Hawaiian Tax-Free Trust
Schedule of Investments
December 31, 2023
(unaudited)
Principal Amount | General Obligation Bonds (38.8%) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
City & County (14.1%) | ||||||||
City and County of Honolulu, Hawaii | ||||||||
$1,000,000 | 5.000%, 10/01/25 Series A | Aa2/NR/AA+ | $1,039,910 | |||||
5,055,000 | 5.000%, 10/01/26 Series A | Aa2/NR/AA+ | 5,246,888 | |||||
1,735,000 | 5.000%, 10/01/29 Series A | Aa2/NR/AA+ | 1,796,055 | |||||
1,300,000 | 5.000%, 10/01/35 Series A | Aa2/NR/AA+ | 1,341,028 | |||||
1,000,000 | 5.000%, 10/01/36 Series A | Aa2/NR/AA+ | 1,029,330 | |||||
2,095,000 | 5.000%, 10/01/27 Series C | Aa2/NR/AA+ | 2,175,616 | |||||
4,510,000 | 5.000%, 10/01/28 Series C | Aa2/NR/AA+ | 4,674,164 | |||||
575,000 | 5.000%, 10/01/29 Series C | Aa2/NR/AA+ | 595,234 | |||||
1,820,000 | 5.000%, 09/01/29 Series 2017E | Aa2/NR/AA+ | 1,980,033 | |||||
1,130,000 | 5.000%, 09/01/32 Series 2018A | Aa2/NR/AA+ | 1,255,102 | |||||
1,500,000 | 5.000%, 09/01/25 Series 2019A | Aa2/NR/AA+ | 1,556,670 | |||||
1,060,000 | 5.000%, 09/01/26 Series 2019A | Aa2/NR/AA+ | 1,127,607 | |||||
3,000,000 | 4.000%, 08/01/36 Series 2019C | Aa2/NR/AA+ | 3,142,620 | |||||
1,565,000 | 4.000%, 08/01/43 Series 2019C | Aa2/NR/AA+ | 1,586,785 | |||||
500,000 | 4.000%, 09/01/36 Series 2020A | Aa2/NR/AA+ | 525,650 | |||||
640,000 | 4.000%, 09/01/39 Series 2020A | Aa2/NR/AA+ | 658,912 | |||||
500,000 | 4.000%, 09/01/40 Series 2020A | Aa2/NR/AA+ | 511,915 | |||||
1,000,000 | 3.000%, 07/01/37 Series 2020C | Aa2/NR/AA+ | 947,340 | |||||
1,000,000 | 4.000%, 07/01/39 Series 2020C | Aa2/NR/AA+ | 1,032,070 | |||||
930,000 | 5.000%, 07/01/43 Series 2020C | Aa2/NR/AA+ | 1,020,768 | |||||
175,000 | 5.000%, 07/01/33 Series 2020F | Aa2/NR/AA+ | 201,285 | |||||
3,920,000 | 5.250%, 07/01/46 Series 2022B | Aa2/NR/AA+ | 4,441,478 | |||||
5,155,000 | 5.000%, 07/01/47 Series 2022B | Aa2/NR/AA+ | 5,694,419 | |||||
2,435,000 | 5.000%, 07/01/42 Series 2023A | NR/AA+/AA+ | 2,760,657 | |||||
1,500,000 | 5.000%, 07/01/43 Series 2023A | NR/AA+/AA+ | 1,694,730 | |||||
3,400,000 | 5.000%, 07/01/44 Series 2023A | NR/AA+/AA+ | 3,825,986 | |||||
3,455,000 | 5.000%, 07/01/45 Series 2023A | NR/AA+/AA+ | 3,873,884 | |||||
3,865,000 | 5.000%, 07/01/46 Series 2023A | NR/AA+/AA+ | 4,315,698 | |||||
4,115,000 | 5.000%, 07/01/47 Series 2023A | NR/AA+/AA+ | 4,581,929 | |||||
3,325,000 | 5.000%, 07/01/48 Series 2023A | NR/AA+/AA+ | 3,678,182 | |||||
Total City & County | 68,311,945 | |||||||
County (10.0%) | ||||||||
County of Hawaii | ||||||||
1,000,000 | 5.000%, 09/01/30 Series 2016A | Aa2/AA+/NR | 1,047,140 | |||||
1,095,000 | 4.000%, 09/01/35 Series 2016 A | Aa2/AA+/NR | 1,116,900 | |||||
4,000,000 | 5.000%, 09/01/29 Series 2017A | Aa2/NR/AA+ | 4,310,000 | |||||
2,000,000 | 4.000%, 09/01/28 Series 2017D | Aa2/NR/AA+ | 2,088,360 | |||||
1,000,000 | 4.000%, 09/01/31 Series 2017D | Aa2/NR/AA+ | 1,037,810 | |||||
