Hawaii Municipal Bond Fund
Schedule of Investments
as of September 30, 2023
| Face Amount (000) | Value (000) | |||||||
| MUNICIPAL BONDS — 98.0% | ||||||||
Arkansas — 0.7% | ||||||||
| $ | 750 | Little Rock Arkansas, Ser A, GO 4.000%, 02/01/37 | $ | 724 | ||||
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Florida — 0.2% | ||||||||
| 205 | Miami-Dade County, School Board, Ser D, COP 5.000%, 02/01/27 | 210 | ||||||
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Hawaii — 95.3% | ||||||||
| Hawaii County, GO | ||||||||
| 525 | 5.000%, 09/01/40 | 557 | ||||||
| 1,060 | 4.000%, 09/01/42 | 961 | ||||||
| Hawaii County, Ser A, GO | ||||||||
| 180 | 5.000%, 09/01/24 | 182 | ||||||
| 135 | 5.000%, 09/01/27 | 139 | ||||||
| 510 | 5.000%, 09/01/30 | 524 | ||||||
| 200 | 5.000%, 09/01/32 | 205 | ||||||
| 440 | 5.000%, 09/01/33 | 456 | ||||||
| 35 | 5.000%, 09/01/35 | 36 | ||||||
| 345 | 5.000%, 09/01/36 | 355 | ||||||
| 1,500 | 4.000%, 09/01/35 | 1,486 | ||||||
| 130 | 4.000%, 09/01/36 | 130 | ||||||
| Hawaii County, Ser C, GO | ||||||||
| 125 | 5.000%, 09/01/27 | 129 | ||||||
| Hawaii State, Airports System Authority, Ser A, RB, AMT | ||||||||
| 385 | 5.000%, 07/01/31 | 394 | ||||||
| 1,000 | 5.000%, 07/01/36 | 1,038 | ||||||
| 2,040 | 5.000%, 07/01/41 | 2,034 | ||||||
| 1,000 | 4.000%, 07/01/39 | 914 | ||||||
| Hawaii State, Airports System Authority, Ser B, RB, AMT | ||||||||
| 1,000 | 5.000%, 07/01/24 | 1,004 | ||||||
| Hawaii State, Airports System Authority, Ser D, RB | ||||||||
| 100 | 5.000%, 07/01/28 | 106 | ||||||
| 1,025 | 5.000%, 07/01/29 | 1,100 | ||||||
| 450 | 5.000%, 07/01/33 | 482 | ||||||
| 135 | 5.000%, 07/01/34 | 144 | ||||||
| 260 | 4.000%, 07/01/39 | 245 | ||||||
September 30, 2023 | www.bishopstreetfunds.com |
Hawaii Municipal Bond Fund
| Face Amount (000) | Value (000) | |||||||
Hawaii — (continued) | ||||||||
| Hawaii State, Department of Budget & Finance, Pacific Health Project, Ser A, RB | ||||||||
| $ | 310 | 4.000%, 01/01/24 | $ | 309 | ||||
| Hawaii State, Department of Budget & Finance, RB | ||||||||
| 1,000 | 5.000%, 07/01/26 | 1,030 | ||||||
| 1,040 | 5.000%, 07/01/27 | 1,084 | ||||||
| 1,200 | 5.000%, 07/01/28 | 1,263 | ||||||
| 140 | 4.000%, 01/01/26 | 137 | ||||||
| 250 | 4.000%, 01/01/31 | 235 | ||||||
| Hawaii State, Department of Budget & Finance, Ser A, RB | ||||||||
| 75 | 5.000%, 07/01/29 | 76 | ||||||
| 500 | 5.000%, 07/01/30 | 508 | ||||||
| 3,185 | 5.000%, 07/01/35 | 3,234 | ||||||
| 1,355 | 4.000%, 07/01/40 | 1,203 | ||||||
| Hawaii State, Department of Hawaiian Home Lands, Kapolie Office Facilities, Ser A, COP | ||||||||
| 150 | 5.000%, 11/01/24 | 152 | ||||||
| 530 | 5.000%, 11/01/26 | 549 | ||||||
| Hawaii State, Department of Hawaiian Home Lands, Kapolie Office Facilities, Ser A, RB | ||||||||
| 15 | 5.000%, 11/01/25 | 15 | ||||||
| Hawaii State, Department of Hawaiian Home Lands, RB | ||||||||
| 240 | 5.000%, 04/01/24 | 241 | ||||||
| 775 | 5.000%, 04/01/25 | 787 | ||||||
| 600 | 5.000%, 04/01/27 | 626 | ||||||
| 240 | 5.000%, 04/01/29 | 248 | ||||||
| 105 | 5.000%, 04/01/30 | 108 | ||||||
