Face Amount (000)			Value     (000)
		CORPORATE OBLIGATIONS — 54.3%
	Communication Services — 4.8%
		Comcast
	$            300	3.150%, 03/01/26	$	335
		TWDC Enterprises 18 MTN
	330	4.125%, 06/01/44		398
	225	1.850%, 07/30/26		236
		Verizon Communications
	325	4.329%, 09/21/28		394
		ViacomCBS
	175	3.500%, 01/15/25		192
				1,555
	Consumer Discretionary — 6.6%
		Amazon.com
	350	4.800%, 12/05/34		482
		George Washington University
	225	4.363%, 09/15/43		273
		Home Depot
	325	5.875%, 12/16/36		489
		Lowe’s
	200	3.650%, 04/05/29		231
		McDonald’s MTN
	325	4.600%, 05/26/45		403
		Starbucks
	225	2.450%, 06/15/26		244
				2,122
	Consumer Staples — 3.7%
		Altria Group
	280	4.800%, 02/14/29		332
		Clorox
	250	1.800%, 05/15/30		257
		General Mills
	330	4.000%, 04/17/25		374
		Hershey
	125	2.625%, 05/01/23		132
		Walgreens Boots Alliance
	100	3.300%, 11/18/21		103
				1,198
	Energy — 3.8%
		BP Capital Markets PLC
	300	3.814%, 02/10/24		330
		Kinder Morgan Energy Partners LP
	150	4.300%, 05/01/24		165
		Schlumberger Investment SA
	400	3.650%, 12/01/23		431
		Shell International Finance BV
	260	3.875%, 11/13/28		303
				1,229
	Financials — 13.2%
		Aflac
	350	3.625%, 11/15/24		391
		Bank of America MTN
	450	4.000%, 04/01/24		499

Face Amount (000)			Value     (000)
	Financials — (continued)
	$            235	3.194%, VAR ICE LIBOR USD 3 Month+1.180% 07/23/30	$	259
		Bank of Montreal MTN
	275	3.300%, 02/05/24		298
		Capital One Financial
	175	3.750%, 03/09/27		194
		Citigroup
	100	3.875%, 10/25/23		110
		Discover Bank
	200	4.200%, 08/08/23		219
		JPMorgan Chase
	375	3.540%, VAR ICE LIBOR USD 3 Month+1.380% 05/01/28		422
	275	2.700%, 05/18/23		290
		MetLife
	250	3.048%, 12/15/22		264
		Morgan Stanley MTN
	400	3.875%, 01/27/26		456
		PNC Financial Services Group
	250	3.500%, 01/23/24		272
		US Bancorp MTN
	300	3.000%, 03/15/22		311
		Wells Fargo MTN
	250	4.150%, 01/24/29		294
				4,279
	Health Care — 3.5%
		AbbVie
	350	2.900%, 11/06/22		367
		Celgene
	250	3.875%, 08/15/25		277
		CVS Health
	250	2.875%, 06/01/26		271
		Gilead Sciences
	200	4.500%, 04/01/21		202
				1,117
	Industrials — 0.9%
		FedEx
	125	2.625%, 08/01/22		129
		Norfolk Southern
	150	2.900%, 06/15/26		166
				295
	Information Technology — 7.9%
		Apple
	450	4.650%, 02/23/46		628
		Applied Materials
	200	3.300%, 04/01/27		227
		International Business Machines
	360	3.500%, 05/15/29		415
		KLA
	200	4.650%, 11/01/24		228
		Microsoft
	250	3.625%, 12/15/23		274
		Oracle
	350	2.500%, 04/01/25		375
		QUALCOMM
	365	3.250%, 05/20/27		410
				2,557