1,050,000 | 5.000%, 09/01/25 Series 2020A | Aa2/AA+/AA+ | 1,089,669 | |||||
2,000,000 | 5.000%, 09/01/29 Series 2020A | Aa2/AA+/AA+ | 2,274,560 | |||||
2,250,000 | 5.000%, 09/01/31 Series 2020A | Aa2/AA+/AA+ | 2,606,265 | |||||
1,000,000 | 5.000%, 09/01/37 Series 2020A | Aa2/AA+/AA+ | 1,136,070 | |||||
4,570,000 | 5.000%, 09/01/41 Series 2023 | NR/AA+/AA+ | 5,237,586 |
Principal Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
County (continued) | ||||||||
County of Kauai, Hawaii | ||||||||
$300,000 | 3.000%, 08/01/24 Series 2017 | Aa2/NR/AA | $299,712 | |||||
295,000 | 5.000%, 08/01/25 Series 2017 | Aa2/NR/AA | 305,434 | |||||
235,000 | 5.000%, 08/01/26 Series 2017 | Aa2/NR/AA | 249,328 | |||||
285,000 | 5.000%, 08/01/28 Series 2017 | Aa2/NR/AA | 310,174 | |||||
825,000 | 2.500%, 08/01/29 Series 2017 | Aa2/NR/AA | 829,455 | |||||
385,000 | 5.000%, 08/01/30 Series 2017 | Aa2/NR/AA | 417,629 | |||||
200,000 | 4.000%, 08/01/32 Series 2017 | Aa2/NR/AA | 209,020 | |||||
200,000 | 5.000%, 08/01/37 Series 2017 | Aa2/NR/AA | 213,554 | |||||
County of Maui, Hawaii | ||||||||
4,000,000 | 5.000%, 09/01/30 Series 2018 | Aa2/AA+/AA+ | 4,455,040 | |||||
1,275,000 | 5.000%, 03/01/34 Series 2020 | Aa2/AA+/AA+ | 1,460,691 | |||||
1,200,000 | 5.000%, 03/01/40 Series 2020 | Aa2/AA+/AA+ | 1,326,120 | |||||
1,000,000 | 5.000%, 03/01/33 Series 2022 | Aa2/AA+/AA+ | 1,186,570 | |||||
925,000 | 5.000%, 03/01/34 Series 2022 | Aa2/AA+/AA+ | 1,096,301 | |||||
1,650,000 | 5.000%, 03/01/38 Series 2022 | Aa2/AA+/AA+ | 1,890,570 | |||||
3,885,000 | 5.000%, 03/01/39 Series 2022 | Aa2/AA+/AA+ | 4,426,336 | |||||
4,075,000 | 5.000%, 03/01/40 Series 2022 | Aa2/AA+/AA+ | 4,616,323 | |||||
1,350,000 | 5.000%, 03/01/41 Series 2022 | Aa2/AA+/AA+ | 1,522,247 | |||||
1,575,000 | 5.000%, 03/01/42 Series 2022 | Aa2/AA+/AA+ | 1,768,442 | |||||
Total County | 48,527,306 | |||||||
State (14.7%) | ||||||||
State of Hawaii | ||||||||
3,410,000 | 5.000%, 08/01/27 Series EO | NR/AA+/AA | 3,447,544 | |||||
1,735,000 | 5.000%, 08/01/28 Series EO | NR/AA+/AA | 1,752,506 | |||||
1,475,000 | 5.000%, 08/01/29 Series EO | NR/AA+/AA | 1,489,381 | |||||
3,195,000 | 5.000%, 08/01/30 Series EO | Aa2/AA+/AA | 3,224,873 | |||||
5,000,000 | 5.000%, 08/01/24 Series EP | Aa2/AA+/AA | 5,060,850 | |||||
6,225,000 | 5.000%, 04/01/27 Series FB | Aa2/AA+/AA | 6,531,146 | |||||
2,255,000 | 4.000%, 04/01/29 Series FB | Aa2/AA+/AA | 2,315,614 | |||||
825,000 | 5.000%, 10/01/25 Series FH | Aa2/AA+/AA | 857,926 | |||||
6,460,000 | 4.000%, 10/01/30 Series FH | Aa2/AA+/AA | 6,664,071 | |||||
1,215,000 | 5.000%, 10/01/31 Series FN | Aa2/AA+/AA | 1,313,549 | |||||
10,100,000 | 5.000%, 01/01/29 Series FT | Aa2/AA+/AA | 11,066,772 | |||||
1,680,000 | 5.000%, 01/01/30 Series FT | Aa2/AA+/AA | 1,847,194 | |||||
4,100,000 | 5.000%, 01/01/33 Series FT | Aa2/AA+/AA | 4,498,848 | |||||
1,095,000 | 5.000%, 01/01/38 Series FT | Aa2/AA+/AA | 1,179,052 | |||||
