Hawaiian Tax-Free Trust

Schedule of Investments

December 31, 2020

(unaudited)

 

Principal
Amount
  General Obligation Bonds (40.0%)   Ratings Moody's, S&P and Fitch   Value   (a)
    City & County (23.6%)            
    City and County of Honolulu, Hawaii, Series A            
$ 1,000,000   5.000%, 10/01/23   Aa1/NR/AA+   $ 1,130,610    
3,000,000   5.000%, 10/01/25   Aa1/NR/AA+   3,667,170    
5,055,000   5.000%, 10/01/26   Aa1/NR/AA+   6,160,529    
1,735,000   5.000%, 10/01/29   Aa1/NR/AA+   2,093,538    
1,300,000   5.000%, 10/01/35   Aa1/NR/AA+   1,558,531    
1,000,000   5.000%, 10/01/36   Aa1/NR/AA+   1,196,800    
                 
    City and County of Honolulu, Hawaii, Series 2018A            
1,130,000   5.000%, 09/01/32   Aa1/NR/AA+   1,471,430    
                 
    City and County of Honolulu, Hawaii, Series 2019A, Rail Transit Project            
1,500,000   5.000%, 09/01/25   Aa1/NR/AA+   1,827,870    
1,060,000   5.000%, 09/01/26   Aa1/NR/AA+   1,334,943    
                 
    City and County of Honolulu, Hawaii, Series 2020A, Rail Transit Project            
500,000   4.000%, 09/01/36   Aa1/NR/AA+   614,625    
640,000   4.000%, 09/01/39   Aa1/NR/AA+   780,243    
500,000   4.000%, 09/01/40   Aa1/NR/AA+   607,985    
                 
    City and County of Honolulu, Hawaii, Series B            
2,040,000   5.000%, 10/01/26   Aa1/NR/AA+   2,486,148    
5,000,000   4.000%, 11/01/27   Aa1/NR/AA+   5,321,550    
5,000,000   4.500%, 11/01/28   Aa1/NR/AA+   5,361,900    
4,000,000   4.500%, 11/01/29   Aa1/NR/AA+   4,281,760    
                 
    City and County of Honolulu, Hawaii, Series 2018B            
5,000,000   5.000%, 09/01/24   Aa1/NR/AA+   5,862,350    
                 
    City and County of Honolulu, Hawaii, Series 2019B, Rail Transit Project            
1,095,000   4.000%, 09/01/24   Aa1/NR/AA+   1,244,040    
1,175,000   3.000%, 09/01/25   Aa1/NR/AA+   1,323,191    
                 
    City and County of Honolulu, Hawaii, Series 2020B, Rail Transit Project            
5,020,000   5.000%, 03/01/31   Aa1/NR/AA+   6,853,856    
                 
    City and County of Honolulu, Hawaii, Series C            
2,860,000   5.000%, 10/01/23   Aa1/NR/AA+   3,233,545    
2,745,000   5.000%, 10/01/26   Aa1/NR/AA+   3,345,332    
2,060,000   5.000%, 10/01/27   Aa1/NR/AA+   2,499,686    
4,430,000   5.000%, 10/01/28   Aa1/NR/AA+   5,359,325    
575,000   5.000%, 10/01/29   Aa1/NR/AA+   693,824    

 

 
 
 

 

 

Principal
Amount
  General Obligation Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    City & County (continued)            
    City and County of Honolulu, Hawaii, Series 2019C            
$ 1,075,000   4.000%, 08/01/26   Aa1/NR/AA+   $ 1,291,140    
1,020,000   4.000%, 08/01/29   Aa1/NR/AA+   1,294,635    
3,000,000   4.000%, 08/01/36   Aa1/NR/AA+   3,647,430    
1,230,000   4.000%, 08/01/43   Aa1/NR/AA+   1,467,156    
                 
    City and County of Honolulu, Hawaii, Series 2020C            
2,000,000   4.000%, 07/01/36   Aa1/NR/AA+   2,475,740    
1,000,000   3.000%, 07/01/37   Aa1/NR/AA+   1,130,760    
1,000,000   4.000%, 07/01/39   Aa1/NR/AA+   1,227,030    
950,000   4.000%, 07/01/40   Aa1/NR/AA+   1,162,724    
                 