| 155 | 5.000%, 04/01/31 | 159 | ||||||
| 10 | 3.000%, 04/01/32 | 9 | ||||||
| Hawaii State, Department of Transportation, Airports System, COP, AMT | ||||||||
| 500 | 5.250%, 08/01/25 | 500 | ||||||
| 1,055 | 5.000%, 08/01/27 | 1,054 | ||||||
| 2,075 | 5.000%, 08/01/28 | 2,073 | ||||||
| Hawaii State, Harbor System Revenue, Ser A, RB, AMT | ||||||||
| 755 | 5.000%, 07/01/24 | 759 | ||||||
| 750 | 5.000%, 07/01/26 | 763 | ||||||
| 475 | 4.000%, 07/01/36 | 438 | ||||||
| Hawaii State, Harbor System Revenue, Ser C, RB | ||||||||
| 1,260 | 4.000%, 07/01/32 | 1,248 | ||||||
| 85 | 4.000%, 07/01/38 | 79 | ||||||
| 1,010 | 4.000%, 07/01/39 | 936 | ||||||
| 800 | 4.000%, 07/01/40 | 734 | ||||||
September 30, 2023 | www.bishopstreetfunds.com |
(unaudited)
| Face Amount (000) | Value (000) | |||||||
Hawaii — (continued) | ||||||||
| Hawaii State, Highway Revenue, RB | ||||||||
| $ | 1,110 | 5.000%, 01/01/37 | $ | 1,185 | ||||
| 20 | 5.000%, 01/01/38 | 21 | ||||||
| 380 | 5.000%, 01/01/40 | 399 | ||||||
| Hawaii State, Highway Revenue, Ser A, RB | ||||||||
| 1,025 | 5.000%, 01/01/30 | 1,064 | ||||||
| 1,045 | 5.000%, 01/01/33 | 1,053 | ||||||
| 385 | 5.000%, 01/01/36 | 406 | ||||||
| 620 | 4.000%, 01/01/32 | 614 | ||||||
| 330 | 4.000%, 01/01/36 | 314 | ||||||
| Hawaii State, Ser EO, GO | ||||||||
| 1,610 | 5.000%, 08/01/24, Pre-Refunded @ 100 (A) | 1,625 | ||||||
| 1,210 | 5.000%, 08/01/29 | 1,217 | ||||||
| 1,105 | 5.000%, 08/01/30 | 1,110 | ||||||
| Hawaii State, Ser EP, GO | ||||||||
| 945 | 5.000%, 08/01/24, Pre-Refunded @ 100 (A) | 954 | ||||||
| Hawaii State, Ser ET, GO | ||||||||
| 685 | 5.000%, 10/01/25, Pre-Refunded @ 100 (A) | 701 | ||||||
| 2,000 | 4.000%, 10/01/26 | 2,006 | ||||||
| Hawaii State, Ser FB, GO | ||||||||
| 50 | 4.000%, 04/01/29 | 50 | ||||||
| Hawaii State, Ser FG, GO | ||||||||
| 150 | 5.000%, 10/01/27 | 155 | ||||||
| 125 | 5.000%, 10/01/28 | 129 | ||||||
| 560 | 5.000%, 10/01/30 | 577 | ||||||
| 275 | 5.000%, 10/01/31 | 283 | ||||||
| Hawaii State, Ser FH, GO | ||||||||
| 120 | 5.000%, 10/01/27 | 124 | ||||||
| 190 | 4.000%, 10/01/31 | 189 | ||||||
| Hawaii State, Ser FK, GO | ||||||||
| 2,025 | 5.000%, 05/01/29 | 2,114 | ||||||
| Hawaii State, Ser FN-REF, GO | ||||||||
| 685 | 5.000%, 10/01/30 | 718 | ||||||
| Hawaii State, Ser FT, GO | ||||||||
| 210 | 5.000%, 01/01/30 | 221 | ||||||
| 855 | 5.000%, 01/01/31 | 898 | ||||||
| 250 | 5.000%, 01/01/36 | 261 | ||||||
| Hawaii State, Ser FW, GO | ||||||||
| 2,040 | 5.000%, 01/01/37 | 2,137 | ||||||
| 1,290 | 5.000%, 01/01/39 | 1,337 | ||||||
| 650 | 4.000%, 01/01/37 | 630 | ||||||
September 30, 2023 | www.bishopstreetfunds.com |
Hawaii Municipal Bond Fund
| Face Amount (000) | Value (000) | |||||||
Hawaii — (continued) | ||||||||
| Honolulu Hawaii City & County, Board of Water Supply, RB | ||||||||
| $ | 215 | 5.000%, 07/01/34 | $ | 241 | ||||
| 140 | 5.000%, 07/01/36 | 153 | ||||||
| 400 | 5.000%, 07/01/42 | 421 | ||||||
| Honolulu Hawaii City & County, Board of Water Supply, Ser A, RB | ||||||||
| 100 | 5.000%, 07/01/24 | 101 | ||||||
| 410 | 5.000%, 07/01/24, Pre-Refunded @ 100 (A) | 413 | ||||||
