# EDGAR Filing Document

**Accession Number:** 0000750909
**File Stem:** 0000940400-25-010793
**Filing Date:** 2025-11
**Character Count:** 44592
**Document Hash:** b6b74ac8eec4410fa6666e517def658c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010793.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-010793

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HAWAIIAN TAX-FREE TRUST
- **CENTRAL INDEX KEY:** 0000750909

**ORGANIZATION NAME:**
- **EIN:** 136845048
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04084
- **FILM NUMBER:** 251527125

**BUSINESS ADDRESS:**
- **STREET 1:** 111 S. KING STREET
- **STREET 2:** 4TH FLOOR
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96813
- **BUSINESS PHONE:** 808-694-6022

**MAIL ADDRESS:**
- **STREET 1:** 111 S. KING STREET
- **STREET 2:** 4TH FLOOR
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96813

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HAWAIIAN TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### HAWAIIAN TAX-FREE TRUST (Series ID: S000009108)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000024774 | HAWAIIAN TAX-FREE TRUST CLASS A | HULAX           |
| C000024775 | HAWAIIAN TAX-FREE TRUST CLASS C | HULCX           |
| C000024777 | HAWAIIAN TAX-FREE TRUST CLASS Y | HULYX           |
| C000188793 | HAWAIIAN TAX-FREE TRUST CLASS F | HULFX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Hawaiian Tax-Free Trust

- **b. Investment Company Act file number:** 811-04084

- **c. CIK number of Registrant:** 0000750909

- **d. LEI of Registrant:** 549300HUIMD7Y2LDKU09

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 111 S. King St.

  - **City:** Honolulu

  - **State:** HI

  - **Foreign country:** US

  - **Zip / Postal Code:** 96813

  - **Telephone number:** 800-437-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Hawaiian Tax-Free Trust

- **b. EDGAR series identifier (if any):** S000009108

- **c. LEI of Series:** 549300HUIMD7Y2LDKU09

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $384103485.06

**Total Liabilities:** $1192345.07

**Net Assets:** $382911139.99

**Cash Not Reported:** $924713.69

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 288.25045000 | **1-Year:** 8226.49238000 | **5-Year:** 40048.14380000 | **10-Year:** 231987.69629000 | **30-Year:** 6632.19083000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024777 | -0.23%               | 0.74%                | 2.25%                |
| Class ID C000024775 | -0.31%               | 0.66%                | 2.17%                |
| Class ID C000024774 | -0.25%               | 0.73%                | 2.24%                |
| Class ID C000188793 | -0.23%               | 0.74%                | 2.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1182357.84             | $-827398.60                                |
| Month 2  | $-494373.70              | $2465193.75                                |
| Month 3  | $-773523.98              | $8190114.87                                |

