HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Par Value | | | | Value | |
| | | | HAWAII MUNICIPAL BONDS — 96.3% | | | | |
| | | | GENERAL OBLIGATION — 18.2% | | | | |
| | | | APPROPRIATION — 18.2% | | | | |
| | | | City & County of Honolulu | | | | |
$ | 1,000,000 | | | 4.000%, 7/1/2033 | | $ | 1,247,373 | |
| 1,000,000 | | | 3.000%, 7/1/2035 | | | 1,129,580 | |
| 1,200,000 | | | 4.000%, 9/1/2037 | | | 1,384,301 | |
| 1,400,000 | | | 5.000%, 10/1/2037 | | | 1,607,413 | |
| 735,000 | | | 4.000%, 9/1/2039 | | | 859,394 | |
| 1,000,000 | | | 3.000%, 7/1/2040 | | | 1,112,875 | |
| 1,100,000 | | | 5.000%, 9/1/2042 | | | 1,358,857 | |
| 500,000 | | | 4.000%, 9/1/2043 | | | 589,631 | |
| 1,000,000 | | | 5.000%, 8/1/2044 | | | 1,260,295 | |
| | | | County of Hawaii | | | | |
| 1,025,000 | | | 5.000%, 9/1/2027 | | | 1,205,585 | |
| 800,000 | | | 4.000%, 9/1/2031 | | | 914,783 | |
| 460,000 | | | 5.000%, 9/1/2032 | | | 537,537 | |
| 500,000 | | | 5.000%, 9/1/2033 | | | 600,741 | |
| 1,500,000 | | | 4.000%, 9/1/2038 | | | 1,808,965 | |
| 1,500,000 | | | 4.000%, 9/1/2040 | | | 1,802,481 | |
| | | | County of Maui | | | | |
| 1,000,000 | | | 5.000%, 9/1/2023 | | | 1,078,323 | |
| 3,000,000 | | | 2.125%, 6/1/2024 | | | 3,076,047 | |
| 1,000,000 | | | 4.000%, 9/1/2028 | | | 1,119,357 | |
| 675,000 | | | 4.000%, 3/1/2037 | | | 826,297 | |
| 1,200,000 | | | 5.000%, 3/1/2040 | | | 1,534,406 | |
| | | | State of Hawaii | | | | |
| 2,000,000 | | | 5.000%, 8/1/2030 | | | 2,227,592 | |
| 1,500,000 | | | 3.375%, 1/1/2036 | | | 1,664,601 | |
| 1,000,000 | | | 4.000%, 5/1/2036 | | | 1,146,462 | |
| | | | | | | 30,092,896 | |
| | | | TOTAL GENERAL OBLIGATION | | | 30,092,896 | |
| | | | REVENUE BONDS — 78.1% | | | | |
| | | | APPROPRIATION — 9.0% | | | | |
| | | | Kauai County Community Facilities District | | | | |
| 1,090,000 | | | 5.625%, 5/15/2033 | | | 1,104,250 | |
| 2,250,000 | | | 5.750%, 5/15/2042 | | | 2,277,756 | |
| 1,000,000 | | | 5.000%, 5/15/2049 | | | 1,148,787 | |
| | | | State of Hawaii Airports System Revenue | | | | |
| 1,000,000 | | | 5.000%, 8/1/20231 | | | 1,072,754 | |
| 1,420,000 | | | 5.250%, 8/1/20241 | | | 1,524,205 | |
| 2,570,000 | | | 5.250%, 8/1/20261 | | | 2,757,754 | |
| 1,000,000 | | | 5.000%, 8/1/20271 | | | 1,069,142 | |
| | | | State of Hawaii Department of Hawaiian Home Lands | | | | |
| 680,000 | | | 5.000%, 11/1/2029 | | | 833,099 | |
HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS - Continued
December 31, 2021 (Unaudited)
Par Value | | | | Value | |
| | | | HAWAII MUNICIPAL BONDS (Continued) | | | | |
| | | | REVENUE BONDS (Continued) | | | | |
| | | | APPROPRIATION (Continued) | | | | |
$ | 600,000 | | | 5.000%, 4/1/2030 | | $ | 715,607 | |
| 500,000 | | | 5.000%, 11/1/2030 | | | 611,688 | |
| 800,000 | | | 5.000%, 4/1/2031 | | | 951,261 | |
| 350,000 | | | 5.000%, 11/1/2031 | | | 427,119 | |
| 300,000 | | | 5.000%, 4/1/2032 | | | 356,066 | |
| | | | | | | 14,849,488 | |
| | | | | | | | |
| | | | EDUCATION — 6.1% | | | | |
| | | | State of Hawaii Department of Budget & Finance | | | | |
