# EDGAR Filing Document

**Accession Number:** 0000750909
**File Stem:** 0000940400-26-007881
**Filing Date:** 2026-2
**Character Count:** 70829
**Document Hash:** 69b3d4fb8116fc66537d15d9997e1c54
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007881.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000940400-26-007881

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 26676900

**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           |

## Nport-Ex

HAWAIIAN TAX-FREE TRUST

#### Portfolio of Investments

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — 97.4%** | **MUNICIPAL BONDS — 97.4%** | **MUNICIPAL BONDS — 97.4%** |
| **Hawaii — 97.4%** | **Hawaii — 97.4%** | **Hawaii — 97.4%** |
| Hawaii County GO, Callable 09/01/35 at 100,<br> 5.00%, 9/1/46 | $6000000 | $6416977 |
| Hawaii County GO, Callable 09/01/35 at 100,<br> 5.25%, 9/1/47 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6529771 |
| Hawaii County GO, Refunding, Callable 09/01/33 at 100,<br> 5.00%, 9/1/41 | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3952254 |
| Hawaii County GO, Series A, Refunding, Callable 03/01/26 at 100,<br> 4.00%, 9/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001100 |
| Hawaii County GO, Series D, Refunding, Callable 03/01/27 at 100,<br> 4.00%, 9/1/28 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 812794 |
| Hawaii Housing Finance & Development Corp. Revenue, Hale Moiliili, Putable,<br> 3.30%, 12/1/29<sup>(a)</sup> | &nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12086136 |
| Hawaii Housing Finance & Development Corp. Revenue, Series A, Callable 01/01/34 at 100,<br> 4.75%, 7/1/55 | &nbsp;&nbsp; 1835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1828706 |
| Hawaii Housing Finance & Development Corp. Revenue, Series A, Callable 01/01/34 at 101,<br> 6.00%, 7/1/56 | &nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3560601 |
| Hawaii Housing Finance & Development Corp. Revenue, Series A, Callable 01/21/26 at 100,<br> 3.75%, 1/1/31 | &nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1825747 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100,<br> 5.00%, 7/1/48 | &nbsp;&nbsp; 2465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2481766 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/32 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp; 5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5851479 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/35 at 100,<br> 5.25%, 7/1/51 | $22600000 | $23532008 |
| Hawaii State Airports System Revenue, Series D, Refunding, Callable 07/01/35 at 100,<br> 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;3465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3860548 |
| Hawaii State Department of Budget & Finance Revenue, Callable 07/01/33 at 100,<br> 5.50%, 7/1/52 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10751136 |
| Hawaii State Department of Budget & Finance Revenue, Refunding,<br> 4.00%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343340 |
| Hawaii State Department of Budget & Finance Revenue, Refunding,<br> 4.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365006 |
| Hawaii State Department of Budget & Finance Revenue, Refunding, Callable 01/01/30 at 100,<br> 4.00%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547165 |
| Hawaii State Department of Budget & Finance Revenue, Refunding, Callable 01/01/30 at 100,<br> 4.00%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545035 |
| Hawaii State Department of Budget & Finance Revenue, Refunding, Callable 01/01/30 at 100,<br> 3.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406598 |
| Hawaii State Department of Budget & Finance Revenue, Refunding, Callable 01/01/30 at 100,<br> 3.00%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276555 |
| Hawaii State Department of Budget & Finance Revenue, Refunding, Callable 01/01/30 at 100,<br> 3.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253452 |
| Hawaii State Department of Budget & Finance Revenue, Series A, Refunding,<br> 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1114750 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