### Schedule of Portfolio Investments

| Name                               | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687WQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3594582.00   | 0.94%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                     | County of Hawaii HI                                 | CUSIP: 4197224B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6507420.00   | 1.70%             | 2047-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue             | CUSIP: 419794L75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3465000 | PA      | $3779795.25   | 0.99%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue             | CUSIP: 419794J37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22600000 | PA      | $23686834.00  | 6.19%             | 2051-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 4387012Z6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14360000 | PA      | $14844506.40  | 3.88%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 419801BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145262.45    | 0.04%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116D60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204720.00    | 0.05%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800NC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2932977.00   | 0.77%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687WR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3455000 | PA      | $3640533.50   | 0.95%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 4387015G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16000000 | PA      | $17076480.00  | 4.46%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687WP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1594515.00   | 0.42%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800MF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $366512.40    | 0.10%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116C61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $817500.75    | 0.21%             | 2029-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800MN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $248413.20    | 0.06%             | 2036-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                     | County of Hawaii HI                                 | CUSIP: 4197223B7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3900276.00   | 1.02%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LLK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2618150.00   | 0.68%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 577286AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4075000 | PA      | $4367218.25   | 1.14%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 41980PBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $955895.85    | 0.25%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116G42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3905860.00   | 1.02%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LLD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.26%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116C79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $400407.70    | 0.10%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689QZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8046975.00   | 2.10%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 41980PBV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $867745.20    | 0.23%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 577286AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $225276.00    | 0.06%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI MF REV     | City & County of Honolulu HI                        | CUSIP: 438697BR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5247550.00   | 1.37%             | 2029-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LHD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001860.00   | 0.26%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689QE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $863384.00    | 0.23%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 577286AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1666554.75   | 0.44%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 577286AU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1437129.00   | 0.38%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800MK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $543607.20    | 0.14%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800ML8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $402253.20    | 0.11%             | 2034-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 5772856F1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2140760.00   | 0.56%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 4386702J9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4510000 | PA      | $4510000.00   | 1.18%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116G75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3463020.00   | 0.90%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 41980PBU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $935163.65    | 0.24%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LLN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $681239.30    | 0.18%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792H66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1741957.35   | 0.45%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 4387013S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3720000 | PA      | $3882898.80   | 1.01%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HARBOR SYS REVENUE       | State of Hawaii Harbor System Revenue               | CUSIP: 41981THG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9030870.00   | 2.36%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 4387012Y9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17500000 | PA      | $18458300.00  | 4.82%             | 2051-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LJP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4107520.00   | 1.07%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management                  | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   3135583 | NS      | $3135582.73   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687WN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2606375.30   | 0.68%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE          | State of Hawaii State Highway Fund                  | CUSIP: 41981CNA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4339689.00   | 1.13%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800MJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $546885.00    | 0.14%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701T95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $792029.70    | 0.21%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438670W98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.26%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 5772857J2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1261464.00   | 0.33%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HSG FIN & DEV CORP M     | Hawaii Housing Finance & Development Corp           | CUSIP: 41981PCB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1825748.25   | 0.48%             | 2031-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701P40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3124710.00   | 0.82%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438670W80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.34%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792RT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2608808.60   | 0.68%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687N92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16510000 | PA      | $18679744.20  | 4.88%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689QD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $827047.20    | 0.22%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE          | State of Hawaii State Highway Fund                  | CUSIP: 41981CMZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4573575.00   | 1.19%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 4197915T1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3195000 | PA      | $3207811.95   | 0.84%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE          | State of Hawaii State Highway Fund                  | CUSIP: 41981CQA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1111606.00   | 0.29%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116G59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3397380.00   | 0.89%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1807290.00   | 0.47%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                     | County of Hawaii HI                                 | CUSIP: 4197224A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6387420.00   | 1.67%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116G34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3282660.00   | 0.86%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800QR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5277850.00   | 1.38%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687ZF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3399125.00   | 0.89%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800NT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2827200.00   | 0.74%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116C53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $297135.30    | 0.08%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HARBOR SYS REVENUE       | State of Hawaii Harbor System Revenue               | CUSIP: 41981THY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $879313.75    | 0.23%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2070000.00   | 0.54%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 577286AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3885000 | PA      | $4188768.15   | 1.09%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                     | County of Hawaii HI                                 | CUSIP: 419722W66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019730.00   | 0.27%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687WT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4115000 | PA      | $4311738.15   | 1.13%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800ME4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $344664.80    | 0.09%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687P25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7350000 | PA      | $8241996.00   | 2.15%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 4387013U6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10565700.00  | 2.76%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687WU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3479512.75   | 0.91%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE          | State of Hawaii State Highway Fund                  | CUSIP: 41981CQC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $3045476.00   | 0.80%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689QG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $938949.60    | 0.25%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800MW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119880.00   | 0.29%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689MQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35068.60     | 0.01%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689QJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5150000 | PA      | $5286269.00   | 1.38%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792H90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1480914.75   | 0.39%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116C38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $239906.80    | 0.06%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LLH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049430.00   | 0.27%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687WS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3865000 | PA      | $4059293.55   | 1.06%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LHC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1125000.00   | 0.29%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 4386702B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2095000.00   | 0.55%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800QQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12772920.00  | 3.34%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 577286AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1796272.50   | 0.47%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue             | CUSIP: 419794A51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2479001.20   | 0.65%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HARBOR SYS REVENUE       | State of Hawaii Harbor System Revenue               | CUSIP: 41981THH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8954460.00   | 2.34%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800PS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10741000.00  | 2.81%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                     | County of Hawaii HI                                 | CUSIP: 419722M42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1097562.30   | 0.29%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 577286BN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1512714.00   | 0.40%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LJQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3650000 | PA      | $3748112.00   | 0.98%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687ZG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3180660.00   | 0.83%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue             | CUSIP: 419794H54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5882365.00   | 1.54%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800MM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $272235.00    | 0.07%             | 2035-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HSG FIN & DEV CORP M     | Hawaii Housing Finance & Development Corp           | CUSIP: 41981PCG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12130200.00  | 3.17%             | 2029-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792YE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6293280.00   | 1.64%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LLJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2099140.00   | 0.55%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116C95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203980.00    | 0.05%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE          | State of Hawaii State Highway Fund                  | CUSIP: 41981CQG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3580000 | PA      | $3764692.20   | 0.98%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792YG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $417504.00    | 0.11%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 419801BE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1172177.20   | 0.31%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE          | State of Hawaii State Highway Fund                  | CUSIP: 41981CPE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075850.00   | 0.28%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Hawaiian Tax-Free Trust

**Signature:** Christine S. Catanzaro

**Name of Signer:** Christine S. Catanzaro

**Title:** Treasurer and Chief Financial Officer