High Grade Income Fund | (unaudited) |
Schedule of Investments
as of March 31, 2021
Face | Value (000) | |||||
CORPORATE OBLIGATIONS — 57.4% | ||||||
Communication Services — 4.7% | ||||||
Comcast | ||||||
$ 300 | 3.150%, 03/01/26 | $ | 325 | |||
TWDC Enterprises 18 MTN | ||||||
330 | 4.125%, 06/01/44 | 374 | ||||
225 | 1.850%, 07/30/26 | 230 | ||||
Verizon Communications | ||||||
325 | 4.329%, 09/21/28 | 372 | ||||
ViacomCBS | ||||||
175 | 3.500%, 01/15/25 | 188 | ||||
|
|
| ||||
1,489 | ||||||
|
|
| ||||
Consumer Discretionary — 7.6% | ||||||
Amazon.com | ||||||
350 | 4.800%, 12/05/34 | 439 | ||||
Booking Holdings | ||||||
275 | 3.600%, 06/01/26 | 301 | ||||
George Washington University | ||||||
225 | 4.363%, 09/15/43 | 264 | ||||
Home Depot | ||||||
325 | 5.875%, 12/16/36 | 450 | ||||
Lowe’s | ||||||
300 | 3.650%, 04/05/29 | 328 | ||||
McDonald’s MTN | ||||||
325 | 4.600%, 05/26/45 | 379 | ||||
Starbucks | ||||||
225 | 2.450%, 06/15/26 | 235 | ||||
|
|
| ||||
2,396 | ||||||
|
|
| ||||
Consumer Staples — 3.6% | ||||||
Altria Group | ||||||
52 | 4.800%, 02/14/29 | 60 | ||||
Clorox | ||||||
310 | 1.800%, 05/15/30 | 295 | ||||
General Mills | ||||||
330 | 4.000%, 04/17/25 | 364 | ||||
Hershey | ||||||
125 | 2.625%, 05/01/23 | 130 | ||||
Walgreens Boots Alliance | ||||||
275 | 3.300%, 11/18/21 | 278 | ||||
|
|
| ||||
1,127 | ||||||
|
|
| ||||
Energy — 3.8% | ||||||
BP Capital Markets PLC | ||||||
300 | 3.814%, 02/10/24 | 327 | ||||
Kinder Morgan Energy Partners LP | ||||||
150 | 4.300%, 05/01/24 | 165 | ||||
Schlumberger Investment SA | ||||||
400 | 3.650%, 12/01/23 | 429 | ||||
Shell International Finance BV | ||||||
260 | 3.875%, 11/13/28 | 290 | ||||
|
|
| ||||
1,211 | ||||||
|
|
| ||||
Financials — 13.7% | ||||||
Aflac | ||||||
350 | 3.625%, 11/15/24 | 385 | ||||
Bank of America MTN | ||||||
450 | 4.000%, 04/01/24 | 492 |
March 31, 2021 | www.bishopstreetfunds.com |
High Grade Income Fund | (unaudited) |
Schedule of Investments
as of March 31, 2021
Face | Value (000) | |||||
Financials — (continued) | ||||||
$ 235 | 3.194%, VAR ICE LIBOR USD 3 Month+1.180%, 07/23/30 | $ | 246 | |||
Bank of Montreal MTN | ||||||
275 | 3.300%, 02/05/24 | 295 | ||||
Capital One Financial | ||||||
275 | 3.750%, 03/09/27 | 302 | ||||
Citigroup | ||||||
100 | 3.875%, 10/25/23 | 108 | ||||
Discover Bank | ||||||
200 | 4.200%, 08/08/23 | 216 | ||||
JPMorgan Chase | ||||||
375 | 3.540%, VAR ICE LIBOR USD 3 Month+1.380%, 05/01/28 | 408 | ||||
275 | 2.700%, 05/18/23 | 287 | ||||
MetLife | ||||||
250 | 3.048%, 12/15/22 | 261 | ||||
Morgan Stanley MTN | ||||||