HAWAIIAN TAX-FREE TRUST

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State Department of Budget & Finance Revenue, Series A, Refunding, Callable 07/01/33 at 100,<br> 5.00%, 7/1/37 | &nbsp;&nbsp;$2675000 | $2983340 |
| Hawaii State Department of Budget & Finance Revenue, Series A, Refunding, Callable 07/01/35 at 100,<br> 5.00%, 7/1/42 | &nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13019320 |
| Hawaii State Department of Budget & Finance Revenue, Series A, Refunding, Callable 07/01/35 at 100,<br> 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5369282 |
| Hawaii State Department of Budget & Finance Revenue, Series B, Refunding,<br> 5.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2824903 |
| Hawaii State Department of Hawaiian Home Lands, COP, Series A, Refunding,<br> 5.00%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1165656 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding,<br> 5.00%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950644 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100,<br> 5.00%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930591 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100,<br> 5.00%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863544 |
| Hawaii State GO, Series EO, Callable 01/31/26 at 100,<br> 5.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;3195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3200564 |
| Hawaii State GO, Series EO, Unrefunded portion, Callable 01/31/26 at 100,<br> 5.00%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1737966 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State GO, Series EO, Unrefunded portion, Callable 01/31/26 at 100,<br> 5.00%, 8/1/29 | &nbsp;&nbsp;$1475000 | $1477545 |
| Hawaii State GO, Series FK, Callable 05/01/27 at 100,<br> 5.00%, 5/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2613229 |
| Hawaii State GO, Series FW, Callable 01/01/29 at 100,<br> 5.00%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6325340 |
| Hawaii State GO, Series FW, Callable 01/01/29 at 100,<br> 5.00%, 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420608 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100,<br> 4.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9130022 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100,<br> 4.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9083054 |
| Hawaii State Highway Fund Revenue, Callable 01/01/31 at 100,<br> 5.00%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1115685 |
| Hawaii State Highway Fund Revenue, Callable 01/01/31 at 100,<br> 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3063809 |
| Hawaii State Highway Fund Revenue, Callable 01/01/31 at 100,<br> 5.00%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;3580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3807756 |
| Hawaii State Highway Fund Revenue, Series A, Callable 01/01/29 at 100,<br> 5.00%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1071151 |
| Hawaii State Highway Fund Revenue, Series A, Callable 07/01/26 at 100,<br> 5.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4550562 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

HAWAIIAN TAX-FREE TRUST

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State Highway Fund Revenue, Series A, Callable 07/01/26 at 100,<br> 4.00%, 1/1/31 | &nbsp;&nbsp;$4300000 | $4321807 |
| Honolulu City & County Board of Water Supply Revenue, Callable 07/01/33 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840566 |
| Honolulu City & County Board of Water Supply Revenue, Callable 07/01/33 at 100,<br> 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877425 |
| Honolulu City & County Board of Water Supply Revenue, Callable 07/01/33 at 100,<br> 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950849 |
| Honolulu City & County Board of Water Supply Revenue, Callable 07/01/33 at 100,<br> 5.00%, 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;5150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5365014 |
| Honolulu City & County Board of Water Supply Revenue, Series A, Callable 07/01/31 at 100,<br> 4.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35894 |
| Honolulu City & County Board of Water Supply Revenue, Series A, Refunding, Callable 07/01/34 at 100,<br> 5.25%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8074150 |
| Honolulu City & County GO, Series A, Callable 07/01/33 at 100,<br> 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;2435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2627951 |
| Honolulu City & County GO, Series A, Callable 07/01/33 at 100,<br> 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1603541 |
| Honolulu City & County GO, Series A, Callable 07/01/33 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3610226 |
| Honolulu City & County GO, Series A, Callable 07/01/33 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;3455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3649403 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Honolulu City & County GO, Series A, Callable 07/01/33 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;$3865000 | $4067961 |
| Honolulu City & County GO, Series A, Callable 07/01/33 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;4115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4320492 |
| Honolulu City & County GO, Series A, Callable 07/01/33 at 100,<br> 5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;3325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3484760 |
| Honolulu City & County GO, Series A, Callable 07/01/34 at 100,<br> 5.25%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;3125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3421501 |
| Honolulu City & County GO, Series A, Callable 07/01/34 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3187663 |
| Honolulu City & County GO, Series A, Callable 09/01/27 at 100,<br> 4.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1814435 |
| Honolulu City & County GO, Series D, Refunding, Callable 07/01/35 at 100,<br> 5.00%, 7/1/38 | &nbsp;&nbsp;16510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18996084 |
| Honolulu City & County GO, Series D, Refunding, Callable 07/01/35 at 100,<br> 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;7350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8390423 |
| Honolulu City & County Revenue, Kaleimao Village-West, Putable,<br> 5.00%, 5/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5209982 |
| Honolulu City & County Revenue, Maunakea Tower Apartments, Putable,<br> 5.00%, 6/1/27, (HUD SECT 8)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007774 |
| Honolulu City & County Wastewater System Revenue, Senior Series, Callable 07/01/33 at 100,<br> 5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;3720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3884167 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

