Hawaiian Tax-Free Trust

Schedule of Investments

June 30, 2020

(unaudited)


Principal
Amount

 

General Obligation Bonds (38.1%):

 

Ratings Moody’s,
S&P and Fitch

 

Value

 

(a)

 

 

 

 

 

 

 

 

 

 

 

City & County (21.7%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Series A

 

 

 

 

 

 

$

1,000,000

 

5.000%, 10/01/23

 

Aa1/NR/AA+

 

$

1,148,440

 

 

3,000,000

 

5.000%, 10/01/25

 

Aa1/NR/AA+

 

3,666,120

 

 

5,055,000

 

5.000%, 10/01/26

 

Aa1/NR/AA+

 

6,159,922

 

 

1,700,000

 

5.000%, 10/01/29

 

Aa1/NR/AA+

 

2,060,842

 

 

1,300,000

 

5.000%, 10/01/35

 

Aa1/NR/AA+

 

1,547,221

 

 

1,000,000

 

5.000%, 10/01/36

 

Aa1/NR/AA+

 

1,185,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Series 2018A

 

 

 

 

 

 

1,020,000

 

5.000%, 09/01/32

 

Aa1/NR/AA+

 

1,316,126

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Series 2019A, Rail Transit Project

 

 

 

 

 

 

1,500,000

 

5.000%, 09/01/25

 

Aa1/NR/AA+

 

1,828,755

 

 

1,060,000

 

5.000%, 09/01/26

 

Aa1/NR/AA+

 

1,331,413

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Series 2020A, Rail Transit Project

 

 

 

 

 

 

500,000

 

4.000%, 09/01/36

 

Aa1/NR/AA+

 

598,335

 

 

640,000

 

4.000%, 09/01/39

 

Aa1/NR/AA+

 

758,522

 

 

500,000

 

4.000%, 09/01/40

 

Aa1/NR/AA+

 

590,915

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Series B

 

 

 

 

 

 

2,040,000

 

5.000%, 10/01/26

 

Aa1/NR/AA+

 

2,485,903

 

 

5,000,000

 

4.000%, 11/01/27

 

Aa1/NR/AA+

 

5,371,550

 

 

5,000,000

 

4.500%, 11/01/28

 

Aa1/NR/AA+

 

5,422,700

 

 

4,000,000

 

4.500%, 11/01/29

 

Aa1/NR/AA+

 

4,336,120

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Series 2018B

 

 

 

 

 

 

5,000,000

 

5.000%, 09/01/24

 

Aa1/NR/AA+

 

5,920,750

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Series 2019B, Rail Transit Project

 

 

 

 

 

 

1,095,000

 

4.000%, 09/01/24

 

Aa1/NR/AA+

 

1,251,596

 

 

1,175,000

 

3.000%, 09/01/25

 

Aa1/NR/AA+

 

1,313,462

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Series 2020B, Rail Transit Project

 

 

 

 

 

 

5,020,000

 

5.000%, 03/01/31

 

Aa1/NR/AA+

 

6,777,904

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Series C

 

 

 

 

 

 

2,860,000

 

5.000%, 10/01/23

 

Aa1/NR/AA+

 

3,284,538

 

 

2,745,000

 

5.000%, 10/01/26

 

Aa1/NR/AA+

 

3,345,002

 

 

2,060,000

 

5.000%, 10/01/27

 

Aa1/NR/AA+

 

2,500,799

 

 

4,430,000

 

5.000%, 10/01/28

 

Aa1/NR/AA+

 

5,375,406

 

 

575,000

 

5.000%, 10/01/29

 

Aa1/NR/AA+

 

697,050

 

 


 


 

 

City and County of Honolulu, Hawaii, Series 2019C

 

 

 

 

 

 

1,075,000

 

4.000%, 08/01/26

 

Aa1/NR/AA+

 

1,279,777

 

 

1,020,000

 

4.000%, 08/01/29

 

Aa1/NR/AA+

 

1,271,940

 

 

3,000,000

 

4.000%, 08/01/36

 

Aa1/NR/AA+

 

3,558,210

 

 

1,230,000

 

4.000%, 08/01/43

 

Aa1/NR/AA+

 

1,430,933

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Series E, Crossover Refunding

 

 

 

 

 

 

1,820,000

 

5.000%, 09/01/29

 

Aa1/NR/AA+

 

2,331,183

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Hawaii, Series A

 

 

 

 

 

 

1,500,000

 

5.000%, 09/01/25

 

Aa2/AA/NR

 

1,837,305

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Hawaii, 2016-Series A

 

 

 

 