400 | 3.875%, 01/27/26 | 445 | ||||
PNC Financial Services Group | ||||||
250 | 3.500%, 01/23/24 | 269 | ||||
US Bancorp MTN | ||||||
300 | 3.000%, 03/15/22 | 307 | ||||
Wells Fargo MTN | ||||||
250 | 4.150%, 01/24/29 | 282 | ||||
|
|
| ||||
4,303 | ||||||
|
|
| ||||
Health Care — 2.5% | ||||||
AbbVie | ||||||
350 | 2.900%, 11/06/22 | 363 | ||||
Celgene | ||||||
118 | 3.875%, 08/15/25 | 129 | ||||
CVS Health | ||||||
290 | 2.875%, 06/01/26 | 308 | ||||
|
|
| ||||
800 | ||||||
|
|
| ||||
Industrials — 3.8% | ||||||
Burlington Northern Santa Fe LLC | ||||||
345 | 4.450%, 03/15/43 | 407 | ||||
FedEx | ||||||
250 | 2.625%, 08/01/22 | 258 | ||||
Norfolk Southern | ||||||
200 | 2.900%, 06/15/26 | 214 | ||||
Raytheon Technologies | ||||||
300 | 3.125%, 05/04/27 | 322 | ||||
|
|
| ||||
1,201 | ||||||
|
|
| ||||
Information Technology — 7.7% | ||||||
Apple | ||||||
450 | 4.650%, 02/23/46 | 558 | ||||
Applied Materials | ||||||
200 | 3.300%, 04/01/27 | 218 | ||||
International Business Machines | ||||||
360 | 3.500%, 05/15/29 | 391 | ||||
KLA | ||||||
200 | 4.650%, 11/01/24 | 224 | ||||
Microsoft | ||||||
250 | 3.625%, 12/15/23 | 270 | ||||
Oracle | ||||||
350 | 2.500%, 04/01/25 | 367 |
March 31, 2021 | www.bishopstreetfunds.com |
High Grade Income Fund | (unaudited) |
Schedule of Investments
as of March 31, 2021
Face | Value (000) | |||||
Information Technology — (continued) | ||||||
QUALCOMM | ||||||
$ 365 | 3.250%, 05/20/27 | $ | 398 | |||
|
|
| ||||
2,426 | ||||||
|
|
| ||||
Materials — 2.8% | ||||||
DuPont de Nemours | ||||||
325 | 5.419%, 11/15/48 | 418 | ||||
Ecolab | ||||||
340 | 1.300%, 01/30/31 | 312 | ||||
Sherwin-Williams | ||||||
140 | 3.125%, 06/01/24 | 149 | ||||
|
|
| ||||
879 | ||||||
|
|
| ||||
Utilities — 7.2% | ||||||
Berkshire Hathaway Energy | ||||||
325 | 6.125%, 04/01/36 | 437 | ||||
DTE Electric | ||||||
260 | 2.625%, 03/01/31 | 266 | ||||
National Rural Utilities Cooperative Finance | ||||||
275 | 3.900%, 11/01/28 | 307 | ||||
Progress Energy | ||||||
400 | 6.000%, 12/01/39 | 514 | ||||
Sempra Energy | ||||||
200 | 3.250%, 06/15/27 | 214 | ||||
Sierra Pacific Power | ||||||
200 | 2.600%, 05/01/26 | 211 | ||||
Xcel Energy | ||||||
300 | 3.300%, 06/01/25 | 322 | ||||
|
|
| ||||
2,271 | ||||||
|
|
| ||||
TOTAL CORPORATE OBLIGATIONS (Cost $17,120) | 18,103 | |||||
|
|
| ||||
U.S. TREASURY OBLIGATIONS — 17.4% | ||||||
U.S. Treasury Bonds | ||||||
600 | 6.000%, 02/15/26 | 746 | ||||
250 | 5.375%, 02/15/31 | 334 | ||||
250 | 4.750%, 02/15/37 | 341 | ||||
300 | 4.500%, 08/15/39 | 406 | ||||
875 | 4.375%, 05/15/41 | 1,176 | ||||