HAWAIIAN TAX-FREE TRUST

#### Portfolio of Investments (Continued)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Honolulu City & County Wastewater System Revenue, Senior Series, Callable 07/01/33 at 100,<br> 5.25%, 7/1/53 | $10000000 | $10615365 |
| Honolulu City & County Wastewater System Revenue, Senior Series, Series A, Callable 07/01/32 at 100,<br> 5.00%, 7/1/51 | &nbsp;&nbsp;14360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14862024 |
| Honolulu City & County Wastewater System Revenue, Senior Series, Series A, Callable 07/01/32 at 100,<br> 5.25%, 7/1/51 | &nbsp;&nbsp;17500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18468236 |
| Honolulu City & County Wastewater System Revenue, Senior Series, Series B, Callable 07/01/35 at 100,<br> 5.25%, 7/1/55 | &nbsp;&nbsp;16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17217818 |
| Honolulu City & County Wastewater System Revenue, Series A, Callable 07/01/29 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795254 |
| Kauai County GO,<br> 5.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238330 |
| Kauai County GO, Callable 08/01/27 at 100,<br> 5.00%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296265 |
| Kauai County GO, Callable 08/01/27 at 100,<br> 5.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399427 |
| Kauai County GO, Callable 08/01/27 at 100,<br> 4.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203874 |
| Kauai County GO, Callable 08/01/27 at 100,<br> 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205487 |
| Kauai County GO, OID, Callable 08/01/27 at 100,<br> 2.50%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 812247 |
| Kauai County GO, Refunding,<br> 5.00%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3255548 |
| Kauai County GO, Refunding,<br> 5.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3875015 |
| Kauai County GO, Refunding,<br> 5.00%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3381479 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Kauai County GO, Refunding,<br> 5.00%, 8/1/33 | &nbsp;&nbsp;$3000000 | $3473293 |
| Maui County GO, Callable 03/01/32 at 100,<br> 5.00%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1814349 |
| Maui County GO, Callable 03/01/32 at 100,<br> 5.00%, 3/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;3885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4240780 |
| Maui County GO, Callable 03/01/32 at 100,<br> 5.00%, 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;4075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4418506 |
| Maui County GO, Callable 03/01/32 at 100,<br> 5.00%, 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1453315 |
| Maui County GO, Callable 03/01/32 at 100,<br> 5.00%, 3/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1683527 |
| Maui County GO, Callable 09/01/35 at 100,<br> 5.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1543071 |
| Maui County GO, Refunding, Callable 03/01/30 at 100,<br> 5.00%, 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1272150 |
| Maui County GO, Refunding, Callable 09/01/28 at 100,<br> 5.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2128550 |
| University of Hawaii Revenue, Series B, Refunding, Callable 01/31/26 at 100,<br> 5.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001821 |
| University of Hawaii Revenue, Series E, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4081234 |
| University of Hawaii Revenue, Series E, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;3650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3724126 |
| University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100,<br> 5.00%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040830 |
| University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100,<br> 5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2086421 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