    City and County of Honolulu, Hawaii, Series E, Crossover Refunding            
1,820,000   5.000%, 09/01/29   Aa1/NR/AA+   2,336,298    
                 
    City and County of Honolulu, Hawaii, Series 2020F            
950,000   5.000%, 07/01/35   Aa1/NR/AA+   1,285,170    
                 
    County of Hawaii, Series A            
1,500,000   5.000%, 09/01/25   Aa2/AA/NR   1,822,440    
                 
    County of Hawaii, 2016-Series A            
1,010,000   4.000%, 09/01/35   Aa2/AA/NR   1,143,603    
                 
    County of Hawaii, 2017-Series A            
2,365,000   5.000%, 09/01/27   Aa2/NR/AA+   3,003,834    
1,930,000   5.000%, 09/01/28   Aa2/NR/AA+   2,441,411    
4,150,000   5.000%, 09/01/29   Aa2/NR/AA+   5,220,576    
                 
    County of Hawaii, 2016-Series C            
320,000   5.000%, 09/01/27   Aa2/AA/NR   393,443    
                 
    County of Hawaii, 2017-Series D            
2,445,000   4.000%, 09/01/28   Aa2/NR/AA+   2,932,289    
1,000,000   4.000%, 09/01/31   Aa2/NR/AA+   1,182,090    
                 
    County of Hawaii, 2020-Series A            
1,050,000   5.000%, 09/01/25   Aa2/AA/AA+   1,275,708    
2,000,000   5.000%, 09/01/29   Aa2/AA/AA+   2,693,280    
2,250,000   5.000%, 09/01/31   Aa2/AA/AA+   3,094,380    
                 
    County of Kauai, Hawaii, 2011-Series A            
200,000   3.250%, 08/01/23   Aa2/AA/AA   203,532    
                 
    County of Kauai, Hawaii, 2012-Series A            
515,000   5.000%, 08/01/21   Aa2/AA/AA   529,374    

 

 
 
 

 

 

Principal
Amount
  General Obligation Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    City & County (continued)            
    County of Kauai, Hawaii, 2017 Series            
$ 530,000   5.000%, 08/01/21   Aa2/NR/AA   $ 544,792    
250,000   4.000%, 08/01/22   Aa2/NR/AA   265,150    
300,000   3.000%, 08/01/24   Aa2/NR/AA   329,031    
220,000   5.000%, 08/01/25   Aa2/NR/AA   267,025    
235,000   5.000%, 08/01/26   Aa2/NR/AA   294,319    
285,000   5.000%, 08/01/28   Aa2/NR/AA   365,074    
825,000   2.500%, 08/01/29   Aa2/NR/AA   912,896    
385,000   5.000%, 08/01/30   Aa2/NR/AA   489,485    
200,000   4.000%, 08/01/32   Aa2/NR/AA   236,694    
200,000   5.000%, 08/01/37   Aa2/NR/AA   249,058    
                 
    County of Kauai, Hawaii, Refunding, Series A            
1,125,000   3.250%, 08/01/21   Aa2/AA/AA   1,145,138    
1,445,000   4.000%, 08/01/22   Aa2/AA/AA   1,476,891    
1,300,000   4.000%, 08/01/24   Aa2/AA/AA   1,376,960    
1,010,000   3.625%, 08/01/25   Aa2/AA/AA   1,029,826    
970,000   3.000%, 08/01/25   Aa2/AA/AA   1,011,982    
615,000   3.000%, 08/01/26   Aa2/AA/AA   640,898    
2,280,000   4.500%, 08/01/28   Aa2/AA/AA   2,419,696    
345,000   5.000%, 08/01/29   Aa2/AA/AA   370,209    
                 
    County of Maui, Hawaii            
1,045,000   3.000%, 06/01/27   Aa1/AA+/AA+   1,108,536    
2,000,000   3.000%, 06/01/28   Aa1/AA+/AA+   2,113,840    
                 
    County of Maui, Hawaii, Series 2014 Refunding            
1,900,000   5.000%, 06/01/22   Aa1/AA+/AA+   2,029,618    
1,015,000   5.000%, 06/01/23   Aa1/AA+/AA+   1,131,674    
4,015,000   5.000%, 06/01/24   Aa1/AA+/AA+   4,665,149    
                 