| 270,000 | | | 4.000%, 1/1/2032 | | | 312,656 | |
| 435,000 | | | 3.000%, 1/1/2034 | | | 459,675 | |
| 600,000 | | | 3.000%, 1/1/2035 | | | 632,751 | |
| 585,000 | | | 3.000%, 1/1/2036 | | | 616,233 | |
| | | | University of Hawaii | | | | |
| 2,000,000 | | | 5.000%, 10/1/2029 | | | 2,384,826 | |
| 1,200,000 | | | 5.000%, 10/1/2030 | | | 1,430,204 | |
| 1,600,000 | | | 5.000%, 10/1/2031 | | | 1,905,272 | |
| 500,000 | | | 5.000%, 10/1/2034 | | | 576,196 | |
| 655,000 | | | 5.000%, 10/1/2034 | | | 803,177 | |
| 750,000 | | | 3.000%, 10/1/2036 | | | 837,545 | |
| | | | | | | 9,958,535 | |
| | | | | | | | |
| | | | HEALTHCARE — 12.9% | | | | |
| | | | State of Hawaii Department of Budget & Finance | | | | |
| 2,900,000 | | | 5.000%, 11/15/2027 | | | 3,003,623 | |
| 175,000 | | | 5.125%, 7/1/2031 | | | 186,815 | |
| 3,200,000 | | | 5.125%, 11/15/2032 | | | 3,305,421 | |
| 6,185,000 | | | 5.000%, 7/1/2035 | | | 7,038,159 | |
| 4,055,000 | | | 5.250%, 11/15/2037 | | | 4,187,615 | |
| 340,000 | | | 5.500%, 7/1/2038 | | | 364,423 | |
| 435,000 | | | 4.000%, 7/1/2040 | | | 473,304 | |
| 2,600,000 | | | 5.500%, 7/1/2043 | | | 2,784,751 | |
| | | | | | | 21,344,111 | |
| | | | | | | | |
| | | | HOUSING — 8.0% | | | | |
| | | | Hawaii Housing Finance & Development Corp. | | | | |
| 40,000 | | | 3.125%, 9/1/2022 | | | 40,174 | |
| 150,000 | | | 3.300%, 1/1/2026 | | | 151,728 | |
| 2,430,000 | | | 4.750%, 10/1/2027 | | | 2,464,727 | |
| 3,000,000 | | | 4.950%, 4/1/2029 | | | 3,064,563 | |
| 4,035,000 | | | 3.750%, 1/1/2031 | | | 4,079,906 | |
| 3,435,000 | | | 4.000%, 9/1/2033 | | | 3,448,706 | |
| | | | | | | 13,249,804 | |
HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS - Continued
December 31, 2021 (Unaudited)
Par Value | | | | Value | |
| | | | HAWAII MUNICIPAL BONDS (Continued) | | | | |
| | | | REVENUE BONDS (Continued) | | | | |
| | | | SPECIAL TAX — 7.9% | | | | |
| | | | State of Hawaii Department of Budget & Finance | | | | |
$ | 1,890,000 | | | 4.000%, 3/1/20371 | | $ | 2,093,385 | |
| 10,000,000 | | | 3.200%, 7/1/2039 | | | 10,929,470 | |
| | | | | | | 13,022,855 | |
| | | | | | | | |
| | | | TRANSPORTATION — 18.2% | | | | |
| | | | State of Hawaii Airports System Revenue | | | | |
| 1,000,000 | | | 5.000%, 7/1/20351 | | | 1,220,694 | |
| 750,000 | | | 5.000%, 7/1/20411 | | | 850,687 | |
| 735,000 | | | 5.000%, 7/1/20431 | | | 889,867 | |
| 7,335,000 | | | 5.000%, 7/1/20451 | | | 8,319,716 | |
| 2,600,000 | | | 5.000%, 7/1/20481 | | | 3,138,938 | |
| | | | State of Hawaii Harbor System Revenue | | | | |
| 1,000,000 | | | 4.000%, 7/1/2037 | | | 1,204,339 | |
| 2,100,000 | | | 4.000%, 7/1/2039 | | | 2,510,678 | |
| 3,475,000 | | | 4.000%, 7/1/2040 | | | 4,147,882 | |
| | | | State of Hawaii State Highway Fund | | | | |
| 1,250,000 | | | 4.000%, 1/1/2034 | | | 1,417,795 | |
| 1,360,000 | | | 4.000%, 1/1/2035 | | | 1,540,637 | |
| 425,000 | | | 5.000%, 1/1/2036 | | | 532,809 | |
| 2,200,000 | | | 5.000%, 1/1/2040 | | | 2,865,480 | |
| 1,105,000 | | | 5.000%, 1/1/2041 | | | 1,436,034 | |
| | | | | | | 30,075,556 | |