 

 

1,010,000

 

4.000%, 09/01/35

 

Aa2/AA/NR

 

1,136,553

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Hawaii, 2017-Series A

 

 

 

 

 

 

1,610,000

 

5.000%, 09/01/27

 

Aa2/NR/AA+

 

2,045,795

 

 

1,930,000

 

5.000%, 09/01/28

 

Aa2/NR/AA+

 

2,445,156

 

 

4,150,000

 

5.000%, 09/01/29

 

Aa2/NR/AA+

 

5,236,761

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Hawaii, 2016-Series C

 

 

 

 

 

 

320,000

 

5.000%, 09/01/27

 

Aa2/AA/NR

 

395,936

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Hawaii, 2017-Series D

 

 

 

 

 

 

2,445,000

 

4.000%, 09/01/28

 

Aa2/NR/AA+

 

2,930,895

 

 

1,000,000

 

4.000%, 09/01/31

 

Aa2/NR/AA+

 

1,182,120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Hawaii, Series E, BAN

 

 

 

 

 

 

6,000,000

 

2.090%, 08/06/20***

 

Aa2/AA/NR

 

6,006,480

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Kauai, Hawaii, 2011-Series A

 

 

 

 

 

 

200,000

 

3.250%, 08/01/23

 

Aa2/AA/AA

 

206,292

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Kauai, Hawaii, 2012-Series A

 

 

 

 

 

 

515,000

 

5.000%, 08/01/21

 

Aa2/AA/AA

 

541,440

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Kauai, Hawaii, 2017 Series

 

 

 

 

 

 

530,000

 

5.000%, 08/01/21

 

Aa2/NR/AA

 

557,210

 

 

250,000

 

4.000%, 08/01/22

 

Aa2/NR/AA

 

268,973

 

 

300,000

 

3.000%, 08/01/24

 

Aa2/NR/AA

 

329,421

 

 

220,000

 

5.000%, 08/01/25

 

Aa2/NR/AA

 

267,582

 

 

235,000

 

5.000%, 08/01/26

 

Aa2/NR/AA

 

293,691

 

 

285,000

 

5.000%, 08/01/28

 

Aa2/NR/AA

 

364,683

 

 

825,000

 

2.500%, 08/01/29

 

Aa2/NR/AA

 

901,684

 

 

385,000

 

5.000%, 08/01/30

 

Aa2/NR/AA

 

488,168

 

 

200,000

 

4.000%, 08/01/32

 

Aa2/NR/AA

 

232,862

 

 

200,000

 

5.000%, 08/01/37

 

Aa2/NR/AA

 

246,622

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Kauai, Hawaii, Refunding, Series A

 

 

 

 

 

 

1,125,000

 

3.250%, 08/01/21

 

Aa2/AA/AA

 

1,161,518

 

 

1,445,000

 

4.000%, 08/01/22

 

Aa2/AA/AA

 

1,502,049

 

 

1,295,000

 

4.000%, 08/01/24

 

Aa2/AA/AA

 

1,389,949

 

 

1,010,000

 

3.625%, 08/01/25

 

Aa2/AA/AA

 

1,043,815

 

 

970,000

 

3.000%, 08/01/25

 

Aa2/AA/AA

 

1,018,810

 

 

615,000

 

3.000%, 08/01/26

 

Aa2/AA/AA

 

643,696

 

 

2,280,000

 

4.500%, 08/01/28

 

Aa2/AA/AA

 

2,452,072

 

 

345,000

 

5.000%, 08/01/29

 

Aa2/AA/AA

 

377,347

 

 


 


 

 

County of Maui, Hawaii

 

 

 

 

 

 

1,045,000

 

3.000%, 06/01/27

 

Aa1/AA+/AA+

 

1,109,424

 

 

2,000,000

 

3.000%, 06/01/28

 

Aa1/AA+/AA+

 

2,111,400

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Maui, Hawaii, Series 2012

 

 

 

 

 

 

320,000

 

5.000%, 06/01/21

 

Aa1/AA+/AA+

 

333,955

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Maui, Hawaii, Series 2014 Refunding

 

 

 

 

 

 

1,900,000

 

5.000%, 06/01/22

 

Aa1/AA+/AA+

 

2,071,817

 

 

1,015,000

 

5.000%, 06/01/23

 

Aa1/AA+/AA+

 

1,151,061

 

 

4,015,000

 

5.000%, 06/01/24

 

Aa1/AA+/AA+

 

4,714,333

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Maui, Hawaii, Series 2018

 

 

 

 

 

 

70,000

 

5.000%, 09/01/21

 