500 | 3.125%, 05/15/48 | 572 | ||||
50 | 3.000%, 08/15/48 | 56 | ||||
400 | 2.250%, 08/15/46 | 387 | ||||
U.S. Treasury Notes | ||||||
170 | 3.125%, 11/15/28 | 190 | ||||
135 | 2.875%, 08/15/28 | 148 | ||||
380 | 2.125%, 05/15/25 | 402 | ||||
400 | 2.000%, 11/15/26 | 420 | ||||
300 | 1.625%, 08/15/29 | 301 | ||||
|
|
| ||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $5,128) | 5,479 | |||||
|
|
| ||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 15.9% | ||||||
FFCB | ||||||
350 | 3.220%, 12/10/25 | 387 | ||||
450 | 3.100%, 12/06/24 | 492 | ||||
200 | 1.530%, 03/02/27 | 205 | ||||
200 | 1.430%, 02/14/24 | 206 | ||||
550 | 1.040%, 05/27/27 | 540 |
March 31, 2021 | www.bishopstreetfunds.com |
High Grade Income Fund | (unaudited) |
Schedule of Investments
as of March 31, 2021
Face | Value (000) | |||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — (continued) | ||||||
FHLB | ||||||
$ 475 | 4.750%, 03/10/23 | $ | 517 | |||
500 | 3.125%, 06/13/25 | 548 | ||||
500 | 3.000%, 03/10/28 | 553 | ||||
550 | 2.500%, 03/11/22 | 563 | ||||
500 | 2.125%, 09/14/29 | 520 | ||||
FHLMC MTN | ||||||
500 | 0.500%, 06/03/24 | 500 | ||||
|
|
| ||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $4,836) | 5,031 | |||||
|
|
| ||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 5.1% | ||||||
FHLMC, Ser 2015-4425, Cl BY | ||||||
597 | 2.000%, 01/15/45 | 560 | ||||
FHLMC, Ser G12710 | ||||||
8 | 5.500%, 07/01/22 | 8 | ||||
FNMA, Ser 2003-58, Cl D | ||||||
23 | 3.500%, 07/25/33 | 25 | ||||
FNMA, Ser 2013-92, Cl MT | ||||||
15 | 4.000%, 07/25/41 | 16 | ||||
FNMA, Ser 889958 | ||||||
7 | 5.000%, 10/01/23 | 7 | ||||
GNMA, Ser 2012-91, Cl QL | ||||||
765 | 2.000%, 09/20/41 | 756 | ||||
GNMA, Ser 2013-4, Cl CN | ||||||
220 | 2.000%, 10/16/42 | 221 | ||||
|
|
| ||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (Cost $1,442) | 1,593 | |||||
|
|
| ||||
MUNICIPAL BONDS — 3.4% | ||||||
Burlingame Elementary School District, GO | ||||||
300 | 3.010%, 08/01/41 | 301 | ||||
California State, GO | ||||||
260 | 6.509%, 04/01/39 | 267 | ||||
Hawaii State, Airports System Authority, Ser E, RB | ||||||
355 | 1.392%, 07/01/25 | 356 | ||||
Tyler, Independent School District, GO, PSF-GTD Insured | ||||||
150 | 1.584%, 02/15/31 | 144 | ||||
|
|
| ||||
TOTAL MUNICIPAL BONDS (Cost $1,081) | 1,068 | |||||
|
|
| ||||
CASH EQUIVALENT — 0.2% | ||||||
77,203 | BlackRock FedFund, Institutional Shares, 0.010% (A) (Cost $77) | 77 | ||||
|
|
| ||||
TOTAL INVESTMENTS (Cost $29,684) —99.4% | $ | 31,351 | ||||
|
|
|
Percentages are based on Net Assets of $31,547 (000).
