu Hawaii City & County, Wastewater System Authority, Ser A, RB   
  250       5.000%,07/01/21, Pre-Refunded @ 100(A)      262      
  100       5.000%,07/01/22, Pre-Refunded @ 100(A)      109      
  300       5.000%,07/01/24      345      

 

March 31, 2020    www.bishopstreetfunds.com    
 Hawaii Municipal Bond Fund    (unaudited)    

 

Schedule of Investments

as of March 31, 2020

 

Face
Amount
(000)		               Value    
(000)		  
 

Hawaii — (continued)

   
   Honolulu Hawaii City & County, Wastewater System Authority, Ser B, RB   
  $        1,000      5.000%,07/01/23    $ 1,118      
   Honolulu Hawaii City & County, Wastewater System Revenue, RB   
  1,000      5.000%,07/01/31      1,180      
  100      5.000%,07/01/32      128      
  500      5.000%,07/01/39      627      
   Honolulu Hawaii City & County, Wastewater System Revenue, Ser A, RB   
  650      5.000%,07/01/22      703      
  575      5.000%,07/01/49      708      
  500      4.000%,07/01/37      581      
  200      4.000%,07/01/49      227      
   Honolulu Hawaii City & County, Wastewater System Revenue, Ser B, RB   
  325      4.000%,07/01/33      365      
   Kauai County, GO   
  250      5.000%,08/01/37      305      
   Kauai County, Ser A, GO   
  250      5.000%,08/01/21      263      
  500      5.000%,08/01/23      543      
  250      4.000%,08/01/24      266      
  250      3.250%,08/01/23      257      
   Kauai County, Ser A, GO, NATL FGIC Insured   
  415      5.000%,08/01/21      416      
   Maui County, GO   
  250      5.000%,06/01/20      252      
  150      5.000%,06/01/21      157      
   Maui County, RB   
  2,000      3.250%,09/01/36      2,156      
   University of Hawaii, Ser B, RB   
  1,500      5.000%,10/01/34      1,764      
  1,000      4.000%,10/01/23      1,093      
   University of Hawaii, Ser E, RB   
  1,485      5.000%,10/01/25      1,774      
  1,350      5.000%,10/01/32      1,629      
   University of Hawaii, Ser F, RB   
  2,425      5.000%,10/01/35      2,988      
     

 

 

  
                113,612      
     

 

 

  
 

Indiana — 0.0%

   
   Indiana State, Housing & Community Development Authority, Ser C, RB, GNMA/FNMA/FHLMC Insured   
  65      4.100%,06/01/27      67      
     

 

 

  
 

Kentucky — 1.1%

   
   Kentucky Public Energy Authority, Ser B, RB   
  200      4.000%,07/01/22      206      

 

March 31, 2020    www.bishopstreetfunds.com    
 Hawaii Municipal Bond Fund    (unaudited)    

 

Schedule of Investments

as of March 31, 2020

 

Face
Amount
(000)/Shares

                       Value    
(000)		  
 

Kentucky — (continued)

   
    Kentucky State, COP   
  $        1,000       5.000%, 04/15/38    $ 1,198      
      

 

 

  
         1,404      
      

 

 

  
 

Nebraska — 0.9%

   
    Omaha, Public Facilities, Ser C, RB   
  1,000       4.000%, 04/01/39      1,139      
      

 

 

  
 

New York — 0.9%

   
    New York City, Trust for Cultural Resources, Ser S, RB   
  1,000       5.000%, 07/01/41      1,138      
      

 

 

  
 

Oklahoma — 1.0%

   
    Comanche County, Educational Facilities Authority, Ser A, RB   
  500       5.000%, 12/01/30      597      
    Oklahoma City, Water Utilities Trust, RB   
  125       5.000%, 07/01/40      131      
    Oklahoma State, Development Finance Authority, RB   
  475       5.000%, 06/01/44      536      
      

 

 

  
         1,264      
      

 

 

  
 

Tennessee — 0.5%

   
    Memphis, Ser A, GO   
  500       5.000%, 04/01/26      590      
      

 

 

  
 

Texas — 1.3%

   
    Hays City, Consolidated Independent School District, GO, PSF-GTD Insured   
  500       4.000%, 08/15/29      566      
    Tomball City, Independent School District, GO, PSF-GTD Insured   
  1,000       5.000%, 02/15/28      1,168      
      

 

 

  
         1,734      
      

 

 

  
 

Utah — 0.8%

   
    Utah County, RB   
  500       4.000%, 12/01/39      583      
    Utah State, Charter School Finance Authority, Ser A, RB, UT CSCE Insured   
  450       4.000%, 10/15/40      476      
      

 

 

  
         1,059      
      

 

 

  
 

TOTAL MUNICIPAL BONDS (Cost $122,874)

      125,172      
      

 

 

  
    CASH EQUIVALENT — 0.6%   
      817,061       BlackRock FedFund, Institutional Shares, 0.360% (C) (Cost $817)      817      
      

 

 

  
 

TOTAL INVESTMENTS (Cost $123,691) — 98.7%

    $         125,989      
      

 

 

  

Percentages are based on Net Assets of $127,597 (000).

 

March 31, 2020    www.bishopstreetfunds.com    
 Hawaii Municipal Bond Fund    (unaudited)    

 

Schedule of Investments

as of March 31, 2020

 

(A)

Pre-Refunded Security—The maturity date shown is the pre-refunded date.

(B)

Security is escrowed to maturity.

(C)

The rate reported is the 7-day effective yield as of March 31, 2020.

AGM—Assured Guaranty Municipal

AMT—Alternative Minimum Tax

COP—Certificate of Participation

FGIC—Financial Guarantee Insurance Corporation

FHLMC—Federal Home Loan Mortgage Corporation

FNMA—Federal National Mortgage Association

GNMA—Government National Mortgage Association

GO—General Obligation

NATL—National Public Finance Guarantee Corporation

PSF-GTD—Guaranteed by Permanent School Fund

RB—Revenue Bond

Ser—Series

UT CSCE – Utah Charter School Enhancement Program

Cost figures are shown in thousands.

The following is a list of the inputs used as of March 31, 2020, in valuing the Fund’s investments carried at value (000):

 

Hawaii Municipal Bond Fund

  

Investments in Securities

      Level 1        Level 2        Level 3        Total  
  

 

 

     

 

 

     

 

 

     

 

 

  

Municipal Bonds

    $ —      $ 125,172      $ —      $ 125,172  

Cash Equivalent

      817        —        —        817  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $         817      $         125,172      $             —      $         125,989  
  

 

 

     

 

 

     

 

 

     

 

 

  

For the period ended March 31, 2020, there have been no transfers in or out of Level 3.

Amounts designated as “—” are $0.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements

BSF-QH-001-3400

 

March 31, 2020    www.bishopstreetfunds.com