Aa1/AA+/AA+

 

73,879

 

 

4,160,000

 

5.000%, 09/01/26

 

Aa1/AA+/AA+

 

5,210,899

 

 

5,060,000

 

5.000%, 09/01/30

 

Aa1/AA+/AA+

 

6,588,424

 

 

 

 

 

 

 

 

 

 

 

 

 

Total City & County

 

 

 

141,017,211

 

 

 

 

 

 

 

 

 

 

 

 

 

State (16.4%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series EE

 

 

 

 

 

 

2,915,000

 

5.000%, 11/01/25

 

Aa1/AA+/NR

 

3,224,544

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series EF

 

 

 

 

 

 

3,000,000

 

5.000%, 11/01/24

 

Aa1/AA+/AA+

 

3,320,040

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series EH

 

 

 

 

 

 

4,170,000

 

5.000%, 08/01/25

 

Aa1/AA+/AA+

 

4,752,466

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series EL, Refunding

 

 

 

 

 

 

2,045,000

 

5.000%, 08/01/23

 

Aa1/AA+/AA+

 

2,334,020

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series EO, Refunding

 

 

 

 

 

 

4,000,000

 

5.000%, 08/01/27

 

Aa1/AA+/AA+

 

4,707,440

 

 

2,000,000

 

5.000%, 08/01/28

 

Aa1/AA+/AA+

 

2,348,420

 

 

2,045,000

 

5.000%, 08/01/29

 

Aa1/AA+/AA+

 

2,401,259

 

 

3,095,000

 

5.000%, 08/01/30

 

Aa1/AA+/AA+

 

3,615,115

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series EP, Refunding

 

 

 

 

 

 

5,075,000

 

5.000%, 08/01/23

 

Aa1/AA+/AA+

 

5,792,250

 

 

5,000,000

 

5.000%, 08/01/24

 

Aa1/AA+/AA+

 

5,915,400

 

 

5,145,000

 

5.000%, 08/01/25

 

Aa1/AA+/AA+

 

6,070,946

 

 

5,300,000

 

5.000%, 08/01/26

 

Aa1/AA+/AA+

 

6,242,075

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series ET

 

 

 

 

 

 

200,000

 

5.000%, 10/01/24

 

Aa1/AA+/AA+

 

237,948

 

 

1,980,000

 

5.000%, 10/01/30

 

Aa1/AA+/AA+

 

2,388,969

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series EZ Refunding

 

 

 

 

 

 

2,085,000

 

5.000%, 10/01/26

 

Aa1/AA+/AA+

 

2,545,535

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series FB

 

 

 

 

 

 

6,125,000

 

5.000%, 04/01/27

 

Aa1/AA+/AA+

 

7,571,970

 

 

2,255,000

 

4.000%, 04/01/29

 

Aa1/AA+/AA+

 

2,630,931

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series FG

 

 

 

 

 

 

755,000

 

5.000%, 10/01/28

 

Aa1/AA+/AA+

 

943,191

 

 


 


 

 

State of Hawaii, Series FH

 

 

 

 

 

 

825,000

 

5.000%, 10/01/25

 

Aa1/AA+/AA+

 

1,010,567

 

 

3,655,000

 

5.000%, 10/01/28

 

Aa1/AA+/AA+

 

4,566,045

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series FN

 

 

 

 

 

 

2,515,000

 

5.000%, 10/01/29

 

Aa1/AA+/AA+

 

3,217,817

 

 

1,055,000

 

5.000%, 10/01/31

 

Aa1/AA+/AA+

 

1,335,725

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series FT

 

 

 

 

 

 

10,055,000

 

5.000%, 01/01/29

 

Aa1/AA+/AA+

 

12,961,096

 

 

1,680,000

 

5.000%, 01/01/30

 

Aa1/AA+/AA+

 

2,155,289

 

 

4,015,000

 

5.000%, 01/01/33

 

Aa1/AA+/AA+

 

5,064,521

 

 

1,095,000

 

5.000%, 01/01/38

 

Aa1/AA+/AA+

 

1,358,621

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series FW

 

 

 

 

 

 

3,000,000

 

5.000%, 01/01/24

 

Aa1/AA+/AA+

 

3,477,030

 

 

4,000,000

 

4.000%, 01/01/25

 

Aa1/AA+/AA+

 

4,611,200

 

 

 

 

 

 

 

 

 

 

 

 

 

Total State

 

 

 

106,800,430

 

 

 

 

 

 

 

 

 

 

 

 

 

Total General Obligation Bonds

 

 

 

