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Objective and Strategy
Hawaiian Tax-Free Trust is a municipal bond mutual fund designed especially for Hawaii residents.
The Trust seeks to provide as high a level of current income exempt from Hawaii state and regular federal income taxes as is consistent with preservation of capital by investing in municipal obligations which pay interest exempt from Hawaii state and federal income taxes. To achieve this objective, the Trust will invest primarily in tax-free municipal obligations of investment grade quality - the kind of securities that finance schools, highways, airports, hospitals, and water and sewer facilities in Hawaii. These obligations can be of any maturity, but the Fund's weighted average maturity has traditionally been between 5 and 15 years.
Overview
Investor Profile
Hawaii taxpayers who can benefit from income that is exempt from federal and state income taxes. For certain investors, some dividends may be subject to federal and state taxes, including Alternative Minimum Tax (AMT). Please consult your professional tax adviser. The Trust is not appropriate for tax-deferred retirement plans, such as IRAs.
How to Invest
You may invest in the Hawaiian Tax-Free Trust through your professional financial advisor at the public offering price as described in the prospectus, or by completing the Fund's application. The Fund offers both Front-Payment Class Shares (Class A Shares) or Level-Payment Class Shares (Class C Shares). The maximum sales charge included in the offering price of Class A Shares is 3%. Please see the prospectus for details. Class C Shares do not have a sales charge, but do have a contingent deferred sales charge (CDSC) of 1% if a redemption occurs within the first 12 months of purchase. Class F and Class Y shares are available to investors only through a professional financial advisor or a financial institution.
How to Redeem
You may redeem all or part of your investment on any business day at the next-determined Net Asset Value of the Fund's shares after acceptance of your redemption request. You should be aware that investment returns and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. The prospectus outlines a number of different ways you may redeem your shares. A 1% contingent deferred sales charge (CDSC) applies to Class C Shares redeemed within the first 12 months of purchase.
Board of Trustees
Qualified for Sale in:
Fund-Specific Risks
Disclosures
Performance
NAV as of 8/30/24 $10.62 NAV as of 8/30/24 $10.61 NAV as of 8/30/24 $10.64 NAV as of 8/30/24 $10.62 NAV is updated monthly
TOTAL RETURNS as of 6/30/24
| Fund Symbol | Cumulative | Average Annualized | ||||||
|---|---|---|---|---|---|---|---|---|
| 1-month | 3-month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | |
| HULAX (At maximum offering price) |
-2.05 | -1.07 | -2.38 | -0.81 | -2.24 | -0.65 | 0.70 | 4.44 |
| HULAX (At maximum offering price) |
-1.89 | -2.91 | -3.29 | -1.58 | -2.37 | -0.69 | 0.63 | 4.43 |
| HULCX (With CDSC) |
-0.13 | 0.77 | -0.81 | 0.38 | -2.03 | -0.63 | 0.31 | 2.27 |
| HULCX (With CDSC) |
0.07 | -1.15 | -1.67 | -0.31 | -2.18 | -0.68 | 0.23 | 2.25 |
| HULYX | 0.96 | 2.02 | 0.77 | 2.50 | -1.03 | 0.37 | 1.32 | 3.38 |
| HULYX | 1.15 | 0.19 | -0.19 | 1.71 | -1.18 | 0.32 | 1.24 | 3.35 |
| HULFX (AT NAV) |
1.06 | 2.03 | 0.79 | 2.43 | -1.03 | 0.40 | N/A | 1.24 |
| HULFX (AT NAV) |
1.16 | 0.10 | -0.27 | 1.64 | -1.22 | 0.33 | N/A | 1.07 |
| HULAX (At NAV) |
0.94 | 1.98 | 0.65 | 2.30 | -1.23 | 0.17 | 1.11 | 4.55 |
| HULAX (At NAV) |
1.14 | 0.14 | -0.29 | 1.50 | -1.36 | 0.12 | 1.04 | 4.53 |
| HULCX (Without CDSC) |
0.87 | 1.77 | 0.18 | 1.38 | -2.03 | -0.63 | 0.31 | 2.27 |
| HULCX (Without CDSC) |
1.07 | -0.16 | -0.69 | 0.69 | -2.18 | -0.68 | 0.23 | 2.25 |
Growth of a $10,000 investment
Investment at Fund inception (2/20/85), through 6/30/2024, reinvesting dividends at NAV, Class A shares
Disclosures
Performance data represents past performance, but does not guarantee future results. Investment return and principal value will fluctuate; shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the data presented. Class A shares have a maximum sales charge of 3.00%; Class C shares have no initial sales charge, but a 1.00% contingent deferred sales charge applies to Class C shares redeemed within 12 months of their purchase date. Class Y shares have no initial or contingent deferred sales charge. Class A MOP (maximum offering price) returns reflect deduction of the maximum 3.00% sales charge; Class A NAV returns do not reflect deduction of the sales charge and would be lower if that charge were reflected. Class C returns without CDSC do not reflect deduction of the 1% CDSC applicable in the first 12 months; if applied, the CDSC would reduce the performance quoted.