3,000,000 | 5.000%, 01/01/24 Series FW | Aa2/AA+/AA | 3,000,000 | |||||
4,000,000 | 4.000%, 01/01/25 Series FW | Aa2/AA+/AA | 4,047,280 | |||||
2,000,000 | 4.000%, 01/01/34 Series FW | Aa2/AA+/AA | 2,110,780 | |||||
3,000,000 | 5.000%, 01/01/37 Series FW | Aa2/AA+/AA | 3,326,100 | |||||
6,000,000 | 5.000%, 01/01/38 Series FW | Aa2/AA+/AA | 6,588,120 | |||||
400,000 | 5.000%, 01/01/39 Series FW | Aa2/AA+/AA | 437,024 | |||||
Total State | 70,758,630 | |||||||
Total General Obligation Bonds | 187,597,881 |
Principal Amount | Revenue Bonds (53.6%) | Ratings Moody's, S&P and Fitch | Value | (a) | |||||
Airport (5.0%) | |||||||||
State of Hawaii Airport System Revenue | |||||||||
$2,000,000 | 5.000%, 07/01/41 Series 2015A AMT | A1/AA-/A+ | $2,020,700 | ||||||
3,000,000 | 5.000%, 07/01/45 Series 2015A AMT | A1/AA-/A+ | 3,025,380 | ||||||
2,465,000 | 5.000%, 07/01/48 Series 2018A AMT | A1/AA-/A+ | 2,533,305 | ||||||
300,000 | 5.000%, 07/01/34 Series 2020D | A1/AA-/A+ | 344,499 | ||||||
12,000,000 | 5.000%, 07/01/51 Series 2022A AMT | A1/AA-/A+ | 12,570,240 | ||||||
State of Hawaii Department of Transportation Airports Division Lease Revenue COP AMT | |||||||||
3,435,000 | 5.250%, 08/01/25 Series 2013 | A2/A+/A | 3,437,336 | ||||||
Total Airport | 23,931,460 | ||||||||
Education (5.5%) | |||||||||
Hawaii State Department of Budget and Finance, Special Purpose Revenue (Mid-Pacific Institute) | |||||||||
340,000 | 4.000%, 01/01/28 Series 2020 | NR/BBB+/NR | 343,135 | ||||||
360,000 | 4.000%, 01/01/29 Series 2020 | NR/BBB+/NR | 363,920 | ||||||
540,000 | 4.000%, 01/01/32 Series 2020 | NR/BBB+/NR | 544,001 | ||||||
540,000 | 4.000%, 01/01/33 Series 2020 | NR/BBB+/NR | 543,154 | ||||||
435,000 | 3.000%, 01/01/34 Series 2020 | NR/BBB+/NR | 393,632 | ||||||
300,000 | 3.000%, 01/01/35 Series 2020 | NR/BBB+/NR | 270,093 | ||||||
280,000 | 3.000%, 01/01/36 Series 2020 | NR/BBB+/NR | 248,013 | ||||||
University of Hawaii | |||||||||
1,250,000 | 4.000%, 10/01/24 Series 2015B | Aa3/NR/AA | 1,259,250 | ||||||
1,125,000 | 5.000%, 10/01/25 Series 2015B | Aa3/NR/AA | 1,167,165 | ||||||
1,065,000 | 5.000%, 10/01/26 Series 2015B | Aa3/NR/AA | 1,101,924 | ||||||
4,635,000 | 5.000%, 10/01/29 Series 2015E | Aa3/NR/AA | 4,907,816 | ||||||
3,825,000 | 5.000%, 10/01/31 Series 2015E | Aa3/NR/AA | 4,034,572 | ||||||
1,595,000 | 5.000%, 10/01/25 Series 2017F | Aa3/NR/AA | 1,654,781 | ||||||
1,335,000 | 5.000%, 10/01/29 Series 2017F | Aa3/NR/AA | 1,453,041 | ||||||
2,080,000 | 5.000%, 10/01/30 Series 2017F | Aa3/NR/AA | 2,264,122 | ||||||
2,690,000 | 5.000%, 10/01/31 Series 2017F | Aa3/NR/AA | 2,928,442 | ||||||
655,000 | 5.000%, 10/01/34 Series 2017F | Aa3/NR/AA | 711,965 | ||||||
2,000,000 | 4.000%, 10/01/33 Series 2020D | Aa3/NR/AA | 2,140,780 | ||||||
Total Education | 26,329,806 | ||||||||
Housing (0.4%) | |||||||||
�� | State of Hawaii Housing Finance and Development Corp., Iwilei Apartments | ||||||||