247,817,641

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Bonds (43.2%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Airport (6.4%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii Airport System Revenue Refunding, AMT

 

 

 

 

 

 

13,000,000

 

5.000%, 07/01/21

 

A1/AA-/A+

 

13,557,180

 

 

5,000,000

 

5.000%, 07/01/22

 

A1/AA-/A+

 

5,206,100

 

 

1,500,000

 

5.000%, 07/01/23

 

A1/AA-/A+

 

1,562,445

 

 

2,000,000

 

5.000%, 07/01/24

 

A1/AA-/A+

 

2,082,240

 

 

3,000,000

 

5.000%, 07/01/45

 

A1/AA-/A+

 

3,382,890

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii Airport System Revenue Refunding, Series A

 

 

 

 

 

 

1,000,000

 

5.250%, 07/01/23

 

A1/AA-/A+

 

1,003,680

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii Airport System Revenue, Series A

 

 

 

 

 

 

180,000

 

5.000%, 07/01/34

 

A1/AA-/A+

 

180,000

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii Airport System Revenue, Series A,  AMT

 

 

 

 

 

 

4,000,000

 

5.000%, 07/01/29

 

A1/AA-/A+

 

5,005,720

 

 

2,000,000

 

5.000%, 07/01/32

 

A1/AA-/A+

 

2,452,220

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii Airport System Revenue, Series 2015A,  AMT

 

 

 

 

 

 

2,000,000

 

5.000%, 07/01/41

 

A1/AA-/A+

 

2,266,360

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii Airport System Revenue, Series B

 

 

 

 

 

 

2,000,000

 

5.000%, 07/01/25

 

A1/AA-/A+

 

2,375,780

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,105,686

 

 

800,000

 

5.000%, 08/01/21

 

A2/A+/A

 

834,480

 

 

360,000

 

5.000%, 08/01/23

 

A2/A+/A

 

397,321

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Airport

 

 

 

41,412,102

 

 


 


 

 

Education (4.8%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

372,144

 

 

360,000

 

4.000%, 01/01/29

 

NR/BBB+/NR

 

396,169

 

 

270,000

 

4.000%, 01/01/32

 

NR/BBB+/NR

 

291,811

 

 

360,000

 

4.000%, 01/01/33

 

NR/BBB+/NR

 

385,999

 

 

435,000

 

3.000%, 01/01/34

 

NR/BBB+/NR

 

425,286

 

 

300,000

 

3.000%, 01/01/35

 

NR/BBB+/NR

 

291,621

 

 

280,000

 

3.000%, 01/01/36

 

NR/BBB+/NR

 

269,525

 

 

 

 

 

 

 

 

 

 

 

 

 

University of Hawaii, Revenue Refunding, Medical School, Series E

 

 

 

 

 

 

500,000

 

5.000%, 10/01/21

 

Aa2/NR/AA

 

529,555

 

 

1,650,000

 

5.000%, 10/01/25

 

Aa2/NR/AA

 

2,008,760

 

 

4,635,000

 

5.000%, 10/01/29

 

Aa2/NR/AA

 

5,725,384

 

 

3,825,000

 

5.000%, 10/01/31

 

Aa2/NR/AA

 

4,681,532

 

 

 

 

 

 

 

 

 

 

 

 

 

University of Hawaii, Series B

 

 

 

 

 

 

1,055,000

 

4.000%, 10/01/23

 

Aa2/NR/AA

 

1,172,896

 

 

1,250,000

 

4.000%, 10/01/24

 

Aa2/NR/AA

 

1,424,500

 

 

1,050,000

 

5.000%, 10/01/25

 

Aa2/NR/AA

 

1,278,302

 

 

1,065,000

 

5.000%, 10/01/26

 

Aa2/NR/AA

 

1,286,520

 

 

 

 

 

 

 

 

 

 

 

 

 

University of Hawaii, Series F

 

 

 

 

 

 

1,595,000

 

5.000%, 10/01/25

 

Aa2/NR/AA

 

1,941,801

 

 

1,335,000

 

5.000%, 10/01/29

 

Aa2/NR/AA

 

1,697,372

 

 

2,080,000

 

5.000%, 10/01/30

 

Aa2/NR/AA

 

2,631,138

 

 

2,690,000

 

5.000%, 10/01/31

 

Aa2/NR/AA

 

3,384,477

 

 

 

 

 

 

 

 

 

 

 

 

 

University of Hawaii, 2017B, Refunding

 

 

 

 

 

 

1,000,000

 

3.000%, 10/01/28

 

Aa2/NR/AA

 

1,135,420

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Education

 

