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, Ser2003-58, Cl D | ||||||||||||
28 | 3.500%, 07/25/33 | 30 | ||||||||||
FNMA, Ser2012-84, Cl JB | ||||||||||||
217 | 3.000%, 05/25/42 | 230 | ||||||||||
FNMA, Ser2013-92, Cl MT | ||||||||||||
30 | 4.000%, 07/25/41 | 32 | ||||||||||
FNMA, Ser 889958 | ||||||||||||
13 | 5.000%, 10/01/23 | 13 | ||||||||||
GNMA, Ser2011-112, Cl JP | ||||||||||||
25 | 2.000%, 02/20/40 | 26 | ||||||||||
GNMA, Ser2012-91, Cl QL | ||||||||||||
765 | 2.000%, 09/20/41 | 778 | ||||||||||
GNMA, Ser2013-4, 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 the7-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, SerU-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, SerEE-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, SerEH-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, SerFN-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 | 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 thepre-refunded date. |
(B) | Security is escrowed to maturity. |
(C) | The rate reported is the7-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 |