For the fund's most recent month-end returns, please call (800) 437-1000
Distributions
Distributions as of 8/30/24
| Fund Symbol | Distribution Yield | SEC Yield |
|---|---|---|
| HULAX HULCX HULYX HULFX | 2.06 1.30 2.30 2.33 | 3.06 2.48 3.51 3.50 |
For the latest 30-day SEC yield, call 800-437-1000 between 9:00 A.M. and 5:00 P.M. ET on any business day. Distributions are updated Monthly
Disclosures
Data displayed represents past performance which does not guarantee future results. Due to market conditions, current yields may be higher or lower than the yields shown. The 30-Day SEC yield is a mutual fund's yield, calculated as required by the SEC, based on the earnings of the fund's portfolio during a 30-day period, divided by the offering price per share at the end of the period. This calculation reflects an estimated yield to maturity. It should be regarded as an estimate of the fund's rate of investment income, and it may not equal the fund's actual income distribution yield. The fund's Distribution Yield is the percentage at which a mutual fund has distributed income to its shareholders. It is calculated by dividing a fund's annualized dividend amount by its current offering price.
Dividends for the Hawaiian Tax-Free Trust are declared daily and paid monthly. For shareholders who receive monthly dividends by check from BNY Mellon, the funds' shareholder servicing agent, rather than having them reinvested in additional shares or directly deposited into a bank account, we make every attempt to have monthly checks consistently arrive by the first of each month. In order to facilitate this, payments are processed and mailed prior to month-end, with the exception of December, when the dividend is declared on the 31st for tax reporting purposes. If your needs have changed and you wish to alter your investment directive from cash to reinvest, or to receive your cash dividends more efficiently through direct deposit, please call your financial professional or the fund's shareholder servicing agent at 800-437-1000.
Fees & Expenses
| Annual Expenses | |
|---|---|
| Total Operating Expense | 0.88% 1.68% 0.68% 0.65% |
Alternative Purchase Plans & Sales Charge Breakpoints
The fund provides individuals with alternative ways to purchase shares through four separate classes of shares (Classes A, C, F and Y). Although the classes have different sales charge structures and ongoing expenses, they all represent interests in the same portfolio of securities an investor should choose the class that best suits the investor's circumstances and needs.
CONTINGENT DEFERRED SALES CHARGES (CDSC)
A CDSC of 1% is applied to the redemption of Class C Shares held for less than 12 months. No CDSC applies to Class C Shares acquired through the reinvestment of dividends or distributions.
| Front-End Sales Charge Schedule | ||
|---|---|---|
| Investment | Front-end Sales Charges | |
| Less than $50,000 | 3.00% | |
| $50,000 but less than $100,000 | 2.50% | |
| $100,000 but less than $250,000 | 2.00% | |
| $250,000 but less than $2,500,000 | 0.00% | |
| $2,500,000 and up to $5,000,000 | 0.00% | |
| $5,000,000 or more | 0.00% | |
| 12b-1 Fees | 0.20% 1.00% |
|---|
| Contingent Deferred Sales Charges (CDSC) | |||
|---|---|---|---|
| Investment | CDSC Rate | ||
| Year 1 | Year 2 | ||
| $250,000 and up to $2,500,000 | 0.75% | 0.50% | |
| Over $2,500,000 and up to $5,000,000 | 0.50% | 0.25% | |
| Over $5,000,000 | 0.25% | 0.00% | |
Portfolio Manager
Reid Smith, CFA, Vice President and Director of Fixed Income with Bank of Hawaii (“BOH”), is the lead portfolio manager of Hawaiian Tax-Free Trust. He has over 30 years of fixed income portfolio management experience, with an extensive background in municipal bond portfolio management. Previously, Mr. Smith was a Financial Advisor/Investments at Stifel from September 2020 to August 2021. Prior to that, Mr. Smith was CIO/Director at Ziegler Capital Management - BPG Group from November 2015 to July 2019. Mr. Smith began his career in portfolio management with BOH in 1986 and was a portfolio manager of the Trust from 1989 to 1991. Mr. Smith also worked as a Principal/Senior Portfolio Manager at Vanguard Group from 1992 to 2009 and as Head of the Barclays Wealth Fixed Income Group from 2011 to 2015.
Mr. Smith is a Chartered Financial Analyst® and a graduate of the University of Hawaii at Manoa, Shidler School of Business, where he received both his Bachelor's and Master's degrees in Business Administration.