 

 

31,330,212

 

 

 

 

 

 

 

 

 

 

 

 

 

Housing (1.9%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii Housing Finance and Development Corp., Hale Kewalo Apartments, Series A

 

 

 

 

 

 

10,300,000

 

1.900%, 01/01/21 GNMA/FHA Insured

 

NR/AA+/NR

 

10,321,115

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,905,665

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

189,386

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii Housing Finance and Development Corp. Single Family Mortgage, Series B

 

 

 

 

 

 

140,000

 

4.500%, 01/01/26 GNMA/ FNMA/ FHLMC Insured

 

Aaa/AA+/AAA

 

143,272

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Housing

 

 

 

12,559,438

 

 


 


 

 

Medical (7.5%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaii Pacific Health) Series A

 

 

 

 

 

 

695,000

 

5.000%, 07/01/20

 

A1/NR/AA-

 

695,000

 

 

750,000

 

5.000%, 07/01/21

 

A1/NR/AA-

 

780,383

 

 

200,000

 

5.000%, 07/01/22

 

A1/NR/AA-

 

216,058

 

 

1,000,000

 

5.000%, 07/01/24

 

A1/NR/AA-

 

1,116,020

 

 

685,000

 

5.000%, 07/01/25

 

A1/NR/AA-

 

762,412

 

 

1,355,000

 

5.000%, 07/01/27

 

A1/NR/AA-

 

1,499,375

 

 

280,000

 

5.000%, 07/01/28

 

A1/NR/AA-

 

309,854

 

 

 

 

 

 

 

 

 

 

 

 

 

Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaii Pacific Health) Series B

 

 

 

 

 

 

420,000

 

5.000%, 07/01/20

 

A1/NR/AA-

 

420,000

 

 

415,000

 

5.125%, 07/01/31

 

A1/NR/AA-

 

457,820

 

 

 

 

 

 

 

 

 

 

 

 

 

Hawaii State Department of Budget and Finance, Special Purpose Revenue (Queens Health System) Series A

 

 

 

 

 

 

1,025,000

 

5.000%, 07/01/20

 

A1/AA-/NR

 

1,025,000

 

 

1,295,000

 

5.000%, 07/01/21

 

A1/AA-/NR

 

1,347,460

 

 

1,500,000

 

5.000%, 07/01/22

 

A1/AA-/NR

 

1,620,435

 

 

1,105,000

 

5.000%, 07/01/23

 

A1/AA-/NR

 

1,236,108

 

 

4,725,000

 

5.000%, 07/01/24

 

A1/AA-/NR

 

5,452,272

 

 

3,120,000

 

5.000%, 07/01/25

 

A1/AA-/NR

 

3,676,296

 

 

1,715,000

 

5.000%, 07/01/26

 

A1/AA-/NR

 

2,009,363

 

 

2,150,000

 

5.000%, 07/01/27

 

A1/AA-/NR

 

2,509,867

 

 

850,000

 

5.000%, 07/01/28

 

A1/AA-/NR

 

990,148

 

 

15,420,000

 

5.000%, 07/01/35

 

A1/AA-/NR

 

17,560,450

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,058,850

 

 

3,575,000

 

5.125%, 11/15/32

 

NR/NR/A

 

3,865,469

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Medical

 

 

 

48,608,640

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation (8.1%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii Harbor System, Series A

 

 

 

 

 

 

14,500,000

 

5.750%, 07/01/35

 

Aa3/AA-/AA-

 

14,550,895

 

 

6,025,000

 

5.625%, 07/01/40

 

Aa3/AA-/AA-

 

6,044,099

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii Highway Revenue, Series A

 

 

 

 

 

 

1,000,000

 

5.000%, 01/01/25

 

Aa1/AA+/AA

 

1,179,730

 

 

1,000,000

 

5.000%, 01/01/26

 

Aa1/AA+/NR

 

1,227,490

 

 

5,000,000

 

5.000%, 01/01/27

 

Aa1/AA+/AA

 

6,221,050

 

 

5,000,000

 

5.000%, 01/01/30

 

Aa1/AA+/AA

 

6,148,650

 

 

2,200,000

 

5.000%, 01/01/31

 

Aa1/AA+/NR

 

2,884,750

 

 

4,750,000

 

4.000%, 01/01/31

 

Aa1/AA+/AA

 

5,518,788

 

 

3,040,000

 

5.000%, 01/01/32

 

Aa1/AA+/AA

 

3,232,158

 

 

1,000,000

 

5.000%, 01/01/32

 

Aa1/AA+/NR

 