    County of Maui, Hawaii, Series 2018            
70,000   5.000%, 09/01/21   Aa1/AA+/AA+   72,238    
4,160,000   5.000%, 09/01/26   Aa1/AA+/AA+   5,249,670    
5,060,000   5.000%, 09/01/30   Aa1/AA+/AA+   6,642,060    
                 
    County of Maui, Hawaii, Series 2020            
800,000   3.000%, 03/01/31   Aa1/AA+/AA+   936,208    
1,250,000   5.000%, 03/01/33   Aa1/AA+/AA+   1,684,763    
1,250,000   5.000%, 03/01/34   Aa1/AA+/AA+   1,678,738    
    Total City & County       154,302,442    
                 
    State (16.4%)            
    State of Hawaii, Series EE            
2,915,000   5.000%, 11/01/25   Aa2/AA+/NR   3,166,973    
                 
    State of Hawaii, Series EF            
3,000,000   5.000%, 11/01/24   Aa2/AA+/AA   3,260,460    
                 
    State of Hawaii, Series EH            
4,170,000   5.000%, 08/01/25   Aa2/AA+/AA   4,678,615    

 

 
 
 

 

 

Principal
Amount
  General Obligation Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    State (continued)            
    State of Hawaii, Series EL, Refunding            
$ 2,045,000   5.000%, 08/01/23   Aa2/AA+/AA   $ 2,296,106    
                 
    State of Hawaii, Series EO, Refunding            
4,000,000   5.000%, 08/01/27   Aa2/AA+/AA   4,661,920    
2,000,000   5.000%, 08/01/28   Aa2/AA+/AA   2,326,300    
2,045,000   5.000%, 08/01/29   Aa2/AA+/AA   2,374,674    
3,095,000   5.000%, 08/01/30   Aa2/AA+/AA   3,585,588    
                 
    State of Hawaii, Series EP, Refunding            
5,075,000   5.000%, 08/01/23   Aa2/AA+/AA   5,698,159    
5,000,000   5.000%, 08/01/24   Aa2/AA+/AA   5,850,750    
5,280,000   5.000%, 08/01/25   Aa2/AA+/AA   6,163,978    
5,300,000   5.000%, 08/01/26   Aa2/AA+/AA   6,179,058    
                 
    State of Hawaii, Series ET            
200,000   5.000%, 10/01/24   Aa2/AA+/AA   235,516    
1,980,000   5.000%, 10/01/30   Aa2/AA+/AA   2,394,335    
                 
    State of Hawaii, Series EZ Refunding            
2,085,000   5.000%, 10/01/26   Aa2/AA+/AA   2,536,590    
                 
    State of Hawaii, Series FB            
6,125,000   5.000%, 04/01/27   Aa2/AA+/AA   7,578,524    
2,255,000   4.000%, 04/01/29   Aa2/AA+/AA   2,631,202    
                 
    State of Hawaii, Series FG            
1,265,000   5.000%, 10/01/28   Aa2/AA+/AA   1,584,071    
                 
    State of Hawaii, Series FH            
825,000   5.000%, 10/01/25   Aa2/AA+/AA   1,007,597    
3,655,000   5.000%, 10/01/28   Aa2/AA+/AA   4,576,901    
                 
    State of Hawaii, Series FN            
2,515,000   5.000%, 10/01/29   Aa2/AA+/AA   3,229,838    
1,145,000   5.000%, 10/01/31   Aa2/AA+/AA   1,465,669    
                 
    State of Hawaii, Series FT            
10,100,000   5.000%, 01/01/29   Aa2/AA+/AA   13,120,102    
1,680,000   5.000%, 01/01/30   Aa2/AA+/AA   2,171,434    
4,015,000   5.000%, 01/01/33   Aa2/AA+/AA   5,132,615    
1,095,000   5.000%, 01/01/38   Aa2/AA+/AA   1,378,704    
                 
    State of Hawaii, Series FW            
3,000,000   5.000%, 01/01/24   Aa2/AA+/AA   3,426,960    
4,000,000   4.000%, 01/01/25   Aa2/AA+/AA   4,581,240    
    Total State       107,293,879    
    Total General Obligation Bonds       261,596,321    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (38.5%)   Ratings Moody's, S&P and Fitch   Value   (a)
    Airport (3.6%)            
    State of Hawaii Airport System Revenue Refunding, AMT            
$ 1,500,000   5.000%, 07/01/23   A1/A+/A+   $ 1,535,460    
3,000,000   5.000%, 07/01/45   A1/A+/A+   3,415,140    
                 