1,825,000 | 3.750%, 01/01/31 Series 2012A FHLMC Insured Liquidity Agreement | NR/AA+/NR | 1,825,840 | ||||||
Principal Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
Medical (9.8%) | ||||||||
Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaii Pacific Health) | ||||||||
$1,645,000 | 5.000%, 07/01/24 Group A | A1/NR/AA- | $1,658,654 | |||||
1,890,000 | 5.000%, 07/01/25 Group A | A1/NR/AA- | 1,941,767 | |||||
1,745,000 | 5.000%, 07/01/29 Group A | A1/NR/AA- | 1,941,016 | |||||
1,855,000 | 5.000%, 07/01/30 Group A | A1/NR/AA- | 2,097,059 | |||||
1,975,000 | 5.000%, 07/01/31 Group A | A1/NR/AA- | 2,266,510 | |||||
4,000,000 | 5.000%, 07/01/33 Group A | A1/NR/AA- | 4,665,120 | |||||
2,675,000 | 5.000%, 07/01/37 Group B | A1/NR/AA- | 3,012,826 | |||||
2,585,000 | 5.000%, 07/01/30 Group B | A1/NR/AA- | 2,922,317 | |||||
2,855,000 | 5.000%, 07/01/32 Group B | A1/NR/AA- | 3,302,350 | |||||
Hawaii State Department of Budget and Finance, Special Purpose Revenue (Queens Health System) | ||||||||
3,120,000 | 5.000%, 07/01/25 Series 2015A | NR/AA-/AA | 3,210,979 | |||||
1,500,000 | 5.000%, 07/01/26 Series 2015A | NR/AA-/AA | 1,544,505 | |||||
2,400,000 | 5.000%, 07/01/27 Series 2015A | NR/AA-/AA | 2,467,200 | |||||
600,000 | 5.000%, 07/01/28 Series 2015A | NR/AA-/AA | 616,578 | |||||
15,520,000 | 5.000%, 07/01/35 Series 2015A | NR/AA-/AA | 15,918,554 | |||||
Total Medical | 47,565,435 | |||||||
Transportation (9.7%) | ||||||||
State of Hawaii Harbor System | ||||||||
1,000,000 | 4.000%, 07/01/33 Series 2020A AMT | Aa3/NR/AA- | 1,042,890 | |||||
495,000 | 4.000%, 07/01/35 Series 2020A AMT | Aa3/NR/AA- | 513,617 | |||||
10,000,000 | 4.000%, 07/01/36 Series 2020A AMT | Aa3/NR/AA- | 10,298,400 | |||||
9,000,000 | 4.000%, 07/01/37 Series 2020A AMT | Aa3/NR/AA- | 9,185,760 | |||||
430,000 | 5.000%, 07/01/29 Series 2020C | Aa3/NR/AA- | 483,901 | |||||
200,000 | 4.000%, 07/01/34 Series 2020C | Aa3/NR/AA- | 212,078 | |||||
560,000 | 4.000%, 07/01/37 Series 2020C | Aa3/NR/AA- | 582,406 | |||||
875,000 | 4.000%, 07/01/38 Series 2020C | Aa3/NR/AA- | 901,495 | |||||
State of Hawaii Highway Revenue | ||||||||
1,000,000 | 5.000%, 01/01/27 Series 2016A | Aa2/AA+/AA | 1,055,730 | |||||
5,000,000 | 5.000%, 01/01/30 Series 2016A | Aa2/AA+/AA | 5,266,300 | |||||
4,500,000 | 4.000%, 01/01/31 Series 2016A | Aa2/AA+/AA | 4,616,595 | |||||
1,000,000 | 5.000%, 01/01/32 Series 2019A | Aa2/AA+/NR | 1,122,670 | |||||
1,010,000 | 5.000%, 01/01/35 Series 2021 | Aa2/AA+/NR | 1,174,085 | |||||
2,800,000 | 5.000%, 01/01/37 Series 2021 | Aa2/AA+/NR | 3,219,272 | |||||
3,000,000 | 5.000%, 01/01/39 Series 2021 | Aa2/AA+/NR | 3,398,070 | |||||
3,580,000 | 5.000%, 01/01/41 Series 2021 | Aa2/AA+/NR | 4,019,552 | |||||
Total Transportation | 47,092,821 | |||||||
Utility (1.8%) | ||||||||
Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.) | ||||||||
6,300,000 | 3.200%, 07/01/39 Series 2019 | Ba3/NR/B+ | 4,228,182 | |||||