1,302,780

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii Highway Revenue, Series B

 

 

 

 

 

 

2,000,000

 

5.000%, 01/01/25

 

Aa1/AA+/AA

 

2,389,380

 

 

1,340,000

 

5.000%, 01/01/27

 

Aa1/AA+/AA

 

1,667,241

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Transportation

 

 

 

52,367,011

 

 


 


 

 

Utility (5.0%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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-

 

12,067,460

 

 

 

 

 

 

 

 

 

 

 

 

 

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-

 

4,318,200

 

 

 

 

 

 

 

 

 

 

 

 

 

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-

 

6,510,294

 

 

 

 

 

 

 

 

 

 

 

 

 

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-

 

532,410

 

 

 

 

 

 

 

 

 

 

 

 

 

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-

 

8,675,015

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Department of Business, Economic Development and Tourism Green Energy Market Securitization Bonds, Series A (Federally Taxable)

 

 

 

 

 

 

244,447

 

1.467%, 07/01/22

 

Aaa/AAA/AAA

 

244,447

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Utility

 

 

 

32,347,826

 

 

 

 

 

 

 

 

 

 

 

 

 

Water & Sewer (8.4%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series A

 

 

 

 

 

 

265,000

 

5.000%, 07/01/21

 

Aa2/NR/AA+

 

277,556

 

 

1,000,000

 

5.000%, 07/01/23

 

Aa2/NR/AA+

 

1,136,150

 

 

1,030,000

 

5.000%, 07/01/24

 

Aa2/NR/AA+

 

1,210,641

 

 

1,795,000

 

5.000%, 07/01/26

 

Aa2/NR/AA+

 

2,095,842

 

 

875,000

 

5.000%, 07/01/27

 

Aa2/NR/AA+

 

1,020,145

 

 

1,750,000

 

5.000%, 07/01/28

 

Aa2/NR/AA+

 

2,043,300

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series 2020A

 

 

 

 

 

 

500,000

 

5.000%, 07/01/27

 

NR/AAA/AA+

 

638,330

 

 

1,565,000

 

5.000%, 07/01/33

 

NR/AAA/AA+

 

2,086,035

 

 

2,105,000

 

4.000%, 07/01/36

 

NR/AAA/AA+

 

2,512,360

 

 

1,890,000

 

4.000%, 07/01/37

 

NR/AAA/AA+

 

2,247,550

 

 

2,035,000

 

4.000%, 07/01/39

 

NR/AAA/AA+

 

2,404,536

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2015 B

 

 

 

 

 

 

2,000,000

 

5.000%, 07/01/24

 

Aa2/NR/AA

 

2,359,460

 

 

2,095,000

 

5.000%, 07/01/25

 

Aa2/NR/AA

 

2,553,554

 

 

2,000,000

 

5.000%, 07/01/30

 

Aa2/NR/AA

 

2,398,400

 

 

3,700,000

 

5.000%, 07/01/31

 

Aa2/NR/AA

 

4,421,056

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2,432,200

 

 


 


 

 

City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2016B

 

 

 

 

 

 

635,000

 

5.000%, 07/01/35

 

Aa2/NR/AA

 

769,766

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

7,547,400

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2,359,460

 

 

3,000,000

 

4.000%, 07/01/30

 

Aa2/NR/AA

 

3,727,500

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2019B

 

 

 

 

 

 

900,000

 

4.000%, 07/01/38

 

Aa2/NR/AA

 

1,067,751

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Wastewater System (Second Bond Resolution) Junior Series 2015 A

 

 

 

 

 

 

4,000,000

 

5.000%, 07/01/25

 

Aa3/NR/AA-

 

4,875,520

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Wastewater System (Second Bond Resolution) Junior Series 2019 A

 

 

 

 

 

 

1,375,000

 

3.000%, 07/01/26

 

Aa3/NR/AA-

 

1,553,613

 

 

1,050,000

 

3.000%, 07/01/27

 

Aa3/NR/AA-

 

1,198,449

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Water & Sewer

 

 

 

54,936,574

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (1.1%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hawaii State Department of Hawaiian Home Lands, Series 2017

 

 

 

 

 

 

925,000

 

5.000%, 04/01/22

 

Aa3/NR/NR

 

1,000,702

 

 

600,000

 

5.000%, 04/01/23

 

Aa3/NR/NR

 

675,090

 

 

500,000

 

5.000%, 04/01/24

 

Aa3/NR/NR

 

582,680

 

 

850,000

 

5.000%, 04/01/26

 

Aa3/NR/NR

 

1,052,963

 

 

905,000

 