    State of Hawaii Airport System Revenue, Series A, AMT            
4,000,000   5.000%, 07/01/29   A1/A+/A+   5,091,320    
2,000,000   5.000%, 07/01/32   A1/A+/A+   2,508,320    
                 
    State of Hawaii Airport System Revenue, Series B            
2,000,000   5.000%, 07/01/25   A1/A+/A+   2,404,040    
                 
    State of Hawaii Airport System Revenue, Series 2015A, AMT            
2,000,000   5.000%, 07/01/41   A1/A+/A+   2,289,780    
                 
    State of Hawaii Airport System Revenue, Series 2020A, AMT            
3,000,000   5.000%, 07/01/32   A1/A+/A+   3,921,870    
                 
    State of Hawaii Department of Transportation Airports Division Lease Revenue COP AMT            
1,060,000   5.000%, 08/01/21 AGM Insured   A2/AA/A   1,084,931    
800,000   5.000%, 08/01/21   A2/A/A   818,112    
360,000   5.000%, 08/01/23   A2/A/A   396,274    
    Total Airport       23,465,247    
                 
    Education (5.2%)            
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Mid-Pacific Institute) Series 2020            
340,000   4.000%, 01/01/28   NR/BBB+/NR   382,956    
360,000   4.000%, 01/01/29   NR/BBB+/NR   408,330    
270,000   4.000%, 01/01/32   NR/BBB+/NR   302,673    
360,000   4.000%, 01/01/33   NR/BBB+/NR   400,658    
435,000   3.000%, 01/01/34   NR/BBB+/NR   442,713    
300,000   3.000%, 01/01/35   NR/BBB+/NR   304,359    
280,000   3.000%, 01/01/36   NR/BBB+/NR   283,287    
                 
    University of Hawaii, Revenue Refunding, Medical School, Series E            
500,000   5.000%, 10/01/21   Aa3/NR/AA   517,255    
1,650,000   5.000%, 10/01/25   Aa3/NR/AA   1,998,728    
4,635,000   5.000%, 10/01/29   Aa3/NR/AA   5,699,057    
3,825,000   5.000%, 10/01/31   Aa3/NR/AA   4,670,746    
                 
    University of Hawaii, Series B            
1,055,000   4.000%, 10/01/23   Aa3/NR/AA   1,160,648    
1,250,000   4.000%, 10/01/24   Aa3/NR/AA   1,417,450    
1,125,000   5.000%, 10/01/25   Aa3/NR/AA   1,362,769    
1,065,000   5.000%, 10/01/26   Aa3/NR/AA   1,283,517    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Airport (continued)            
    University of Hawaii, Series F            
$ 1,595,000   5.000%, 10/01/25   Aa3/NR/AA   $ 1,932,103    
1,335,000   5.000%, 10/01/29   Aa3/NR/AA   1,693,301    
2,080,000   5.000%, 10/01/30   Aa3/NR/AA   2,627,206    
2,690,000   5.000%, 10/01/31   Aa3/NR/AA   3,384,908    
                 
    University of Hawaii, 2017B, Refunding            
1,000,000   3.000%, 10/01/28   Aa3/NR/AA   1,131,690    
                 
    University of Hawaii, 2020D, Refunding            
2,000,000   4.000%, 10/01/33   Aa3/NR/AA   2,459,000    
    Total Education       33,863,354    
                 
    Housing (0.7%)            
    State of Hawaii Housing Finance and Development Corp., Hale Kewalo Apartments, Series A            
2,200,000   1.900%, 01/01/21 GNMA/FHA Insured   NR/AA+/NR   2,200,000    
                 
    State of Hawaii Housing Finance and Development Corp., Iwilei Apartments, Series A            
1,825,000   3.750%, 01/01/31 FHLMC Insured Liquidity Agreement   NR/AA+/NR   1,891,156    
                 
    State of Hawaii Housing Finance and Development Corp., Kuhio Park Terrace, Series A            
185,000   3.850%, 10/01/21 FHLMC Insured Liquidity Agreement   NR/AA+/NR   186,423    
                 
    State of Hawaii Housing Finance and Development Corp. Single Family Mortgage, Series B            
45,000   4.500%, 01/01/26 GNMA/ FNMA/ FHLMC Insured   Aaa/AA+/AAA   45,795    
    Total Housing       4,323,374    
                 