(A) | The rate reported is the 7-day effective yield as of March 31, 2021. |
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
March 31, 2021 | www.bishopstreetfunds.com |
High Grade Income Fund | (unaudited) |
Schedule of Investments
as of March 31, 2021
LLC—Limited Liability Corporation
LP — Limited Partnership
MTN—Medium Term Note
PLC—Public Limited Company
PSF-GTD — Permanent School Fund Guaranteed
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, 2021, 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 | $ | — | $ | 18,103 | $ | — | $ | 18,103 | ||||||||
U.S. Treasury Obligations | — | 5,479 | — | 5,479 | ||||||||||||
U.S. Government Agency Obligations | — | 5,031 | — | 5,031 | ||||||||||||
U.S. Government Agency Mortgage-Backed Obligations | — | 1,593 | — | 1,593 | ||||||||||||
Municipal Bonds | — | 1,068 | — | 1,068 | ||||||||||||
Cash Equivalent | 77 | — | — | 77 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 77 | $ | 31,274 | $ | — | $ | 31,351 | ||||||||
|
|
|
|
|
|
|
|
For the period ended March 31, 2021, 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-001-3600
March 31, 2021 | www.bishopstreetfunds.com |
Hawaii Municipal Bond Fund | (unaudited) |
Schedule of Investments
as of March 31, 2021
Face | Value (000) | |||||
MUNICIPAL BONDS — 98.6% | ||||||
California — 1.1% | ||||||
Orange County, Water District, Ser A, RB | ||||||
$ 1,000 | 5.000%, 08/15/23, Pre-Refunded @ 100(A) | $ | 1,114 | |||
University of California, Ser AF, RB | ||||||
215 | 5.000%, 05/15/23, Pre-Refunded @ 100(A) | 237 | ||||
|
|
| ||||
1,351 | ||||||
|
|
| ||||
Florida — 0.1% | ||||||
Miami-Dade County, School Board, Ser D, COP | ||||||
150 | 5.000%, 02/01/27 | 180 | ||||
|
|
| ||||
Hawaii — 94.0% | ||||||
Hawaii County, Ser A, GO | ||||||
250 | 5.000%, 09/01/23 | 278 | ||||
150 | 5.000%, 09/01/24 | 173 | ||||
600 | 5.000%, 09/01/26 | 723 | ||||
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 | 483 | ||||
300 | 5.000%, 09/01/36 | 360 | ||||
1,500 | 4.000%, 09/01/35 | 1,679 | ||||
130 | 4.000%, 09/01/36 | 156 | ||||
Hawaii County, Ser C, GO | ||||||
450 | 5.000%, 09/01/24 | 518 | ||||
100 | 5.000%, 09/01/27 | 121 | ||||
Hawaii County, Ser D, GO | ||||||
200 | 5.000%, 09/01/25 | 238 | ||||
300 | 5.000%, 09/01/27 | 362 | ||||
Hawaii State, Airports System Authority, Ser A, RB, AMT | ||||||
2,000 | 5.000%, 07/01/45 | 2,291 | ||||
Hawaii State, Airports System Authority, Ser D, RB | ||||||
100 | 5.000%, 07/01/28 | 127 | ||||
1,000 | 5.000%, 07/01/29 | 1,294 | ||||
260 | 4.000%, 07/01/39 | 302 | ||||
Hawaii State, Airports System Authority, RB, AMT | ||||||
835 | 5.000%, 07/01/21, Pre-Refunded @ 100(A) | 844 | ||||
665 | 5.000%, 07/01/24 | 675 | ||||
1,000 | 4.125%, 07/01/24 | 1,009 | ||||
Hawaii State, Department of Budget & Finance, Pacific Health Project, Ser A, RB | ||||||