7,000,000 | 3.500%, 10/01/49 Series 2019 AMT | Ba3/NR/B+ | 4,514,020 | |||||
Total Utility | 8,742,202 |
Principal Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
Water & Sewer (20.4%) | ||||||||
City and County of Honolulu, Hawaii, Board of Water Supply Water System | ||||||||
$700,000 | 5.000%, 07/01/24 Series 2014A | Aa2/NR/AAA | $706,741 | |||||
1,890,000 | 4.000%, 07/01/37 Series 2020A | NR/AAA/AAA | 1,974,048 | |||||
35,000 | 4.000%, 07/01/39 Series 2021A | NR/AAA/AAA | 36,169 | |||||
2,565,000 | 4.000%, 07/01/46 Series 2021A | NR/AAA/AAA | 2,585,494 | |||||
10,000,000 | 4.000%, 07/01/47 Series 2022A | NR/AAA/AAA | 10,077,800 | |||||
760,000 | 5.000%, 07/01/40 Series 2023 | NR/AAA/AAA | 876,774 | |||||
800,000 | 5.000%, 07/01/41 Series 2023 | NR/AAA/AAA | 915,176 | |||||
885,000 | 5.000%, 07/01/43 Series 2023 | NR/AAA/AAA | 1,003,732 | |||||
5,150,000 | 5.000%, 07/01/52 Series 2023 | NR/AAA/AAA | 5,701,256 | |||||
City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) | ||||||||
1,500,000 | 5.000%, 07/01/24 Senior Series 2015B | Aa2/NR/AA | 1,515,840 | |||||
2,095,000 | 5.000%, 07/01/25 Senior Series 2015B | Aa2/NR/AA | 2,165,434 | |||||
2,085,000 | 5.000%, 07/01/34 Senior Series 2016A | Aa2/NR/AA | 2,197,590 | |||||
635,000 | 5.000%, 07/01/35 Senior Series 2016B | Aa2/NR/AA | 667,722 | |||||
6,000,000 | 5.000%, 07/01/36 Senior Series 2018A | Aa2/NR/AA | 6,526,920 | |||||
770,000 | 5.000%, 07/01/44 Senior Series 2019A | Aa2/NR/AA | 832,632 | |||||
City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Green Bond | ||||||||
4,000,000 | 5.000%, 07/01/47 Senior Series 2022A | Aa2/NR/AA | 4,437,120 | |||||
17,500,000 | 5.250%, 07/01/51 Senior Series 2022A | Aa2/NR/AA | 19,561,675 | |||||
19,360,000 | 5.000%, 07/01/51 Senior Series 2022A | Aa2/NR/AA | 21,215,656 | |||||
10,000,000 | 5.250%, 07/01/53 Senior Series 2023 | NR/AA+/AA | 11,210,700 | |||||
City and County of Honolulu, Hawaii, Wastewater System (Second Bond Resolution) Junior Series 2015A | ||||||||
4,000,000 | 5.000%, 07/01/25 Junior Series 2015A | Aa3/NR/AA- | 4,134,480 | |||||
Total Water & Sewer | 98,342,959 | |||||||
Other (1.0%) | ||||||||
Hawaii State Department of Hawaiian Home Lands | ||||||||
500,000 | 5.000%, 04/01/24 Series 2017 | A1/NR/NR | 502,310 | |||||
945,000 | 5.000%, 04/01/26 Series 2017 | A1/NR/NR | 992,004 | |||||
905,000 | 5.000%, 04/01/29 Series 2017 | A1/NR/NR | 965,545 | |||||
840,000 | 5.000%, 04/01/30 Series 2017 | A1/NR/NR | 893,508 | |||||
Hawaii State Department of Hawaiian Home Lands, COP (Kapolei Office Facility) | ||||||||
330,000 | 5.000%, 11/01/24 Series 2017A | Aa3/NR/NR | 335,432 | |||||
145,000 | 5.000%, 11/01/25 Series 2017A | Aa3/NR/NR | 150,706 | |||||
1,115,000 | 5.000%, 11/01/27 Series 2017A | Aa3/NR/NR | 1,216,019 | |||||
Total Other | 5,055,524 | |||||||
Total Revenue Bonds | 258,886,047 | |||||||
Principal Amount | Pre-Refunded Bonds (5.2%)†† | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