    Medical (7.3%)            
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaii Pacific Health) Series A            
750,000   5.000%, 07/01/21   A1/NR/AA-   766,388    
200,000   5.000%, 07/01/22   A1/NR/AA-   213,210    
1,000,000   5.000%, 07/01/24   A1/NR/AA-   1,109,720    
685,000   5.000%, 07/01/25   A1/NR/AA-   759,905    
1,355,000   5.000%, 07/01/27   A1/NR/AA-   1,496,923    
280,000   5.000%, 07/01/28   A1/NR/AA-   308,552    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaii Pacific Health) Series B            
195,000   5.000%, 07/01/30   A1/NR/AA-   214,208    
415,000   5.125%, 07/01/31   A1/NR/AA-   456,471    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Medical (continued)            
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Queens Health System) Series A            
$ 1,295,000   5.000%, 07/01/21   A1/AA-/NR   $ 1,323,296    
1,500,000   5.000%, 07/01/22   A1/AA-/NR   1,599,075    
1,105,000   5.000%, 07/01/23   A1/AA-/NR   1,229,622    
4,725,000   5.000%, 07/01/24   A1/AA-/NR   5,458,556    
3,120,000   5.000%, 07/01/25   A1/AA-/NR   3,739,538    
1,715,000   5.000%, 07/01/26   A1/AA-/NR   2,052,615    
2,400,000   5.000%, 07/01/27   A1/AA-/NR   2,859,384    
850,000   5.000%, 07/01/28   A1/AA-/NR   1,008,304    
15,420,000   5.000%, 07/01/35   A1/AA-/NR   17,952,427    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Senior Living Revenue, Kahala Nui)            
1,000,000   5.000%, 11/15/21   NR/NR/A   1,039,320    
3,575,000   5.125%, 11/15/32   NR/NR/A   3,828,754    
    Total Medical       47,416,268    
                 
    Transportation (8.3%)            
    State of Hawaii Harbor System, Series 2020A, AMT            
10,000,000   4.000%, 07/01/36   Aa3/NR/AA-   11,888,000    
9,000,000   4.000%, 07/01/37   Aa3/NR/AA-   10,663,650    
                 
    State of Hawaii Highway Revenue, Series A            
1,000,000   5.000%, 01/01/25   Aa2/AA+/AA   1,163,950    
1,000,000   5.000%, 01/01/26   Aa2/AA+/NR   1,227,100    
5,000,000   5.000%, 01/01/27   Aa2/AA+/AA   6,249,400    
5,000,000   5.000%, 01/01/30   Aa2/AA+/AA   6,194,150    
2,200,000   5.000%, 01/01/31   Aa2/AA+/NR   2,883,056    
4,750,000   4.000%, 01/01/31   Aa2/AA+/AA   5,513,563    
3,040,000   5.000%, 01/01/32   Aa2/AA+/AA   3,171,693    
1,000,000   5.000%, 01/01/32   Aa2/AA+/NR   1,302,000    
                 
    State of Hawaii Highway Revenue, Series B            
2,000,000   5.000%, 01/01/25   Aa2/AA+/AA   2,365,440    
1,340,000   5.000%, 01/01/27   Aa2/AA+/AA   1,674,839    
    Total Transportation       54,296,841    
                 
    Utility (4.9%)            
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series A, AMT            
11,320,000   3.100%, 05/01/26   Baa2/NR/A-   12,107,985    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series B, AMT            
4,000,000   4.000%, 03/01/37   Baa2/NR/A-   4,337,080    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2015            
6,300,000   3.200%, 07/01/39   Baa2/NR/A-   6,594,777    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Utility (continued)            
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2015, AMT            
$   500,000   3.250%, 01/01/25   Baa2/NR/A-   $     530,360    
                 
    Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2019, AMT            
8,500,000   3.500%, 10/01/49   Baa2/NR/A-   8,697,200    
    Total Utility       32,267,402    
                 