Face Amount (000)			Value     (000)
	Materials — 2.8%
		DuPont de Nemours
	$            325	5.419%, 11/15/48	$	435
		Ecolab
	340	1.300%, 01/30/31		333
		Sherwin-Williams
	140	3.125%, 06/01/24		151
				919
	Transportation — 1.4%
		Burlington Northern Santa Fe LLC
	345	4.450%, 03/15/43		441
	Utilities — 5.7%
		Berkshire Hathaway Energy
	325	6.125%, 04/01/36		464
		DTE Electric
	260	2.625%, 03/01/31		285
		Duke Energy Florida LLC
	325	3.100%, 08/15/21		331
		Sempra Energy
	200	3.250%, 06/15/27		220
		Sierra Pacific Power
	200	2.600%, 05/01/26		218
		Xcel Energy
	300	3.300%, 06/01/25		331
				1,849
	TOTAL CORPORATE OBLIGATIONS (Cost $15,879)			17,561
		U.S. TREASURY OBLIGATIONS — 18.9%
		U.S. Treasury Bonds
	600	6.000%, 02/15/26		782
	250	5.375%, 02/15/31		368
	250	4.750%, 02/15/37		394
	300	4.500%, 08/15/39		475
	875	4.375%, 05/15/41		1,387
	500	3.125%, 05/15/48		697
	100	3.000%, 08/15/48		137
	400	2.250%, 08/15/46		473
		U.S. Treasury Notes
	170	3.125%, 11/15/28		205
	380	2.125%, ,05/15/25		413
	400	2.000%, 11/15/26		439
	300	1.625%, 08/15/29		327
	TOTAL U.S. TREASURY OBLIGATIONS (Cost $5,044)			6,097
	U.S. GOVERNMENT AGENCY OBLIGATIONS — 17.1%
		FFCB
	350	3.220%, 12/10/25		399
	450	3.100%, 12/06/24		502
	200	1.530%, 03/02/27		211
	200	1.430%, 02/14/24		208
	550	1.040%, 05/27/27		551
		FHLB
	475	4.750%, 03/10/23		528
Face Amount (000)/Shares			Value     (000)
	U.S. GOVERNMENT AGENCY OBLIGATIONS — (continued)
	$            500	3.125%, 06/13/25	$	564
	500	3.000%, 03/10/28		582
	550	2.500%, 03/11/22		569
	500	2.125%, 09/14/29		553
		FHLMC MTN
	350	1.125%, 10/14/25		350
	500	0.500%, 06/03/24		500
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $5,193)			5,517
		U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 5.8%
		FHLMC, Ser 2015-4425, Cl BY
	597	2.000%, 01/15/45		598
		FHLMC, Ser G12710
	14	5.500%, 07/01/22		15
		FNMA, Ser 2003-58, Cl D
	26	3.500%, 07/25/33		28
		FNMA, Ser 2012-84, Cl JB
	182	3.000%, 05/25/42		189
		FNMA, Ser 2013-92, Cl MT
	24	4.000%, 07/25/41		25
		FNMA, Ser 889958
	10	5.000%, 10/01/23		10
		GNMA, Ser 2011-112, Cl JP
	7	2.000%, 02/20/40		7
		GNMA, Ser 2012-91, Cl QL
	765	2.000%, 09/20/41		785
		GNMA, Ser 2013-4, Cl CN
	220	2.000%, 10/16/42		223
	TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (Cost $1,639)			1,880
		MUNICIPAL BONDS — 1.3%
		California State, GO
	260	6.509%, 04/01/39		274
		Tyler, Independent School District, GO, PSF-GTD Insured
	150	1.584%, 02/15/31		153
	TOTAL MUNICIPAL BONDS (Cost $417)			427
		CASH EQUIVALENT — 2.0%
	643,958	BlackRock FedFund, Institutional Shares, 0.000% (A) (Cost $644)		644
	TOTAL INVESTMENTS (Cost $28,816) — 99.4%		$	32,126

Percentages are based on Net Assets of $32,313 (000).

(A) The rate reported is the 7-day effective yield as of September 30, 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

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 September 30, 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	$	—	$	17,561	$	—	$	17,561
U.S. Treasury Obligations		—		6,097		—		6,097
U.S. Government Agency Obligations		—		5,517		—		5,517
U.S. Government Agency Mortgage-Backed Obligations		—		1,880		—		1,880
Municipal Bonds		—		427		—		427
Cash Equivalent		644		—		—		644
Total Investments in Securities	$	644	$	31,482	$	—	$	32,126

For the period ended September 30, 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-001-3500