HAWAIIAN TAX-FREE TRUST

#### Portfolio of Investments (Concluded)

#### December 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100,<br> 5.00%, 10/1/31 | &nbsp;&nbsp;$2500000 | $2605933 |
| University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100,<br> 5.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679362 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $364,883,845) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365663200 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT — 0.8%** |  |  |
| **Money Market Fund — 0.8%** | **Money Market Fund — 0.8%** | **Money Market Fund — 0.8%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.65%<sup>(b)</sup> | 2865363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2865363 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENT<br> (Cost $2,865,363) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2865363 |
| TOTAL INVESTMENTS - 98.2%<br> (Cost $367,749,208) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368528563 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6794167 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;$375322730 |

---

------

<sup>(a)</sup> Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

<sup>(b)</sup> Rate disclosed is the 7-day yield at December 31, 2025.

---

| | |
|:---|:---|
| AMT | Alternative Minimum Tax |
| COP | Certificate of Participation |
| GO | General Obligation |
| HUD SECT 8 | Housing and Urban Development Section 8 |
| OID | Original Issue Discount |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

HAWAIIAN TAX-FREE TRUST

#### Notes to the Quarterly Portfolio of Investments

#### December 31, 2025
(Unaudited)

***Portfolio Valuation —The Hawaiian Tax-Free Trust's (the "Trust") net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (typically 4:00 p.m. Eastern time) on each day the NYSE is open.Municipal securities are valued each business day based upon information provided by a nationally prominent independent pricing service and periodically verified through other pricing services. In the case of securities for which market quotations are readily available, securities are valued by the pricing service at the mean of bid and ask quotations. If a market quotation or a valuation from the pricing service is not readily available, the security is valued using other fair value methods. Securities that do not have a readily available current market value are valued in good faith by the Adviser as "valuation designee" under the oversight of the Trust's Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Trust's Board of Trustees. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust's Board of Trustees. Investments in other open-end investment companies are valued based on the NAV of such investment companies (which may use fair value pricing as disclosed in their prospectuses).***

***Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Trust's investments are summarized into three levels as described in the hierarchy below:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — quoted prices in active markets for identical securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — significant unobservable inputs (including the Trust's own assumptions in determining the fair value of investments).

The fair value of a Trust's bonds is generally based on quotes received from brokers or independent pricing services. Bonds with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out are recognized at the value at the end of the period.

The valuations for fixed income securities are typically the prices supplied by independent third-party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third-party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. To the extent that these inputs are observable, the fair value of fixed income securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

The following is a summary of the inputs used, as of December 31, 2025, in valuing the Trust's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Total Value at<br> 12/31/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Assets** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;$365663200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$365663200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865363 | &nbsp;&nbsp;2865363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$368528563 | $2865363 | &nbsp;&nbsp;$365663200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

------

HAWAIIAN TAX-FREE TRUST

#### Notes to the Quarterly Portfolio of Investments (Concluded)

#### December 31, 2025
(Unaudited)

At the end of each quarter, the Adviser evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third-party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, the Adviser evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Trust's investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Trust may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles require the Trust to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Trust have an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Trust had an amount of transfers during the reporting period that was meaningful in relation to net assets as of the end of the reporting period.

For the period ended December 31, 2025, there were no transfers in or out of Level 3.

For more information with regard to significant accounting policies, see the Trust's most recent semi-annual or annual report filed with the Securities and Exchange Commission.

## 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:** 2025-12-31

**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:** $376254334.74

**Total Liabilities:** $1463958.90

**Net Assets:** $374790375.84

**Cash Not Reported:** $20100.34

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 593.11625000 | **1-Year:** 7806.47602000 | **5-Year:** 48108.89240000 | **10-Year:** 215754.22174000 | **30-Year:** 3947.12046000