    Water & Sewer (7.4%)            
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series A            
265,000   5.000%, 07/01/21   Aa2/NR/AA+   271,318    
1,000,000   5.000%, 07/01/23   Aa2/NR/AA+   1,116,220    
1,030,000   5.000%, 07/01/24   Aa2/NR/AA+   1,194,965    
1,795,000   5.000%, 07/01/26   Aa2/NR/AA+   2,086,562    
875,000   5.000%, 07/01/27   Aa2/NR/AA+   1,016,794    
1,750,000   5.000%, 07/01/28   Aa2/NR/AA+   2,029,615    
                 
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series 2014A            
300,000   5.000%, 07/01/29   Aa2/NR/AA+   347,253    
                 
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series 2020A            
500,000   5.000%, 07/01/27   NR/AAA/AA+   639,260    
1,565,000   5.000%, 07/01/33   NR/AAA/AA+   2,103,517    
2,105,000   4.000%, 07/01/36   NR/AAA/AA+   2,595,170    
1,890,000   4.000%, 07/01/37   NR/AAA/AA+   2,322,319    
2,035,000   4.000%, 07/01/39   NR/AAA/AA+   2,486,912    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2015B            
2,000,000   5.000%, 07/01/24   Aa2/NR/AA   2,330,180    
2,095,000   5.000%, 07/01/25   Aa2/NR/AA   2,534,866    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2016A            
2,000,000   5.000%, 07/01/34   Aa2/NR/AA   2,437,740    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2016B            
635,000   5.000%, 07/01/35   Aa2/NR/AA   771,703    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2018A            
6,000,000   5.000%, 07/01/36   Aa2/NR/AA   7,605,000    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Water and Sewer (continued)            
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2019A            
$ 2,000,000   5.000%, 07/01/24   Aa2/NR/AA   $ 2,330,180    
3,000,000   4.000%, 07/01/30   Aa2/NR/AA   3,771,300    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2019B            
900,000   4.000%, 07/01/38   Aa2/NR/AA   1,098,621    
                 
    City and County of Honolulu, Hawaii, Wastewater System (Second Bond Resolution) Junior Series 2015A            
4,000,000   5.000%, 07/01/25   Aa3/NR/AA-   4,829,880    
                 
    City and County of Honolulu, Hawaii, Wastewater System (Second Bond Resolution) Junior Series 2019A            
1,375,000   3.000%, 07/01/26   Aa3/NR/AA-   1,564,585    
1,050,000   3.000%, 07/01/27   Aa3/NR/AA-   1,209,065    
    Total Water & Sewer       48,693,025    
                 
    Other (1.1%)            
    Hawaii State Department of Hawaiian Home Lands, Series 2017            
925,000   5.000%, 04/01/22   A1/NR/NR   979,547    
600,000   5.000%, 04/01/23   A1/NR/NR   662,832    
500,000   5.000%, 04/01/24   A1/NR/NR   574,415    
850,000   5.000%, 04/01/26   A1/NR/NR   1,051,212    
905,000   5.000%, 04/01/29   A1/NR/NR   1,132,933    
830,000   5.000%, 04/01/30   A1/NR/NR   1,033,798    
                 
    Hawaii State Department of Hawaiian Home Lands, COP (Kapolei Office Facility), 2017 Series A            
330,000   5.000%, 11/01/24   Aa3/NR/NR   387,819    
145,000   5.000%, 11/01/25   Aa3/NR/NR   176,864    
1,115,000   5.000%, 11/01/27   Aa3/NR/NR   1,437,982    
    Total Other       7,437,402    
    Total Revenue Bonds       251,762,913    
                 
    Pre-Refunded\ Escrowed to Maturity Bonds (19.9%)††            
    Pre-Refunded\Escrowed to Maturity General Obligation Bonds (7.8%)            
    City & County (3.7%)            
    City and County of Honolulu, Hawaii, Series A, Prerefunded to 11/01/22 @100            
2,000,000   5.000%, 11/01/26   Aa1/NR/AA+   2,176,440    
5,000,000   5.000%, 11/01/27   Aa1/NR/AA+   5,441,100    
5,000,000   5.000%, 11/01/31   Aa1/NR/AA+   5,441,100    
5,000,000   5.000%, 11/01/32   Aa1/NR/AA+   5,441,100    
                 
    County of Hawaii, Series A, Prerefunded to 09/01/22 @100            
1,500,000   5.000%, 09/01/30   Aa2/AA/AA+   1,620,510    

 

 
 
 

 

 