Face Amount (000)			Value     (000)
	MUNICIPAL BONDS — 98.3%
	California — 2.0%
		California State, Educational Facilities Authority, Ser U-6, RB
	$            670	5.000%, 05/01/45	$	1,048
		Orange County, Water District, Ser A, RB
	1,000	5.000%, 08/15/23, Pre-Refunded @ 100(A)		1,139
		University of California, Ser AF, RB
	215	5.000%, 05/15/23, Pre-Refunded @ 100(A)		242
				2,429
	Florida — 0.1%
		Miami-Dade County, School Board, Ser D, COP
	150	5.000%, 02/01/27		183
	Hawaii — 92.8%
		Hawaii County, Ser A, GO
	250	5.000%, 09/01/22(B)		273
	150	5.000%, 09/01/24		177
	600	5.000%, 09/01/26		744
	100	5.000%, 09/01/27		124
	125	5.000%, 09/01/28		158
	500	5.000%, 09/01/30		612
	400	5.000%, 09/01/33		493
	300	5.000%, 09/01/36		366
	1,500	4.000%, 09/01/35		1,684
		Hawaii County, Ser B, GO
	200	5.000%, 09/01/22		219
		Hawaii County, Ser C, GO
	100	5.000%, 09/01/27		124
		Hawaii County, Ser D, GO
	450	5.000%, 09/01/25		551
	300	5.000%, 09/01/27		371
		Hawaii State, Airports System Authority, Ser A, RB
	250	5.250%, 07/01/23		252
	420	5.000%, 07/01/39		423
	2,000	5.000%, 07/01/45		2,272
		Hawaii State, Airports System Authority, COP, AMT
	500	5.250%, 08/01/25		556
		Hawaii State, Airports System Authority, RB, AMT
	1,500	5.000%, 07/01/24		1,549
	1,000	4.125%, 07/01/24		1,025
		Hawaii State, Department of Budget & Finance, Pacific Health Project, Ser A, RB
	760	6.000%, 07/01/33		846
	100	4.000%, 01/01/24		106
		Hawaii State, Department of Budget & Finance, RB
	100	5.500%, 07/01/43		110
	475	5.125%, 07/01/31		523
	300	5.000%, 07/01/21		310

Face Amount (000)			Value     (000)
	Hawaii — (continued)
	$            300	5.000%, 07/01/26	$	333
	200	5.000%, 07/01/29		220
	140	4.000%, 01/01/26		152
	250	4.000%, 01/01/31		273
	350	3.250%, 01/01/25		371
	2,535	3.200%, 07/01/39		2,583
		Hawaii State, Department of Budget & Finance, Ser A, RB
	205	5.000%, 07/01/22		221
	575	5.000%, 07/01/26		638
	350	5.000%, 07/01/27		414
	755	5.000%, 07/01/30		878
	3,135	5.000%, 07/01/35		3,587
	1,130	4.000%, 07/01/40		1,219
		Hawaii State, Department of Budget & Finance, Ser B, RB
	775	5.000%, 07/01/28		856
		Hawaii State, Department of Hawaiian Home Lands, Kapolie Office Facilities, Ser A, COP, AGM Insured
	500	5.000%, 11/01/26		628
		Hawaii State, Department of Hawaiian Home Lands, RB
	350	5.000%, 04/01/21		358
	100	5.000%, 04/01/24		116
	285	5.000%, 04/01/25		343
	500	5.000%, 04/01/27		637
		Hawaii State, Department of Hawaiian Home Lands, Ser A, RB
	350	4.000%, 11/01/22		377
		Hawaii State, Department of Transportation, Airports Division Lease Revenue, COP, AMT
	2,525	5.000%, 08/01/21		2,608
	1,000	5.000%, 08/01/27		1,099
	1,000	5.000%, 08/01/28		1,097
		Hawaii State, Harbor System Revenue, Ser A, RB
	2,000	5.625%, 07/01/40		2,007
	220	5.000%, 07/01/25		221
	1,125	4.250%, 07/01/21		1,129
		Hawaii State, Highway Revenue, Ser A, RB
	700	5.000%, 01/01/23		775
	215	5.000%, 01/01/25		253
	950	5.000%, 01/01/30		1,180
	1,000	5.000%, 01/01/33		1,152
	1,200	4.000%, 01/01/26		1,253
	500	4.000%, 01/01/32		576
	250	4.000%, 01/01/36		284
		Hawaii State, Highway Revenue, Ser B, RB
	165	5.000%, 01/01/24		190
		Hawaii State, Housing Finance & Development, Kuhio Park Terrace Multi-Family Housing, Ser A, RB, FHLMC Insured
	200	3.900%, 04/01/22		203
	115	3.750%, 04/01/21		117