**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 C000024774 | 1.09%                | 0.22%                | -0.05%               |
| Class ID C000024775 | 1.02%                | 0.16%                | -0.12%               |
| Class ID C000024777 | 1.01%                | 0.24%                | 0.06%                |
| Class ID C000188793 | 1.10%                | 0.24%                | 0.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-121505.26              | $3351237.59                                |
| Month 2  | $-9681.84                | $3808.50                                   |
| Month 3  | $-39513.45               | $-794385.57                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LLK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2605933.25   | 0.70%             | 2031-10-01      | Fixed         | 5.00%                 | 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      | $406597.94    | 0.11%             | 2034-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HSG FIN & DEV CORP S     | Hawaii Housing Finance & Development Corp           | CUSIP: 419818JN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1828705.95   | 0.49%             | 2055-07-01      | Fixed         | 4.75%                 | 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      | $9083053.80   | 2.42%             | 2037-07-01      | Fixed         | 4.00%                 | 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      | $877424.88    | 0.23%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                     | County of Hawaii HI                                 | CUSIP: 4197223B7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3952253.88   | 1.05%             | 2041-09-01      | Fixed         | 5.00%                 | 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      | $14862024.16  | 3.97%             | 2051-07-01      | 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      | $18996084.06  | 5.07%             | 2038-07-01      | 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      | $3381479.40   | 0.90%             | 2031-08-01      | Fixed         | 5.00%                 | 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      | $18468236.50  | 4.93%             | 2051-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                     | County of Hawaii HI                                 | CUSIP: 419722M42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001099.60   | 0.27%             | 2035-09-01      | Fixed         | 4.00%                 | 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      | $8074149.75   | 2.15%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792RT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2613228.71   | 0.70%             | 2034-05-01      | 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      | $3884166.95   | 1.04%             | 2048-07-01      | 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      | $1272149.64   | 0.34%             | 2040-03-01      | 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      | $5851478.88   | 1.56%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792YE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6325339.80   | 1.69%             | 2038-01-01      | 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      | $4240780.14   | 1.13%             | 2039-03-01      | 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      | $4067960.81   | 1.09%             | 2046-07-01      | 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      | $679362.27    | 0.18%             | 2034-10-01      | 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      | $2086421.40   | 0.56%             | 2030-10-01      | 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      | $840565.78    | 0.22%             | 2040-07-01      | Fixed         | 5.00%                 | 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      | $5365014.05   | 1.43%             | 2052-07-01      | Fixed         | 5.00%                 | 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      | $3807756.02   | 1.02%             | 2041-01-01      | 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      | $3063809.00   | 0.82%             | 2037-01-01      | 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      | $276554.97    | 0.07%             | 2035-01-01      | Fixed         | 3.00%                 | 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      | $1071151.00   | 0.29%             | 2032-01-01      | 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      | $4321807.45   | 1.15%             | 2031-01-01      | 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      | $812246.57    | 0.22%             | 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: 419800QQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $13019319.60  | 3.47%             | 2042-07-01      | 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      | $35894.20     | 0.01%             | 2039-07-01      | 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      | $10751136.00  | 2.87%             | 2052-07-01      | Fixed         | 5.50%                 | 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      | $9130022.10   | 2.44%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 577286AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1683526.64   | 0.45%             | 2042-03-01      | Fixed         | 5.00%                 | 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      | $2824903.50   | 0.75%             | 2032-07-01      | 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      | $3875015.20   | 1.03%             | 2030-08-01      | 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      | $4418506.20   | 1.18%             | 2040-03-01      | 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      | $2983340.56   | 0.80%             | 2037-07-01      | 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        |   2845262 | NS      | $2845262.21   | 0.76%             |  |  |  | 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      | $2627950.86   | 0.70%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 577286BN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1543070.62   | 0.41%             | 2042-09-01      | 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      | $343340.30    | 0.09%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI MF REV     | City & County of Honolulu HI                        | CUSIP: 438697BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007774.40   | 0.27%             | 2027-06-01      | Variable      | 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      | $3649403.52   | 0.97%             | 2045-07-01      | Fixed         | 5.00%                 | 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      | $4320492.40   | 1.15%             | 2047-07-01      | 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      | $950848.87    | 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: 