Principal
Amount
  Pre-Refunded\ Escrowed to Maturity Bonds (continued)††   Ratings Moody's, S&P and Fitch   Value   (a)
    Pre-Refunded\Escrowed to Maturity General Obligation Bonds (continued)            
    City & County (continued)            
    County of Hawaii, 2013-Series A, Prerefunded to 09/01/22 @100            
$    500,000   5.000%, 09/01/23   Aa2/AA/AA+   $    540,170    
1,000,000   5.000%, 09/01/25   Aa2/AA/AA+   1,080,340    
1,000,000   5.000%, 09/01/27   Aa2/AA/AA+   1,080,340    
1,000,000   5.000%, 09/01/28   Aa2/AA/AA+   1,080,340    
    Total City & County       23,901,440    
                 
    State (4.1%)            
    State of Hawaii, Series DZ, Prerefunded to 12/01/21 @100            
3,710,000   5.000%, 12/01/26   NR/NR/NR*   3,871,719    
8,845,000   5.000%, 12/01/29   NR/NR/NR*   9,230,554    
1,735,000   5.000%, 12/01/29   Aa2/AA+/AA   1,811,444    
4,220,000   5.000%, 12/01/30   NR/NR/NR*   4,403,950    
2,315,000   5.000%, 12/01/30   Aa2/AA+/AA   2,416,999    
                 
    State of Hawaii, Series EE, Prerefunded to 11/01/22 @100            
80,000   5.000%, 11/01/24   Aa2/AA+/AA   87,058    
45,000   5.000%, 11/01/24   NR/NR/NR*   48,970    
2,385,000   5.000%, 11/01/25   NR/NR/NR*   2,595,405    
70,000   5.000%, 11/01/27   NR/NR/NR*   76,175    
220,000   5.000%, 11/01/27   Aa2/AA+/AA   239,408    
                 
    State of Hawaii, Series EH, Prerefunded to 08/01/23 @100            
1,800,000   5.000%, 08/01/27   Aa2/AA+/AA   2,023,038    
                 
    State of Hawaii, Series EH, ETM            
5,000   5.000%, 08/01/21   NR/NR/NR*   5,138    
    Total State       26,809,858    
    Total Pre-Refunded\ Escrowed to Maturity General Obligation Bonds       50,711,298    
                 
    Pre-Refunded\Escrowed to Maturity Revenue Bonds (12.1%)            
    Airport (3.1%)            
    State of Hawaii Airport System Revenue Refunding, AMT ETM            
13,000,000   5.000%, 07/01/21   A1/A+/A+   13,298,870    
                 
    State of Hawaii Airport System Revenue Refunding, AMT            
5,000,000   5.000%, 07/01/22   A1/A+/A+   5,114,950    
2,000,000   5.000%, 07/01/24   A1/A+/A+   2,047,080    
    Total Airport       20,460,900    
                 
    Transportation (2.3%)            
    State of Hawaii Highway Revenue, Series A, Prerefunded to 01/01/22 @100            
6,000,000   5.000%, 01/01/28   Aa2/AA+/AA   6,288,660    
4,140,000   5.000%, 01/01/29   Aa2/AA+/AA   4,339,175    
3,980,000   5.000%, 01/01/30   Aa2/AA+/AA   4,171,478    
    Total Transportation       14,799,313    

 

 
 
 

 

 

Principal
Amount
  Pre-Refunded\ Escrowed to Maturity Bonds (continued)††   Ratings Moody's, S&P and Fitch   Value   (a)
    Pre-Refunded\Escrowed to Maturity Revenue Bonds (continued)            
    Water & Sewer (6.7%)            
    City and County of Honolulu, Hawaii, Board of Water Supply Water System, Refunding Series A            
$ 4,795,000   4.500%, 07/01/29   Aa2/NR/AA+   $ 5,102,120    
4,955,000   4.500%, 07/01/30   Aa2/NR/AA+   5,272,368    
5,020,000   5.000%, 07/01/31   Aa2/NR/AA+   5,378,830    
3,040,000   5.000%, 07/01/32   Aa2/NR/AA+   3,257,299    
3,495,000   5.000%, 07/01/33   Aa2/NR/AA+   3,744,823    
                 
