HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS
June 30, 2023 (Unaudited)
| Par Value | Value | |||||||
| HAWAII MUNICIPAL BONDS — 97.8% | ||||||||
| GENERAL OBLIGATION — 18.5% | ||||||||
| APPROPRIATION — 18.5% | ||||||||
| City & County of Honolulu | ||||||||
| $ | 555,000 | 5.000%, 10/1/2029 | $ | 578,397 | ||||
| 1,000,000 | 4.000%, 7/1/2033 | 1,074,541 | ||||||
| 1,000,000 | 3.000%, 7/1/2035 | 944,131 | ||||||
| 1,200,000 | 4.000%, 9/1/2037 | 1,215,948 | ||||||
| 1,400,000 | 5.000%, 10/1/2037 | 1,435,472 | ||||||
| 500,000 | 5.000%, 7/1/2038 | 552,133 | ||||||
| 1,355,000 | 4.000%, 8/1/2039 | 1,374,321 | ||||||
| 1,100,000 | 5.000%, 9/1/2042 | 1,175,166 | ||||||
| 500,000 | 4.000%, 9/1/2043 | 502,612 | ||||||
| 1,000,000 | 4.000%, 7/1/2044 | 1,002,345 | ||||||
| 1,000,000 | 5.000%, 8/1/2044 | 1,075,900 | ||||||
| County of Hawaii | ||||||||
| 1,025,000 | 5.000%, 9/1/2027 | 1,078,587 | ||||||
| 800,000 | 4.000%, 9/1/2031 | 826,437 | ||||||
| 460,000 | 5.000%, 9/1/2032 | 482,966 | ||||||
| 500,000 | 5.000%, 9/1/2033 | 533,734 | ||||||
| 1,500,000 | 4.000%, 9/1/2038 | 1,526,137 | ||||||
| 1,500,000 | 4.000%, 9/1/2040 | 1,513,679 | ||||||
| County of Maui | ||||||||
| 1,000,000 | 5.000%, 9/1/2023 | 1,002,817 | ||||||
| 3,000,000 | 2.125%, 6/1/2024 | 2,964,489 | ||||||
| 1,000,000 | 4.000%, 9/1/2028 | 1,020,671 | ||||||
| 675,000 | 4.000%, 3/1/2037 | 697,376 | ||||||
| State of Hawaii | ||||||||
| 2,000,000 | 5.000%, 8/1/2030 | 2,038,682 | ||||||
| 1,000,000 | 4.000%, 5/1/2036 | 1,018,930 | ||||||
| 25,635,471 | ||||||||
| TOTAL GENERAL OBLIGATION | 25,635,471 | |||||||
| REVENUE BONDS — 79.3% | ||||||||
| APPROPRIATION — 8.6% | ||||||||
| Kauai County Community Facilities District | ||||||||
| 1,300,000 | 5.000%, 5/15/2049 | 1,304,504 | ||||||
| 1,000,000 | 5.000%, 5/15/2051 | 985,149 | ||||||
| State of Hawaii Airports System Revenue | ||||||||
| 1,000,000 | 5.000%, 8/1/20231 | 1,000,494 | ||||||
| 1,420,000 | 5.250%, 8/1/20241 | 1,421,166 | ||||||
| 2,570,000 | 5.250%, 8/1/20261 | 2,571,938 | ||||||
| 1,000,000 | 5.000%, 8/1/20271 | 1,000,559 | ||||||
| State of Hawaii Department of Hawaiian Home Lands | ||||||||
| 680,000 | 5.000%, 11/1/2029 | 735,147 | ||||||
| 600,000 | 5.000%, 4/1/2030 | 635,479 | ||||||
HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS - Continued
June 30, 2023 (Unaudited)
| Par Value | Value | |||||||
| HAWAII MUNICIPAL BONDS (Continued) | ||||||||
| REVENUE BONDS (Continued) | ||||||||
| APPROPRIATION (Continued) | ||||||||
| $ | 500,000 | 5.000%, 11/1/2030 | $ | 539,917 | ||||
| 800,000 | 5.000%, 4/1/2031 | 845,285 | ||||||
| 350,000 | 5.000%, 11/1/2031 | 377,353 | ||||||
| 550,000 | 5.000%, 4/1/2032 | 580,342 | ||||||
| 11,997,333 | ||||||||
| EDUCATION — 6.8% | ||||||||
| State of Hawaii Department of Budget & Finance | ||||||||
| 275,000 | 4.000%, 1/1/2025 | 273,732 | ||||||
| 665,000 | 4.000%, 1/1/2027 | 661,010 | ||||||
| 350,000 | 4.000%, 1/1/2028 | 348,414 | ||||||
| 270,000 | 4.000%, 1/1/2032 | 267,495 | ||||||
| 435,000 | 3.000%, 1/1/2034 | 381,940 | ||||||
| 600,000 | 3.000%, 1/1/2035 | 520,611 | ||||||
| 585,000 | 3.000%, 1/1/2036 | 496,158 | ||||||
| University of Hawaii | ||||||||
| 2,000,000 | 5.000%, 10/1/2029 | 2,111,174 | ||||||
| 1,200,000 | 5.000%, 10/1/2030 | 1,264,434 | ||||||
| 1,600,000 | 5.000%, 10/1/2031 | 1,680,880 | ||||||
| 655,000 | 5.000%, 10/1/2034 | 709,059 | ||||||