760 | 6.000%, 07/01/33 | 849 | ||||
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 | 521 | ||||
300 | 5.000%, 07/01/21 | 303 | ||||
300 | 5.000%, 07/01/26 | 329 |
March 31, 2021 | www.bishopstreetfunds.com |
Hawaii Municipal Bond Fund | (unaudited) |
Schedule of Investments
as of March 31, 2021
Face | Value (000) | |||||
Hawaii — (continued) | ||||||
$ 200 | 5.000%, 07/01/29 | $ | 219 | |||
50 | 4.625%, 07/01/27 | 54 | ||||
140 | 4.000%, 01/01/26 | 153 | ||||
250 | 4.000%, 01/01/31 | 277 | ||||
350 | 3.250%, 01/01/25 | 377 | ||||
2,535 | 3.200%, 07/01/39 | 2,707 | ||||
Hawaii State, Department of Budget & Finance, Ser A, RB | ||||||
205 | 5.000%, 07/01/22 | 217 | ||||
575 | 5.000%, 07/01/26 | 632 | ||||
350 | 5.000%, 07/01/27 | 411 | ||||
755 | 5.000%, 07/01/30 | 871 | ||||
3,135 | 5.000%, 07/01/35 | 3,598 | ||||
1,130 | 4.000%, 07/01/40 | 1,215 | ||||
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 | ||||||
500 | 5.000%, 11/01/26 | 614 | ||||
Hawaii State, Department of Hawaiian Home Lands, RB | ||||||
350 | 5.000%, 04/01/21 | 350 | ||||
100 | 5.000%, 04/01/24 | 113 | ||||
410 | 5.000%, 04/01/25 | 481 | ||||
500 | 5.000%, 04/01/27 | 621 | ||||
50 | 5.000%, 04/01/31 | 60 | ||||
Hawaii State, Department of Hawaiian Home Lands, Ser A, RB | ||||||
350 | 4.000%, 11/01/22 | 371 | ||||
Hawaii State, Department of Transportation, Airports Division Lease Revenue, COP, AMT | ||||||
2,525 | 5.000%, 08/01/21 | 2,559 | ||||
1,000 | 5.000%, 08/01/27 | 1,098 | ||||
1,000 | 5.000%, 08/01/28 | 1,097 | ||||
Hawaii State, Department of Transportation, COP, AMT | ||||||
500 | 5.250%, 08/01/25 | 552 | ||||
Hawaii State, Harbor System Revenue, Ser A, RB, AMT | ||||||
1,000 | 5.000%, 07/01/24 | 1,135 | ||||
1,000 | 5.000%, 07/01/26 | 1,198 | ||||
Hawaii State, Harbor System Revenue, Ser C, RB | ||||||
1,250 | 4.000%, 07/01/32 | 1,524 | ||||
75 | 4.000%, 07/01/38 | 89 | ||||
1,000 | 4.000%, 07/01/39 | 1,183 | ||||
800 | 4.000%, 07/01/40 | 944 | ||||
Hawaii State, Highway Revenue, Ser A, RB | ||||||
500 | 5.000%, 01/01/22, Pre-Refunded @ 100(A) | 518 | ||||
700 | 5.000%, 01/01/23 | 758 | ||||
100 | 5.000%, 01/01/24 | 113 | ||||
215 | 5.000%, 01/01/25 | 246 | ||||
950 | 5.000%, 01/01/30 | 1,155 |
March 31, 2021 | www.bishopstreetfunds.com |
Hawaii Municipal Bond Fund | (unaudited) |
Schedule of Investments
as of March 31, 2021
Face | Value (000) | |||||
Hawaii — (continued) | ||||||
$ 1,000 | 5.000%, 01/01/33 | $ | 1,137 | |||
1,200 | 4.000%, 01/01/26 | 1,231 | ||||
500 | 4.000%, 01/01/32 | 568 | ||||
250 | 4.000%, 01/01/36 | 282 | ||||
Hawaii State, Highway Revenue, Ser B, RB | ||||||
165 | 5.000%, 01/01/24 | 186 | ||||
Hawaii State, Housing Finance & Development, Kuhio Park Terrace Multi-Family Housing, Ser A, RB | ||||||
200 | 3.900%, 04/01/22 | 200 | ||||
115 | 3.750%, 04/01/21 | 115 | ||||