419800MF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $365006.20    | 0.10%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HSG FIN & DEV CORP S     | Hawaii Housing Finance & Development Corp           | CUSIP: 419818JP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3560601.28   | 0.95%             | 2056-07-01      | Fixed         | 6.00%                 | 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      | $547164.67    | 0.15%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                     | County of Hawaii HI                                 | CUSIP: 4197224B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6529770.60   | 1.74%             | 2047-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116C95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203873.86    | 0.05%             | 2032-08-01      | Fixed         | 4.00%                 | 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      | $253451.83    | 0.07%             | 2036-01-01      | Fixed         | 3.00%                 | 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      | $1165655.57   | 0.31%             | 2027-11-01      | 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      | $930591.23    | 0.25%             | 2029-04-01      | 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      | $5369282.00   | 1.43%             | 2043-07-01      | 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      | $1737966.16   | 0.46%             | 2028-08-01      | 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      | $3187663.50   | 0.85%             | 2045-07-01      | 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      | $296265.05    | 0.08%             | 2028-08-01      | 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      | $10615365.00  | 2.83%             | 2053-07-01      | Fixed         | 5.25%                 | 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      | $1114749.90   | 0.30%             | 2031-07-01      | 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      | $23532008.18  | 6.28%             | 2051-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 577286AU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1453314.69   | 0.39%             | 2041-03-01      | 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      | $399426.64    | 0.11%             | 2030-08-01      | Fixed         | 5.00%                 | 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      | $8390422.64   | 2.24%             | 2039-07-01      | 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      | $3473293.50   | 0.93%             | 2033-08-01      | Fixed         | 5.00%                 | 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      | $795253.92    | 0.21%             | 2044-07-01      | 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      | $1814349.41   | 0.48%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                     | County of Hawaii HI                                 | CUSIP: 4197224A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6416976.60   | 1.71%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 5772856F1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2128550.40   | 0.57%             | 2030-09-01      | 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      | $238329.81    | 0.06%             | 2026-08-01      | 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      | $3255548.40   | 0.87%             | 2029-08-01      | Fixed         | 5.00%                 | 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      | $4081233.60   | 1.09%             | 2029-10-01      | 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      | $3200563.77   | 0.85%             | 2030-08-01      | 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        |    800000 | PA      | $812794.56    | 0.22%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792YG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $420608.16    | 0.11%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687WQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3610226.42   | 0.96%             | 2044-07-01      | 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      | $5209982.00   | 1.39%             | 2029-05-01      | Variable      | 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      | $17217817.60  | 4.59%             | 2055-07-01      | 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      | $3860547.77   | 1.03%             | 2041-07-01      | Fixed         | 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      | $1001820.70   | 0.27%             | 2026-10-01      | Fixed         | 5.00%                 | 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      | $3484759.60   | 0.93%             | 2048-07-01      | 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      | $4550562.00   | 1.21%             | 2030-01-01      | 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      | $1477545.11   | 0.39%             | 2029-08-01      | 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      | $1040829.60   | 0.28%             | 2029-10-01      | Fixed         | 5.00%                 | 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      | $1603540.80   | 0.43%             | 2043-07-01      | 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      | $1115684.99   | 0.30%             | 2035-01-01      | 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      | $205487.00    | 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: 419800MK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $545035.45    | 0.15%             | 2033-01-01      | Fixed         | 4.00%                 | 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      | $1825746.61   | 0.49%             | 2031-01-01      | Fixed         | 3.75%                 | 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      | $3421501.25   | 0.91%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 41980PBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $950643.73    | 0.25%             | 2026-04-01      | 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      | $3724125.66   | 0.99%             | 2031-10-01      | 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      | $1814435.46   | 0.48%             | 2037-09-01      | Fixed         | 4.00%                 | 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      | $2481765.70   | 0.66%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 41980PBV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $863544.11    | 0.23%             | 2030-04-01      | Fixed         | 5.00%                 | 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      | $12086136.00  | 3.22%             | 2029-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

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

**Signature:** Christine S. Catanzaro

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

**Title:** Treasurer and Chief Financial Officer