Face Amount (000)			Value     (000)
	Hawaii — (continued)
		Hawaii State, Housing Finance & Development, Ser A, RB, GNMA Insured
	$            1,000	1.900%, 01/01/21	$	1,001
		Hawaii State, Housing Finance & Development, Single-Family Housing, Ser B, RB, GNMA/FNMA/FHLMC Insured
	230	3.450%, 01/01/22		234
		Hawaii State, Housing Finance & Development, Wilikina Apartments Project, Ser A, RB
	1,000	5.000%, 05/01/34		1,025
		Hawaii State, Ser DZ, GO
	300	5.000%, 12/01/21, Pre-Refunded @ 100(A)		318
	225	4.000%, 12/01/30		233
	200	4.000%, 12/01/31		207
		Hawaii State, Ser EA, GO
	1,700	5.000%, 12/01/22		1,795
		Hawaii State, Ser EE-2017, GO
	400	5.000%, 11/01/22, Pre-Refunded @ 100(A)		441
		Hawaii State, Ser EF, GO
	300	5.000%, 11/01/23		330
	500	5.000%, 11/01/24		549
		Hawaii State, Ser EH, GO
	45	5.000%, 08/01/23, Pre-Refunded @ 100(A)		51
	125	5.000%, 08/01/24		142
	300	5.000%, 08/01/29		338
	295	5.000%, 08/01/30		332
	95	5.000%, 08/01/32		106
		Hawaii State, Ser EH-2017, GO
	85	5.000%, 08/01/23(B)		96
		Hawaii State, Ser EO, GO
	1,535	5.000%, 08/01/29		1,792
	1,000	5.000%, 08/01/30		1,166
	1,000	5.000%, 08/01/33		1,154
		Hawaii State, Ser EP, GO
	500	5.000%, 08/01/25		588
		Hawaii State, Ser ET, GO
	2,000	4.000%, 10/01/26		2,331
		Hawaii State, Ser FB, GO
	450	3.000%, 04/01/35		479
		Hawaii State, Ser FG, GO
	500	5.000%, 10/01/30		622
	200	5.000%, 10/01/31		248
		Hawaii State, Ser FH, GO
	400	5.000%, 10/01/28		501
		Hawaii State, Ser FK, GO
	1,915	5.000%, 05/01/29		2,427
		Hawaii State, Ser FN-REF, GO
	625	5.000%, 10/01/30		794
		Hawaii State, Ser FT, GO
	280	5.000%, 01/01/29		361

Face Amount (000)			Value     (000)
	Hawaii — (continued)
	$            750	5.000%, 01/01/31	$	956
		Hawaii State, Ser FW, GO
	2,465	5.000%, 01/01/37		3,139
	1,000	5.000%, 01/01/39		1,266
		Honolulu Hawaii City & County, Board of Water Supply, Ser A, RB
	500	5.000%, 07/01/22, Pre-Refunded @ 100(A)		542
	915	5.000%, 07/01/23		1,000
	500	5.000%, 07/01/24		585
	1,250	5.000%, 07/01/25		1,469
	500	5.000%, 07/01/26		624
	200	5.000%, 07/01/27		232
	50	4.500%, 07/01/22, Pre-Refunded @ 100(A)		54
	750	3.000%, 07/01/45		791
		Honolulu Hawaii City & County, GO
	580	5.000%, 03/01/30		794
	215	4.000%, 09/01/25		253
	250	4.000%, 09/01/27		307
	250	4.000%, 09/01/33		298
		Honolulu Hawaii City & County, Ser A, GO
	305	5.250%, 08/01/21, Pre-Refunded @ 100(A)		318
	1,000	5.000%, 10/01/23		1,144
	1,000	5.000%, 10/01/27		1,220
	350	5.000%, 10/01/29		424
	800	5.000%, 10/01/31		964
	475	5.000%, 09/01/32		598
	1,500	5.000%, 10/01/37		1,782
	1,175	5.000%, 09/01/38		1,484
	325	4.000%, 08/01/21, Pre-Refunded @ 100(A)		335
		Honolulu Hawaii City & County, Ser B, GO
	300	5.000%, 08/01/21, Pre-Refunded @ 100(A)		312
	280	5.000%, 11/01/22		308
	200	5.000%, 11/01/24		220
	1,000	5.000%, 11/01/25		1,096
	500	5.000%, 10/01/26		612
	500	5.000%, 10/01/28		607
		Honolulu Hawaii City & County, Ser C, GO
	125	5.000%, 10/01/21		131
	375	5.000%, 08/01/32		495
	1,000	5.000%, 08/01/34		1,309
	1,400	5.000%, 08/01/44		1,772
	1,200	4.000%, 08/01/23		1,329
	1,400	4.000%, 10/01/32		1,617
	145	3.000%, 10/01/28		160
		Honolulu Hawaii City & County, Ser D, GO
	750	5.000%, 07/01/23		849
		Honolulu Hawaii City & County, Wastewater System Revenue, RB
	1,000	5.000%, 07/01/31		1,196
	100	5.000%, 07/01/32		133
	500	5.000%, 07/01/39		645