5.000%, 04/01/29

 

Aa3/NR/NR

 

1,136,780

 

 

795,000

 

5.000%, 04/01/30

 

Aa3/NR/NR

 

994,068

 

 

 

 

 

 

 

 

 

 

 

 

 

Hawaii State Department of Hawaiian Home Lands, COP (Kapolei Office Facility), 2017 Series A

 

 

 

 

 

 

330,000

 

5.000%, 11/01/24

 

Aa2/NR/NR

 

392,142

 

 

145,000

 

5.000%, 11/01/25

 

Aa2/NR/NR

 

177,609

 

 

1,115,000

 

5.000%, 11/01/27

 

Aa2/NR/NR

 

1,436,220

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Other

 

 

 

7,448,254

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue Bonds  

 

 

 

281,010,057

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded\ Escrowed to Maturity Bonds (17.7%)††

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded\ Escrowed to Maturity General Obligation Bonds (8.8%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City & County (4.4%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Refunding, Series B, Prerefunded to 12/01/20 @100

 

 

 

 

 

 

4,000,000

 

4.750%, 12/01/35

 

Aa1/NR/AA+

 

4,075,600

 

 


 


 

 

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+

 

2,219,120

 

 

5,000,000

 

5.000%, 11/01/27

 

Aa1/NR/AA+

 

5,547,800

 

 

5,000,000

 

5.000%, 11/01/31

 

Aa1/NR/AA+

 

5,547,800

 

 

5,000,000

 

5.000%, 11/01/32

 

Aa1/NR/AA+

 

5,547,800

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Hawaii, Series A, Prerefunded to 09/01/22 @100

 

 

 

 

 

 

1,500,000

 

5.000%, 09/01/30

 

Aa2/AA/AA+

 

1,652,625

 

 

 

 

 

 

 

 

 

 

 

 

 

County of Hawaii, 2013-Series A, Prerefunded to 09/01/22 @100

 

 

 

 

 

 

500,000

 

5.000%, 09/01/23

 

Aa2/AA/AA+

 

550,875

 

 

1,000,000

 

5.000%, 09/01/25

 

Aa2/AA/AA+

 

1,101,750

 

 

1,000,000

 

5.000%, 09/01/27

 

Aa2/AA/AA+

 

1,101,750

 

 

1,000,000

 

5.000%, 09/01/28

 

Aa2/AA/AA+

 

1,101,750

 

 

 

 

 

 

 

 

 

 

 

 

 

Total City & County

 

 

 

28,446,870

 

 

 

 

 

 

 

 

 

 

 

 

 

State (4.4%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series DZ, Prerefunded to 12/01/21 @100

 

 

 

 

 

 

3,710,000

 

5.000%, 12/01/26

 

NR/NR/NR*

 

3,956,381

 

 

945,000

 

5.000%, 12/01/28

 

Aa1/AA+/AA+

 

1,007,757

 

 

8,845,000

 

5.000%, 12/01/29

 

NR/NR/NR*

 

9,432,396

 

 

1,735,000

 

5.000%, 12/01/29

 

Aa1/AA+/AA+

 

1,850,221

 

 

4,220,000

 

5.000%, 12/01/30

 

NR/NR/NR*

 

4,500,250

 

 

2,315,000

 

5.000%, 12/01/30

 

Aa1/AA+/AA+

 

2,468,739

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series EE, Prerefunded to 11/01/22 @100

 

 

 

 

 

 

80,000

 

5.000%, 11/01/24

 

Aa1/AA+/NR

 

88,765

 

 

45,000

 

5.000%, 11/01/24

 

NR/NR/NR*

 

49,930

 

 

2,385,000

 

5.000%, 11/01/25

 

NR/NR/NR*

 

2,646,301

 

 

70,000

 

5.000%, 11/01/27

 

NR/NR/NR*

 

77,669

 

 

220,000

 

5.000%, 11/01/27

 

Aa1/AA+/NR

 

244,103

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series EH, Prerefunded to 08/01/23 @100

 

 

 

 

 

 

1,800,000

 

5.000%, 08/01/27

 

Aa1/AA+/AA+

 

2,050,272

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii, Series EH, ETM

 

 

 

 

 

 

5,000

 

5.000%, 08/01/21

 

NR/NR/NR*

 

5,254

 

 

 

 

 

 

 

 

 

 

 

 

 

Total State

 

 

 

28,378,038

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pre-Refunded\ Escrowed to Maturity General Obligation Bonds

 

 

 

56,824,908

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded Revenue Bonds (8.9%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation (2.3%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Hawaii Highway Revenue, Series A, Prerefunded to 01/01/22 @100