| | | | | | | | |
| | | | WATER & SEWER — 16.0% | | | | |
| | | | City & County of Honolulu Wastewater System Revenue | | | | |
| 1,520,000 | | | 5.000%, 7/1/2036 | | | 1,790,002 | |
| 500,000 | | | 4.000%, 7/1/2037 | | | 597,040 | |
| 2,000,000 | | | 4.000%, 7/1/2038 | | | 2,315,448 | |
| 1,750,000 | | | 4.000%, 7/1/2039 | | | 2,082,829 | |
| 3,250,000 | | | 4.000%, 7/1/2044 | | | 3,831,168 | |
| 2,990,000 | | | 4.000%, 7/1/2049 | | | 3,504,968 | |
| 2,175,000 | | | 5.000%, 7/1/2049 | | | 2,711,551 | |
| | | | Honolulu City & County Board of Water Supply | | | | |
| 1,000,000 | | | 5.000%, 7/1/2028 | | | 1,260,396 | |
| 1,470,000 | | | 5.000%, 7/1/2029 | | | 1,896,703 | |
| 1,545,000 | | | 5.000%, 7/1/2030 | | | 2,037,475 | |
| 800,000 | | | 3.000%, 7/1/2037 | | | 891,890 | |
| 2,035,000 | | | 4.000%, 7/1/2046 | | | 2,469,708 | |
HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS - Continued
December 31, 2021 (Unaudited)
Par Value | | | | Value | |
| | | | HAWAII MUNICIPAL BONDS (Continued) | | | | |
| | | | REVENUE BONDS (Continued) | | | | |
| | | | WATER & SEWER (Continued) | | | | |
$ | 700,000 | | | 5.000%, 7/1/2050 | | $ | 911,142 | |
| | | | | | | 26,300,320 | |
| | | | TOTAL REVENUE BONDS | | | 128,800,669 | |
| | | | TOTAL HAWAII MUNICIPAL BONDS | | | | |
| | | | (Cost $152,454,384) | | | 158,893,565 | |
| | | | PRE-REFUNDED HAWAII MUNICIPAL BONDS2 — 1.6% | | | | |
| | | | GENERAL OBLIGATION — 0.2% | | | | |
| | | | APPROPRIATION — 0.2% | | | | |
| | | | | County of Kauai | | | | |
| 400,000 | | | 3.125%, 8/1/20231 | | | 406,531 | |
| | | | | | | | |
| | | | REVENUE BONDS — 1.4% | | | | |
| | | | WATER & SEWER — 1.4% | | | | |
| | | | | City & County of Honolulu Wastewater System Revenue | | | | |
| 2,000,000 | | | 5.000%, 7/1/2032 | | | 2,315,480 | |
| | | | TOTAL PRE-REFUNDED HAWAII MUNICIPAL BONDS | | | | |
| | | | (Cost $2,601,819) | | | 2,722,011 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS — 97.9% | | | | |
| | | | (Cost $155,056,203) | | | 161,615,576 | |
| | | | | | | | |
| | | | Other Assets in Excess of Liabilities — 2.1% | | | 3,430,266 | |
| | | | TOTAL NET ASSETS — 100.0% | | $ | 165,045,842 | |
1 | Securities that are subject to alternative minimum tax represent 14.14% of the Fund’s net assets. |
2 | 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. |
HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS - Concluded
December 31, 2021 (Unaudited)
Municipal Issuance/Industry Type | Percent of Total Net Assets |
Hawaii Municipal Bonds | |
General Obligation | |
Appropriation | 18.2% |
Revenue Bonds | |
Appropriation | 9.0% |
Education | 6.1% |
Healthcare | 12.9% |
Housing | 8.0% |
Special Tax | 7.9% |
Transportation | 18.2% |
Water & Sewer | 16.0% |
Total Hawaii Municipal Bonds | 96.3% |
Pre-Refunded Hawaii Municipal Bonds | |
General Obligation | |
Appropriation | 0.2% |
Revenue Bonds | |
Water & Sewer | 1.4% |
Total Pre-Refunded Hawaii Municipal Bonds | 1.6% |
Total Investments | 97.9% |
Other Assets in Excess of Liabilities | 2.1% |
Total Net Assets | 100.0% |