Hawaii State, Housing Finance & Development, Single-Family Housing, Ser B, RB, GNMA/FNMA/FHLMC Insured | ||||||
145 | 3.450%, 01/01/22 | 146 | ||||
Hawaii State, Housing Finance & Development, Wilikina Apartments Project, Ser A, RB | ||||||
1,000 | 5.000%, 05/01/34 | 1,020 | ||||
Hawaii State, Ser DZ, GO | ||||||
300 | 5.000%, 12/01/21, Pre-Refunded @ 100(A) | 309 | ||||
225 | 4.000%, 12/01/30 | 229 | ||||
200 | 4.000%, 12/01/31 | 204 | ||||
Hawaii State, Ser EA, GO | ||||||
1,700 | 5.000%, 12/01/22 | 1,754 | ||||
Hawaii State, Ser EE-2017, GO | ||||||
400 | 5.000%, 11/01/22, Pre-Refunded @ 100(A) | 431 | ||||
Hawaii State, Ser EF, GO | ||||||
300 | 5.000%, 11/01/23 | 323 | ||||
500 | 5.000%, 11/01/24 | 538 | ||||
Hawaii State, Ser EH, GO | ||||||
45 | 5.000%, 08/01/23, Pre-Refunded @ 100(A) | 50 | ||||
125 | 5.000%, 08/01/24 | 139 | ||||
300 | 5.000%, 08/01/29 | 332 | ||||
295 | 5.000%, 08/01/30 | 326 | ||||
95 | 5.000%, 08/01/32 | 105 | ||||
Hawaii State, Ser EH-2017, GO | ||||||
85 | 5.000%, 08/01/23 (B) | 94 | ||||
Hawaii State, Ser EO, GO | ||||||
1,535 | 5.000%, 08/01/29 | 1,756 | ||||
1,000 | 5.000%, 08/01/30 | 1,144 | ||||
1,000 | 5.000%, 08/01/33 | 1,141 | ||||
Hawaii State, Ser ET, GO | ||||||
350 | 5.000%, 10/01/30 | 416 | ||||
2,000 | 4.000%, 10/01/26 | 2,295 | ||||
Hawaii State, Ser FB, GO | ||||||
450 | 3.000%, 04/01/35 | 473 | ||||
Hawaii State, Ser FG, GO | ||||||
500 | 5.000%, 10/01/30 | 610 | ||||
200 | 5.000%, 10/01/31 | 244 |
March 31, 2021 | www.bishopstreetfunds.com |
Hawaii Municipal Bond Fund | (unaudited) |
Schedule of Investments
as of March 31, 2021
Face | Value (000) | |||||
Hawaii — (continued) | ||||||
Hawaii State, Ser FH, GO | ||||||
$ 100 | 5.000%, 10/01/27 | $ | 123 | |||
Hawaii State, Ser FK, GO | ||||||
1,915 | 5.000%, 05/01/29 | 2,365 | ||||
Hawaii State, Ser FN-REF, GO | ||||||
625 | 5.000%, 10/01/30 | 776 | ||||
Hawaii State, Ser FT, GO | ||||||
750 | 5.000%, 01/01/31 | 937 | ||||
Hawaii State, Ser FW, GO | ||||||
925 | 5.000%, 01/01/30 | 1,188 | ||||
2,000 | 5.000%, 01/01/37 | 2,504 | ||||
1,000 | 5.000%, 01/01/39 | 1,245 | ||||
Honolulu Hawaii City & County, Board of Water Supply, Ser A, RB | ||||||
1,180 | 5.000%, 07/01/22, Pre-Refunded @ 100(A) | 1,251 | ||||
235 | 5.000%, 07/01/23 | 260 | ||||
500 | 5.000%, 07/01/24 | 574 | ||||
200 | 5.000%, 07/01/24, Pre-Refunded @ 100(A) | 230 | ||||
1,000 | 5.000%, 07/01/25 | 1,145 | ||||
500 | 5.000%, 07/01/26 | 612 | ||||
100 | 5.000%, 07/01/27 | 125 | ||||
50 | 4.500%, 07/01/22, Pre-Refunded @ 100(A) | 53 | ||||
1,000 | 4.000%, 07/01/38 | 1,221 | ||||
1,000 | 4.000%, 07/01/40 | 1,214 | ||||
Honolulu Hawaii City & County, GO | ||||||
250 | 4.000%, 09/01/27 | 300 | ||||
250 | 4.000%, 09/01/33 | 294 | ||||
Honolulu Hawaii City & County, Ser A, GO | ||||||
305 | 5.250%, 08/01/21, Pre-Refunded @ 100(A) | 310 | ||||