 

 

 

 

 

 

6,000,000

 

5.000%, 01/01/28

 

Aa1/AA+/AA

 

6,421,920

 

 

4,140,000

 

5.000%, 01/01/29

 

Aa1/AA+/AA

 

4,431,125

 

 

3,980,000

 

5.000%, 01/01/30

 

Aa1/AA+/AA

 

4,259,874

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Transportation

 

 

 

15,112,919

 

 


 


 

 

Water & Sewer (6.6%):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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+

 

5,193,704

 

 

4,955,000

 

4.500%, 07/01/30

 

Aa2/NR/AA+

 

5,367,008

 

 

5,020,000

 

5.000%, 07/01/31

 

Aa2/NR/AA+

 

5,487,362

 

 

3,040,000

 

5.000%, 07/01/32

 

Aa2/NR/AA+

 

3,323,024

 

 

3,495,000

 

5.000%, 07/01/33

 

Aa2/NR/AA+

 

3,820,385

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Wastewater System, Prerefunded to 07/01/21 @100

 

 

 

 

 

 

3,000,000

 

4.500%, 07/01/28

 

Aa2/NR/AA

 

3,127,230

 

 

4,480,000

 

4.500%, 07/01/30

 

Aa2/NR/AA

 

4,669,997

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2012 A, Prerefunded to 07/01/22 @100

 

 

 

 

 

 

1,000,000

 

5.000%, 07/01/30

 

Aa2/NR/AA

 

1,094,150

 

 

1,000,000

 

5.000%, 07/01/31

 

Aa2/NR/AA

 

1,094,150

 

 

1,500,000

 

5.000%, 07/01/32

 

Aa2/NR/AA

 

1,641,225

 

 

2,500,000

 

5.000%, 07/01/42

 

Aa2/NR/AA

 

2,735,375

 

 

 

 

 

 

 

 

 

 

 

 

 

City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2012 B

 

 

 

 

 

 

2,000,000

 

4.000%, 07/01/28

 

Aa2/NR/AA

 

2,148,500

 

 

3,000,000

 

4.000%, 07/01/30

 

Aa2/NR/AA

 

3,222,750

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Water & Sewer

 

 

 

42,924,860

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pre-Refunded Revenue Bonds

 

 

 

58,037,779

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pre-Refunded\ Escrowed to Maturity Bonds

 

 

 

114,862,687

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Municipal Bonds (cost $610,777,097)

 

 

 

643,690,385

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 Short-Term Investment (0.1%)

 

 

 

 

 

 

1,051,819

 

Dreyfus Government Cash Management, Institutional Shares, 0.09%**(cost $1,051,819)

 

Aaa-mf/AAAm/NR

 

1,051,819

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments (cost $611,828,916-note b)

 

99.1

%

 

644,742,204

 

 

 

 

Other assets less liabilities

 

0.9

 

 

5,654,166

 

 

 

 

Net Assets

 

100.0

%

 

$

650,396,370

 

 


 

 

Portfolio Distribution By Quality Rating

 

Percent of
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 ††

 

17.8

 

 

 

 

 

 

 

Aa of Moody's or AA of S&P or Fitch

 

74.1

 

 

 

 

 

 

 

A of Moody's or S&P or Fitch

 

5.9

 

 

 

 

 

 

 

Baa of Moody's or BBB of S&P and Fitch

 

0.4

 

 

 

 

 

 

 

 

 

100.0

%

 

 

 

 


 


PORTFOLIO ABBREVIATIONS:

AGM

Assured Guaranty Municipal Corp.

AMT

Alternative Minimum Tax

BAN

Bond Anticipation Note

COP

Certificates of Participation

ETM

Escrowed to Maturity

FHLMC

Federal Home Loan Mortgage Corp.

FHA

Federal Housing Association

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.

 

 

***

Illiquid security: This security represents 0.9% of net assets.  

 

 

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

June 30, 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 June 30, 2020, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $611,828,916 amounted to $32,913,288 which consisted of aggregate gross unrealized appreciation of $33,130,350 and aggregate gross unrealized depreciation of $217,062.

 

 

(c)

Fair Value Measurements: The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’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 Trust’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 June 30, 2020:


Valuation Inputs+

 

Investments
in Securities

Level 1 – Quoted Prices- Short-Term Investment

 

$

1,051,819

Level 2 – Other Significant Observable Inputs- Municipal Bonds

 

 

643,690,385

Level 3 – Significant Unobservable Inputs

 

 

Total

 

$

644,742,204

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