Hawaiian Tax-Free Trust Account log In

Select Share Class:

Y shares available only through financial professionals
Fund symbol: HULAX HULCX HULYX HULFX
CUSIP: 420016107 420016206 420016305 420016602
Inception date: 2/20/1985 4/1/1996 4/1/1996 11/30/2018
Total net assets ($millions) as of 11/30/2024: $422.18

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

Glenn P. O'Flaherty, Chief Financial Officer
Glenn P. O'Flaherty, Chair - Chief Financial Officer and Chief Operating Officer of Lizard Investors, LLC, 2008; Co-Founder, Chief Financial Officer and Chief Compliance Officer of Three Peaks Capital Management, LLC, 2003-2005; Vice President - Investment Accounting, Global Trading and Trade Operations, Janus Capital Corporation, and Chief Financial Officer and Treasurer, Janus Funds, 1991-2002; Former Trustee of various funds in the Aquila Group of Funds since 2006. Other Directorships held by Trustee - Granby Ranch Metropolitan District (quasi-municipal corporation); formerly Trustee of Pacific Capital Funds of Cash Assets Trust (three money-market funds in the Aquila Group of Funds) 2009-2012.
Catherine Luke, President and Director
Catherine Luke - President and Director, Loyalty Enterprises, Ltd. (property management) since 2013; Vice President, Loyalty Development, Ltd. (real estate investment) since 2012; President and Director, KJL, Inc. (real estate investment) since 2011; Director, Hawaii Leadership Forum (leadership program) since 2015. Other Directorships held by Trustee - Director, Trinity Merger Corporation (special purpose acquisition vehicle) 2018-2019.
Randolph Perreir, Executive Director
Randolph Perreira - Executive Director, Hawaii Government Employees Association since 1986; President, Hawaii State AFLCIO since 2005; Director, Aloha United Way since 2005; Member, P-20 Council for the State of Hawaii since 2003; Director, American Judicature Society (Hawaii) since 2009; current Board member, Industrial Relations Research Association; current Board member, Hawaii Medical Services Association; currently or formerly active with various civic and charitable organizations.

Qualified for Sale in:

AK, AL, AZ, CA, CT, DE, FL, GA, GU, HI, IA, ID, IL, IN, KS, KY, LA, MD, MI, NC, NV, NY, OH, OR, PA, RI, SC, TX, UT, VA, WA AK, AL, CA, CT, DE, FL, GA, GU, HI, ID, IL, IN, KS, KY, LA, MD, NC, NV, NY, OH, OR, PA, RI, SC, TX, UT, VA, WA AK, AL, AZ, CA, CT, DE, FL, GA, GU, HI, ID, IL, IN, KS, KY, LA, NC, NV, NY, OH, OR, PA, RI, SC, UT, VA, WA AK, CA, CT, DE, FL, GA, GU, HI, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MS, MT, NC, NE, NH, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, UT, VA, VI, VT, WA, WV

Fund-Specific Risks

Consideration should be given to the risks of investing. Investments in bonds involve certain risks including a decline in value due to rising interest rates, a real or perceived decline in credit quality of the issuer, borrower, counterparty, or collateral, adverse tax or legislative changes, court decisions, market or economic conditions. Fund performance could be more volatile than that of funds with greater geographic diversification. For certain investors, some dividends may be subject to Federal and state taxes, including Alternative Minimum Tax (AMT). Please consult your professional tax advisor.

Disclosures

Please read carefully: Before investing in the Hawaiian Tax-Free Trust, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. The prospectus is available here, from your financial advisor, or by calling 800-437-1000.

Performance

NAV as of 11/30/24 $10.62 NAV as of 11/30/24 $10.61 NAV as of 11/30/24 $10.62 NAV as of 11/30/24 $10.64 NAV is updated monthly

TOTAL RETURNS as of 11/30/24

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)
-1.91 -2.54 -1.08 0.83 -1.58 -0.46 0.71 4.44
HULCX
(With CDSC)
0.01 -0.72 0.25 2.00 -1.38 -0.44 0.31 2.28
HULYX 1.19 0.53 2.18 4.13 -0.38 0.57 1.32 3.39
HULFX
(AT NAV)
1.09 0.54 2.11 4.06 -0.44 0.56 N/A 1.39
HULAX
(At NAV)
1.17 0.48 2.00 3.92 -0.59 0.36 1.12 4.54
HULCX
(Without CDSC)
1.01 0.29 1.25 3.00 -1.38 -0.44 0.31 2.28

Growth of a $10,000 investment
Investment at Fund inception (2/20/85), through 6/30/2024, reinvesting dividends at NAV, Class A shares

6/30/2024 Combined Value $54,493 6/30/2024 Value of Initial Investment $10,470

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 11/30/24

Fund Symbol Distribution Yield SEC Yield
HULAX HULCX HULYX HULFX 1.49% 0.69% 1.68% 1.68% 2.57% 1.86% 2.86% 2.85%

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

Dividend Schedule as of 2024

Dividend Cut-Off Date # of Days Covered by Dividend
January 31 31
February 29 29
March 31 31
April 30 30
May 31 31
June 30 30
July 31 31
August 31 31
September 30 30
October 31 31
November 30 30
December 31 31

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.