1,000 | 5.000%, 10/01/23 | 1,118 | ||||
350 | 5.000%, 10/01/29 | 416 | ||||
800 | 5.000%, 10/01/31 | 949 | ||||
475 | 5.000%, 09/01/32 | 586 | ||||
1,500 | 5.000%, 10/01/37 | 1,762 | ||||
1,175 | 5.000%, 09/01/38 | 1,462 | ||||
Honolulu Hawaii City & County, Ser B, GO | ||||||
280 | 5.000%, 11/01/22 | 301 | ||||
200 | 5.000%, 11/01/24 | 215 | ||||
1,000 | 5.000%, 11/01/25 | 1,075 | ||||
Honolulu Hawaii City & County, Ser C, GO | ||||||
125 | 5.000%, 10/01/21 | 128 | ||||
680 | 5.000%, 08/01/34 | 873 | ||||
1,400 | 5.000%, 08/01/44 | 1,749 | ||||
1,200 | 4.000%, 08/01/23 | 1,305 | ||||
1,400 | 4.000%, 10/01/32 | 1,597 | ||||
145 | 3.000%, 10/01/28 | 158 | ||||
Honolulu Hawaii City & County, Ser D, GO | ||||||
750 | 5.000%, 07/01/23 | 830 |
March 31, 2021 | www.bishopstreetfunds.com |
Hawaii Municipal Bond Fund | (unaudited) |
Schedule of Investments
as of March 31, 2021
Face | Value (000) | |||||
Hawaii — (continued) | ||||||
Honolulu Hawaii City & County, Ser F, GO | ||||||
$ 625 | 5.000%, 07/01/33 | $ | 821 | |||
Honolulu Hawaii City & County, Wastewater System Revenue, RB | ||||||
1,000 | 5.000%, 07/01/25, Pre-Refunded @ 100(A) | 1,188 | ||||
500 | 5.000%, 07/01/39 | 631 | ||||
Honolulu Hawaii City & County, Wastewater System Revenue, Ser A, RB | ||||||
100 | 5.000%, 07/01/22, Pre-Refunded @ 100(A) | 106 | ||||
300 | 5.000%, 07/01/24 | 344 | ||||
750 | 5.000%, 07/01/26 | 887 | ||||
575 | 5.000%, 07/01/49 | 715 | ||||
1,420 | 4.000%, 07/01/39 | 1,682 | ||||
Honolulu Hawaii City & County, Wastewater System Revenue, Ser B, RB | ||||||
700 | 5.000%, 07/01/23 | 775 | ||||
325 | 4.000%, 07/01/33 | 370 | ||||
Honolulu Hawaii City & County, Wastewater System Revenue, Ser S, RB | ||||||
125 | 5.000%, 07/01/24 | 144 | ||||
Kauai County, GO | ||||||
150 | 5.000%, 08/01/26 | 184 | ||||
250 | 5.000%, 08/01/37 | 303 | ||||
Kauai County, Ser A, GO | ||||||
250 | 5.000%, 08/01/21 | 254 | ||||
500 | 5.000%, 08/01/23 | 532 | ||||
315 | 4.000%, 08/01/24 | 330 | ||||
250 | 3.250%, 08/01/23 | 252 | ||||
Kauai County, Ser A, GO, NATL FGIC Insured | ||||||
415 | 5.000%, 08/01/21 | 416 | ||||
Maui County, GO | ||||||
460 | 5.000%, 03/01/24 | 522 | ||||
430 | 5.000%, 03/01/27 | 536 | ||||
450 | 5.000%, 03/01/29 | 585 | ||||
Maui County, RB | ||||||
1,500 | 3.250%, 09/01/36 | 1,632 | ||||
University of Hawaii, Ser B, RB | ||||||
500 | 5.000%, 10/01/27 | 632 | ||||
1,500 | 5.000%, 10/01/34 | 1,743 | ||||
1,000 | 4.000%, 10/01/23 | 1,092 | ||||
University of Hawaii, Ser D, RB | ||||||
575 | 5.000%, 10/01/25 | 688 | ||||
700 | 4.000%, 10/01/32 | 852 | ||||
University of Hawaii, Ser E, RB | ||||||
1,485 | 5.000%, 10/01/25 | 1,778 | ||||
1,350 | 5.000%, 10/01/32 | 1,618 |
March 31, 2021 | www.bishopstreetfunds.com |
Hawaii Municipal Bond Fund | (unaudited) |
Schedule of Investments