| 100 | 5.000%, 07/01/27 | 105 | ||||||
| 900 | 5.000%, 07/01/28 | 959 | ||||||
| 100 | 5.000%, 07/01/30 | 109 | ||||||
| 400 | 5.000%, 07/01/34 | 445 | ||||||
| 1,000 | 4.000%, 07/01/38 | 938 | ||||||
| 1,000 | 4.000%, 07/01/40 | 923 | ||||||
| Honolulu Hawaii City & County, GO | ||||||||
| 265 | 4.000%, 09/01/33 | 266 | ||||||
| 710 | 3.000%, 07/01/33 | 632 | ||||||
| 1,330 | 3.000%, 07/01/34 | 1,162 | ||||||
| Honolulu Hawaii City & County, RB, HUD SECT 8 Insured | ||||||||
| 550 | 5.000%, 06/01/27 (B) | 559 | ||||||
| Honolulu Hawaii City & County, Ser A, GO | ||||||||
| 360 | 5.000%, 10/01/29 | 368 | ||||||
| 800 | 5.000%, 10/01/31 | 817 | ||||||
| 575 | 5.000%, 09/01/32 | 601 | ||||||
| 1,440 | 5.000%, 10/01/32 | 1,470 | ||||||
| 275 | 5.000%, 10/01/36 | 279 | ||||||
| 1,570 | 5.000%, 10/01/37 | 1,588 | ||||||
| 1,175 | 5.000%, 09/01/38 | 1,218 | ||||||
| 755 | 4.000%, 07/01/34 | 757 | ||||||
| 1,000 | 4.000%, 07/01/41 | 929 | ||||||
| Honolulu Hawaii City & County, Ser B, GO | ||||||||
| 650 | 5.000%, 07/01/37 | 696 | ||||||
| Honolulu Hawaii City & County, Ser C, GO | ||||||||
| 835 | 5.000%, 08/01/34 | 892 | ||||||
| 500 | 5.000%, 07/01/38 | 524 | ||||||
| 1,400 | 5.000%, 08/01/44 | 1,436 | ||||||
| 620 | 5.000%, 07/01/45 | 637 | ||||||
| 1,000 | 4.000%, 10/01/32 | 993 | ||||||
| 125 | 4.000%, 10/01/33 | 124 | ||||||
| 585 | 4.000%, 07/01/40 | 545 | ||||||
| 170 | 3.000%, 10/01/28 | 161 | ||||||
September 30, 2023 | www.bishopstreetfunds.com |
(unaudited)
| Face Amount (000) | Value (000) | |||||||
Hawaii — (continued) | ||||||||
| Honolulu Hawaii City & County, Ser F, GO | ||||||||
| $ | 625 | 5.000%, 07/01/33 | $ | 674 | ||||
| Honolulu Hawaii City & County, Wastewater System Revenue, RB | ||||||||
| 1,000 | 5.000%, 07/01/25, Pre-Refunded @ 100 (A) | 1,021 | ||||||
| 610 | 5.000%, 07/01/34 | 676 | ||||||
| 530 | 5.000%, 07/01/39 | 553 | ||||||
| 300 | 4.000%, 07/01/39 | 284 | ||||||
| Honolulu Hawaii City & County, Wastewater System Revenue, Ser A, RB | ||||||||
| 360 | 5.000%, 07/01/31 | 371 | ||||||
| 500 | 5.000%, 07/01/34 | 550 | ||||||
| 575 | 5.000%, 07/01/49 | 589 | ||||||
| 1,420 | 4.000%, 07/01/39 | 1,328 | ||||||
| 1,000 | 4.000%, 07/01/44 | 907 | ||||||
| Honolulu Hawaii City & County, Wastewater System Revenue, Ser B, RB | ||||||||
| 240 | 4.000%, 07/01/29 | 241 | ||||||
| 115 | 4.000%, 07/01/32 | 114 | ||||||
| Honolulu Hawaii City & County, Wastewater System Revenue, Ser S, RB | ||||||||
| 795 | 5.000%, 07/01/25, Pre-Refunded @ 100 (A) | 811 | ||||||
| Kauai County, GO | ||||||||
| 175 | 5.000%, 08/01/26 | 181 | ||||||
| 100 | 5.000%, 08/01/27 | 105 | ||||||
| 140 | 5.000%, 08/01/28 | 147 | ||||||
| 25 | 5.000%, 08/01/30 | 26 | ||||||
| 340 | 5.000%, 08/01/37 | 350 | ||||||
| 150 | 4.000%, 08/01/32 | 151 | ||||||
| 125 | 4.000%, 08/01/33 | 126 | ||||||
| 10 | 3.000%, 08/01/38 | 8 | ||||||
| Maui County, GO | ||||||||
| 460 | 5.000%, 03/01/24 | 462 | ||||||
| 430 | 5.000%, 03/01/27 | 449 | ||||||
| 500 | 5.000%, 03/01/29 | 532 | ||||||
| 1,550 | 5.000%, 03/01/34 | 1,679 | ||||||
| 400 | 5.000%, 03/01/38 | 422 | ||||||
| 500 | 4.000%, 03/01/36 | 497 | ||||||