| 750,000 | 3.000%, 10/1/2036 | 692,347 | ||||||
| 9,407,254 | ||||||||
| HEALTHCARE — 6.5% | ||||||||
| State of Hawaii Department of Budget & Finance | ||||||||
| 6,185,000 | 5.000%, 7/1/2035 | 6,384,640 | ||||||
| 2,600,000 | 5.500%, 7/1/2043 | 2,600,153 | ||||||
| 8,984,793 | ||||||||
| HOUSING — 10.0% | ||||||||
| Hawaii Housing Finance & Development Corp. | ||||||||
| 115,000 | 3.300%, 1/1/2026 | 114,834 | ||||||
| 2,220,000 | 4.750%, 10/1/2027 | 2,247,215 | ||||||
| 3,000,000 | 4.950%, 4/1/2029 | 3,058,191 | ||||||
| 4,035,000 | 3.750%, 1/1/2031 | 4,036,335 | ||||||
| 4,505,000 | 4.000%, 9/1/2033 | 4,507,541 | ||||||
| 13,964,116 | ||||||||
| SPECIAL TAX — 8.4% | ||||||||
| State of Hawaii Department of Budget & Finance | ||||||||
| 790,000 | 4.000%, 3/1/20371 | 753,716 | ||||||
| 12,920,000 | 3.200%, 7/1/2039 | 10,906,121 | ||||||
| 11,659,837 | ||||||||
HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS - Continued
June 30, 2023 (Unaudited)
| Par Value | Value | |||||||
| HAWAII MUNICIPAL BONDS (Continued) | ||||||||
| REVENUE BONDS (Continued) | ||||||||
| TRANSPORTATION — 20.8% | ||||||||
| State of Hawaii Airports System Revenue | ||||||||
| $ | 1,000,000 | 5.000%, 7/1/20351 | $ | 1,059,684 | ||||
| 1,800,000 | 4.000%, 7/1/20391 | 1,763,258 | ||||||
| 1,000,000 | 4.000%, 7/1/20411 | 970,720 | ||||||
| 750,000 | 5.000%, 7/1/20411 | 757,280 | ||||||
| 1,735,000 | 5.000%, 7/1/20431 | 1,794,493 | ||||||
| 7,335,000 | 5.000%, 7/1/20451 | 7,385,722 | ||||||
| 2,600,000 | 5.000%, 7/1/20481 | 2,674,207 | ||||||
| State of Hawaii Harbor System Revenue | ||||||||
| 1,000,000 | 4.000%, 7/1/2037 | 1,016,834 | ||||||
| 1,150,000 | 4.000%, 7/1/2039 | 1,156,969 | ||||||
| 3,805,000 | 4.000%, 7/1/2040 | 3,811,906 | ||||||
| State of Hawaii State Highway Fund | ||||||||
| 1,250,000 | 4.000%, 1/1/2034 | 1,278,642 | ||||||
| 1,360,000 | 4.000%, 1/1/2035 | 1,387,579 | ||||||
| 2,200,000 | 5.000%, 1/1/2040 | 2,422,244 | ||||||
| 1,245,000 | 5.000%, 1/1/2041 | 1,366,734 | ||||||
| 28,846,272 | ||||||||
| WATER & SEWER — 18.2% | ||||||||
| City & County of Honolulu Wastewater System Revenue | ||||||||
| 1,520,000 | 5.000%, 7/1/2036 | 1,582,373 | ||||||
| 1,960,000 | 4.000%, 7/1/2037 | 2,007,826 | ||||||
| 2,000,000 | 4.000%, 7/1/2038 | 2,019,014 | ||||||
| 1,000,000 | 4.000%, 7/1/2038 | 1,015,565 | ||||||
| 1,750,000 | 4.000%, 7/1/2039 | 1,770,452 | ||||||
| 5,000,000 | 4.000%, 7/1/2044 | 4,999,055 | ||||||
| 2,990,000 | 4.000%, 7/1/2049 | 2,952,206 | ||||||
| 2,175,000 | 5.000%, 7/1/2049 | 2,322,441 | ||||||
| Honolulu City & County Board of Water Supply | ||||||||
| 1,000,000 | 5.000%, 7/1/2028 | 1,106,144 | ||||||
| 1,470,000 | 5.000%, 7/1/2029 | 1,659,974 | ||||||
| 1,545,000 | 5.000%, 7/1/2030 | 1,774,555 | ||||||
| 2,035,000 | 4.000%, 7/1/2046 | 2,002,192 | ||||||
| 25,211,797 | ||||||||
| TOTAL REVENUE BONDS | 110,071,402 | |||||||
| TOTAL HAWAII MUNICIPAL BONDS | ||||||||
| (Cost $143,226,184) | 135,706,873 | |||||||
HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS - Continued
June 30, 2023 (Unaudited)
| Par Value | Value | |||||||
| TOTAL INVESTMENTS — 97.8% | ||||||||
| (Cost $143,226,184) | 135,706,873 | |||||||
| Other Assets in Excess of Liabilities — 2.2% | 3,032,265 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 138,739,138 | ||||||
| 1 | Securities that are subject to alternative minimum tax represent 16.69% of the Fund's net assets. |