    City and County of Honolulu, Hawaii, Wastewater System, Prerefunded to 07/01/21 @100            
2,480,000   4.500%, 07/01/30   Aa2/NR/AA   2,532,576    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2012A, Prerefunded to 07/01/22 @100            
1,000,000   5.000%, 07/01/30   Aa2/NR/AA   1,071,480    
1,000,000   5.000%, 07/01/31   Aa2/NR/AA   1,071,480    
1,500,000   5.000%, 07/01/32   Aa2/NR/AA   1,607,220    
2,500,000   5.000%, 07/01/42   Aa2/NR/AA   2,678,700    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2012B            
2,000,000   4.000%, 07/01/28   Aa2/NR/AA   2,113,240    
3,000,000   4.000%, 07/01/30   Aa2/NR/AA   3,169,860    
                 
    City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2015B            
2,000,000   5.000%, 07/01/30   Aa2/NR/AA   2,419,800    
3,700,000   5.000%, 07/01/31   Aa2/NR/AA   4,476,630    
    Total Water & Sewer       43,896,426    
    Total Pre-Refunded\ Escrowed to Maturity Revenue Bonds       79,156,639    
    Total Pre-Refunded\ Escrowed to Maturity Bonds       129,867,937    
    Total Municipal Bonds (cost $607,140,079)       643,227,171    

 

Shares   Short-Term Investment (0.2%)            
1,570,907   Dreyfus Government Cash Management - Institutional Shares, 0.03%** (cost $1,570,907)   Aaa-mf/AAAm/NR   1,570,907    
                 
    Total Investments (cost $608,710,986-note b)   98.6%   644,798,078    
    Other assets less liabilities   1.4   8,837,166    
    Net Assets   100.0%   $ 653,635,244    
                 
        Percent of        
    Portfolio Distribution By Quality Rating   Investments †        
    Aaa and Aaa-mf of Moody's or AAA of S&P or Fitch and AAAm of S&P   1.8%        
    Prerefunded bonds\ ETM bonds ††   20.1        
    Aa of Moody's or AA of S&P or Fitch   67.6        
    A of Moody's or S&P or Fitch   10.1        
    Baa of Moody's or BBB of S&P   0.4        
        100.0%        

 

See accompanying notes to financial statements.

 

 
 
 

 

 

 

    PORTFOLIO ABBREVIATIONS:            
    AGM - Assured Guaranty Municipal Corp.            
    AMT - Alternative Minimum Tax            
    COP - Certificates of Participation            
    ETM – Escrowed to Maturity            
    FHLMC - Federal Home Loan Mortgage Corp.            
    FHA - Federal Housing Administration            
    FNMA - Federal National Mortgage Association            
    GNMA - Government National Mortgage Association            
    NR - Not Rated            

 

 

 

    *    Any security not rated ("NR") by any of the Nationally Recognized Statistical Rating Organizations ("NRSRO") has been determined by the Investment Adviser to have sufficient quality to be ranked in the top credit four ratings if a credit rating were to be assigned by a NRSRO.    
    **    The rate is an annualized seven-day yield at period end.    
    †     Where applicable, calculated using the highest rating of the three NRSRO.    
    ††   Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date.  Escrowed to Maturity bonds are bonds where money has been placed in the escrow account which is used to pay principal and interest through the bond's originally scheduled maturity date.  Escrowed to Maturity are shown as ETM. All other securities in the category are pre-refunded.    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 

 
 
 

 

 

Hawaiian Tax-Free Trust

NOTES TO FINANCIAL STATEMENTS

December 31, 2020

(unaudited)

 

 

(a)Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

 

(b)At December 31, 2020, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $608,710,986 amounted to $36,087,092 which consisted of aggregate gross unrealized appreciation of $36,188,634 and aggregate gross unrealized depreciation of $101,542.

 

(c)Fair Value Measurements: The Trust follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Trust’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Trust’s investments and are summarized in the following fair value hierarchy:

 

  Level 1 –  Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Trust has the ability to access.
     
  Level 2 –  Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
     
  Level 3 –  Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

 

The following is a summary of the valuation inputs, representing 100% of the Trust’s investments, used to value the Trust’s net assets as of December 31, 2020:

 

Valuation Inputs+   Investments in
Securities
Level 1 – Quoted Prices- Short-Term Investment $ 1,570,907
Level 2 – Other Significant Observable Inputs - Municipal Bonds   643,227,171
Level 3 – Significant Unobservable Inputs   -
Total $ 644,798,078

 

+ See schedule of investments for a detailed listing of securities.