Pre-Refunded General Obligation Bonds (3.0%) | ||||||||
State (3.0%) | ||||||||
State of Hawaii | ||||||||
$590,000 | 5.000%, 08/01/27 Series EO | NR/NR/NR* | $596,838 | |||||
265,000 | 5.000%, 08/01/28 Series EO | NR/NR/NR* | 268,071 | |||||
570,000 | 5.000%, 08/01/29 Series EO | NR/NR/NR* | 576,606 | |||||
5,280,000 | 5.000%, 08/01/25 Series EP | Aa2/AA+/AA | 5,344,258 | |||||
5,300,000 | 5.000%, 08/01/26 Series EP | Aa2/AA+/AA | 5,364,501 | |||||
2,070,000 | 5.000%, 10/01/30 Series ET | Aa2/AA+/AA | 2,150,834 | |||||
Total Pre-Refunded General Obligation Bonds | 14,301,108 | |||||||
Pre-Refunded Revenue Bonds (2.2%) | ||||||||
Water & Sewer (2.2%) | ||||||||
City and County of Honolulu, Hawaii, Board of Water Supply Water System | ||||||||
1,795,000 | 5.000%, 07/01/26 Series 2014A | Aa2/NR/AAA | 1,812,717 | |||||
875,000 | 5.000%, 07/01/27 Series 2014A | Aa2/NR/AAA | 883,636 | |||||
1,750,000 | 5.000%, 07/01/28 Series 2014A | Aa2/NR/AAA | 1,767,273 | |||||
City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) | ||||||||
200,000 | 5.000%, 07/01/40 Senior Series 2015A | Aa2/NR/AA | 206,724 | |||||
2,150,000 | 5.000%, 07/01/30 Senior Series 2015B | Aa2/NR/AA | 2,222,283 | |||||
3,700,000 | 5.000%, 07/01/31 Senior Series 2015B | Aa2/NR/AA | 3,824,394 | |||||
Total Pre-Refunded Revenue Bonds | 10,717,027 | |||||||
Total Pre-Refunded Bonds | 25,018,135 | |||||||
Total Municipal Bonds (cost $482,033,828) | 471,502,063 | |||||||
Shares | Short-Term Investment (0.7%) | |||||||
3,409,516 | Dreyfus Government Cash Management, Institutional Shares, 5.25%**(cost $3,409,516) | Aaa-mf/AAAm/NR | 3,409,516 | |||||
Total Investments (cost $485,443,344 - note b) | 98.3% | 474,911,579 | ||||||
Other assets less liabilities | 1.7 | 8,370,201 | ||||||
Net Assets | 100.0% | $483,281,780 | ||||||
Portfolio Distribution By Quality Rating | Percent of Investments† | |||||||
Aaa-mf of Moody's or AAA and AAAm of S&P or AAA of Fitch | 5.7% | |||||||
Pre-Refunded Bonds†† | 5.3 | |||||||
Aa of Moody's or AA of S&P or Fitch | 85.2 | |||||||
A of Moody's or S&P or Fitch | 1.4 | |||||||
Baa of Moody's or BBB of S&P | 0.6 | |||||||
Ba of Moody's | 1.8 | |||||||
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, 2023
(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, 2023, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $485,443,344 amounted to $10,531,765 which consisted of aggregate gross unrealized appreciation of $3,181,516 and aggregate gross unrealized depreciation of $13,713,281. |
(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, 2023:
Valuation Inputs+ | Investments in Securities | |
Level 1 – Quoted Prices- Short-Term Investment | $ | 3,409,516 |
Level 2 – Other Significant Observable Inputs - Municipal Bonds | 471,502,063 | |
Level 3 – Significant Unobservable Inputs | — | |
Total | $ | 474,911,579 |
+ See schedule of investments for a detailed listing of securities.