| 55 | 3.125%, 06/01/31 | 51 | ||||||
| 500 | 3.000%, 06/01/27 | 480 | ||||||
| Maui County, RB | ||||||||
| 520 | 3.250%, 09/01/36 | 456 | ||||||
September 30, 2023 | www.bishopstreetfunds.com |
Hawaii Municipal Bond Fund
| Face Amount (000) | Value (000) | |||||||
Hawaii — (continued) | ||||||||
| University of Hawaii, Ser B, RB | ||||||||
| $ | 1,510 | 5.000%, 10/01/34 | $ | 1,536 | ||||
| 830 | 3.000%, 10/01/28 | 790 | ||||||
| University of Hawaii, Ser D, RB | ||||||||
| 700 | 4.000%, 10/01/32 | 702 | ||||||
| 275 | 4.000%, 10/01/33 | 275 | ||||||
| 100 | 3.000%, 10/01/30 | 93 | ||||||
| University of Hawaii, Ser E, RB | ||||||||
| 1,430 | 5.000%, 10/01/32 | 1,465 | ||||||
| University of Hawaii, Ser F, RB | ||||||||
| 100 | 5.000%, 10/01/27 | 105 | ||||||
| 600 | 5.000%, 10/01/33 | 627 | ||||||
| 2,425 | 5.000%, 10/01/35 | 2,526 | ||||||
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| 99,492 | ||||||||
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New York — 0.1% | ||||||||
| 125 | New York City, Metropolitan Transportation Authority, Ser B, RB 5.000%, 11/15/23 | 125 | ||||||
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Oklahoma — 0.5% | ||||||||
| 500 | Comanche County, Educational Facilities Authority, Ser A, RB 5.000%, 12/01/30 | 526 | ||||||
| 19 | Oklahoma State, Development Finance Authority, RB 5.000%, 06/01/44 | 19 | ||||||
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| 545 | ||||||||
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Texas — 1.0% | ||||||||
| 1,000 | Tomball City, Independent School District, GO, PSF-GTD Insured 5.000%, 02/15/28 | 1,013 | ||||||
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Wisconsin — 0.2% | ||||||||
| 250 | Public Finance Authority, Student Housing, Ser A, RB 5.000%, 07/01/28 (C) | 253 | ||||||
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TOTAL MUNICIPAL BONDS (Cost $110,964) | 102,362 | |||||||
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September 30, 2023 | www.bishopstreetfunds.com |
(unaudited)
| Shares | Value (000) | |||||||
| CASH EQUIVALENT — 0.8% | ||||||||
| 842,574 | First American Treasury Obligations Fund, Cl X, 5.267% (D) (Cost $ 843) | $ | 843 | |||||
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TOTAL INVESTMENTS (Cost $ 111,807) —98.8% | $ | 103,205 | ||||||
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Percentages are based on Net Assets of $104,407 (000).
| (A) | Pre-Refunded Security —The maturity date shown is the pre-refunded date. |
| (B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (C) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutions. At September 30, 2023, these securities amounted to $$253(000), representing 0.2% of net assets of the Fund. |
| (D) | The rate reported is the 7-day effective yield as of September 30, 2023. |
AMT—Alternative Minimum Tax
Cl—Class
COP—Certificate of Participation
GO—General Obligation
PSF-GTD—Guaranteed by Permanent School Fund
RB—Revenue Bond
Ser—Series
Cost figures are shown in thousands.
BSF-QH-001-4100
September 30, 2023 | www.bishopstreetfunds.com |