as of March 31, 2021
Face | Value (000) | |||||
Hawaii — (continued) | ||||||
University of Hawaii, Ser F, RB | ||||||
$ 2,425 | 5.000%, 10/01/35 | $ | 2,965 | |||
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116,711 | ||||||
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Indiana — 0.1% | ||||||
Indiana State, Housing & Community Development Authority, Ser C, RB, GNMA/FNMA/FHLMC Insured | ||||||
60 | 4.100%, 06/01/27 | 60 | ||||
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| ||||
Kentucky — 0.2% | ||||||
Kentucky State, Public Energy Authority, Ser B, RB | ||||||
200 | 4.000%, 07/01/22 | 209 | ||||
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New York — 0.9% | ||||||
New York City, Trust for Cultural Resources, Ser S, RB | ||||||
1,000 | 5.000%, 07/01/41 | 1,128 | ||||
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| ||||
Oklahoma — 0.9% | ||||||
Comanche County, Educational Facilities Authority, Ser A, RB | ||||||
500 | 5.000%, 12/01/30 | 620 | ||||
Oklahoma State, Development Finance Authority, RB | ||||||
475 | 5.000%, 06/01/44 | 530 | ||||
|
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| ||||
1,150 | ||||||
|
|
| ||||
Texas — 0.9% | ||||||
Tomball City, Independent School District, GO, PSF-GTD Insured | ||||||
1,000 | 5.000%, 02/15/28 | 1,165 | ||||
|
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| ||||
Utah — 0.4% | ||||||
Utah State, Charter School Finance Authority, Ser A, RB, UT CSCE Insured | ||||||
450 | 4.000%, 10/15/40 | 475 | ||||
|
|
| ||||
TOTAL MUNICIPAL BONDS (Cost $118,918) | 122,429 | |||||
|
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| ||||
CASH EQUIVALENT — 0.5% | ||||||
552,133 | BlackRock FedFund, Institutional Shares, 0.010% (C) (Cost $ 552) | 552 | ||||
|
|
| ||||
TOTAL INVESTMENTS (Cost $119,470) —99.1% | $ | 122,981 | ||||
|
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|
Percentages are based on Net Assets of $124,117 (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 March 31, 2021. |
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
March 31, 2021 | www.bishopstreetfunds.com |
Hawaii Municipal Bond Fund | (unaudited) |
Schedule of Investments
as of March 31, 2021
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, 2021, 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 | $ | — | $ | 122,429 | $ | — | $ | 122,429 | ||||||||
Cash Equivalent | 552 | — | — | 552 | ||||||||||||
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|
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| |||||||||
Total Investments in Securities | $ | 552 | $ | 122,429 | $ | — | $ | 122,981 | ||||||||
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For the period ended March 31, 2021, 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-001-3600
March 31, 2021 | www.bishopstreetfunds.com |