Face Amount (000)			Value     (000)
	Hawaii — (continued)
		Honolulu Hawaii City & County, Wastewater System Revenue, Ser A, RB
	$            650	5.000%, 07/01/22	$	705
	100	5.000%, 07/01/22, Pre-Refunded @ 100(A)		108
	300	5.000%, 07/01/24		352
	575	5.000%, 07/01/49		723
		Honolulu Hawaii City & County, Wastewater System Revenue, Ser B, RB
	1,000	5.000%, 07/01/23		1,131
	325	4.000%, 07/01/33		374
		Honolulu Hawaii City & County, Wastewater System Revenue, Ser S, RB
	625	5.000%, 07/01/24		735
		Kauai County, GO
	150	5.000%, 08/01/26		188
	250	5.000%, 08/01/37		307
		Kauai County, Ser A, GO
	250	5.000%, 08/01/21		260
	500	5.000%, 08/01/23		543
	315	4.000%, 08/01/24		336
	250	3.250%, 08/01/23		256
		Kauai County, Ser A, GO, NATL FGIC Insured
	415	5.000%, 08/01/21		417
		Maui County, GO
	500	5.000%, 06/01/21		516
	460	5.000%, 03/01/24		535
	430	5.000%, 03/01/27		550
	450	5.000%, 03/01/29		600
		Maui County, RB
	2,000	3.250%, 09/01/36		2,208
		University of Hawaii, Ser B, RB
	1,500	5.000%, 10/01/34		1,758
	1,000	4.000%, 10/01/23		1,107
		University of Hawaii, Ser E, RB
	1,485	5.000%, 10/01/25		1,808
	1,350	5.000%, 10/01/32		1,636
		University of Hawaii, Ser F, RB
	2,425	5.000%, 10/01/35		2,991
				115,391
	Indiana — 0.0%
		Indiana State, Housing & Community Development Authority, Ser C, RB, GNMA/FNMA/FHLMC Insured
	65	4.100%, 06/01/27		66
	Kentucky — 0.2%
		Kentucky State, Public Energy Authority, Ser B, RB
	200	4.000%, 07/01/22		212

Face Amount (000)/Shares			Value     (000)
	New York — 0.9%
		New York City, Trust for Cultural Resources, Ser S, RB
	$            1,000	5.000%, 07/01/41	$	1,160
	Oklahoma — 0.9%
		Comanche County, Educational Facilities Authority, Ser A, RB
	500	5.000%, 12/01/30		615
		Oklahoma State, Development Finance Authority, RB
	475	5.000%, 06/01/44		530
				1,145
	Texas — 1.0%
		Tomball City, Independent School District, GO, PSF-GTD Insured
	1,000	5.000%, 02/15/28		1,194
	Utah — 0.4%
		Utah State, Charter School Finance Authority, Ser A, RB, UT CSCE Insured
	450	4.000%, 10/15/40		481
	TOTAL MUNICIPAL BONDS (Cost $117,751)			122,261
		CASH EQUIVALENT — 0.7%
	856,147	BlackRock FedFund, Institutional Shares, 0.000% (C) (Cost $856)		856
	TOTAL INVESTMENTS (Cost $118,607) — 99.0%		$	123,117

Percentages are based on Net Assets of $124,302 (000).

(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 September 30, 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 September 30, 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	$	—	$	122,261	$	—	$	122,261
Cash Equivalent		856		—		—		856
Total Investments in Securities	$	856	$	122,261	$	—	$	123,117

For the period ended September 30, 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-001-3500