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