# EDGAR Filing Document

**Accession Number:** 0000750909
**File Stem:** 0001193125-25-133931
**Filing Date:** 2025-6
**Character Count:** 178535
**Document Hash:** 78a0b311bc4a67df04305d0ab5948cea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-133931.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001193125-25-133931

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04084
- **FILM NUMBER:** 251017693

**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           |

?xml version='1.0' encoding='ASCII'? Hawaiian Tax-Free Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-4084

#### Hawaiian Tax-Free Trust
(Exact name of registrant as specified in charter)

------

111 S. King Street, 4th Floor

Honolulu, Hawaii 96813

(Address of principal executive offices) (ZIP code)

------

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(808) 694-6022

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### March 31, 2025
 **Item 1. Report to Stockholders.**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

Hawaiian Tax-Free Trust

Class A \| HULAX

Annual Shareholder Report — March 31, 2025

![TSR_HTFT_logo-2_New](g891897images_27589.jpg)

This annual shareholder report contains important information about the Hawaiian Tax-Free Trust (the "Trust") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Trust at https://www.hawaiiantaxfreetrust.com. You can also request this information by contacting us at 800-437-1000.

 **This report describes changes to the Trust that occurred during the reporting period.**

#### What were the Trust costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Trust (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Hawaiian Tax-Free Trust<br> (Class A / HULAX) | $99 | 0.98% |

---

#### Management's Discussion of Trust Performance
Over the one-year period ended March 31, 2025, the Hawaiian Tax-Free Trust's Class A shares returned 1.08% (without sales charge). This performance lagged the 1.22% return of the Trust's primary benchmark, the Bloomberg Municipal Bond Index. Additionally, the Bloomberg Hawaii Municipal Bond Index, the Trust's secondary benchmark, returned 1.41% during the same period. The market has remained volatile within a trading range of approximately 100 bps. Several key events have triggered the rates outlook for the market. First, there was a 100 bps cut in the Fed Funds rate in the third and fourth quarter of 2024. Second, the Presidential election ushered in a new Trump administration which got to work quickly altering legacy policies. Both are a source of uncertainty for the market to digest, leading to market volatility.

During the one-year period ended March 31, 2025:

* Municipal securities with lower credit qualities generally outperformed securities with higher credit qualities. The Trust's performance relative to its primary benchmark was primarily attributable to the higher quality bias of the Hawaii based municipal securities held by the Trust relative to securities making up the Trust's primary benchmark index. 

* The Trust's longer maturity relative to the primary benchmark provided a positive tailwind for the Trust's relative performance. 

* Security selection was a positive contributor to the Trust's relative performance for the annual period. 

#### Trust Performance
The following is a comparison of the change in value of a $10,000 investment in Hawaiian Tax-Free Trust's Class A vs. the Bloomberg Municipal Bond Index, the Bloomberg Hawaii Municipal Bond Index and the Bloomberg Municipal Bond Quality Intermediate Total Return Index.

Growth of $10,000

For the years March 31, 2015 through March 31, 2025

![Fund Performance - Growth of 10K](g891897chartimages_9854509.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Class A (with maximum 3.00% sales charge) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| Class A (without sales charge) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| Bloomberg Municipal Bond Index\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% |
| Bloomberg Hawaii Municipal Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% |
| Bloomberg Municipal Bond Quality Intermediate Total Return Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |

---

 *<sup>\*</sup>* *The Trust has designated the Bloomberg Municipal Bond Index as its new broad-based securities market index in accordance with the SEC's revised definition for such an index.*

 **All returns represent past performance which is no guarantee of future results.** Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.

Please visit https://www.hawaiiantaxfreetrust.com for performance data current to the most recent month-end.

#### Key Trust Statistics
The following table outlines key Trust statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Trust net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$397161655 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$999677 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Portfolio Holdings Summary Table (as of March 31, 2025)
The following table presents a summary by credit quality of the portfolio holdings of the Trust as a percentage of net assets:

CREDIT QUALITY

---

| | |
|:---|:---|
| Pre-refunded/Escrowed to Maturity | 2.1% |
| AAA | 7.7% |
| AA | 82.7% |
| A | 5.8% |
| BBB | 0.7% |
| BB | 0.0% |
| Cash | 1.0% |

---

Credit quality ratings are primarily sourced from Moody's but in the event that Moody's has not assigned a rating, the Trust will use S&P or Fitch. If these ratings are in conflict, S&P will be used before Fitch. If none of the major rating agencies have assigned a rating, the Trust will assign a rating of NR (non-rated security). The ratings represent their (Moody's, S&P, and Fitch) opinions as to the quality of the underlying securities in the Trust, and not the Trust itself. The ratings range from AAA (extremely strong capacity to meet financial commitment) to D (in default). Ratings are relative and subjective and are not absolute standards of quality. A pre-refunded bond is secured by an escrow fund of U.S. government obligations (i.e. Treasury securities) and assumes the superior credit rating of the government obligation. The ratings do not predict performance and are subject to change.

#### Material Trust changes during the period
Following is a summary of material changes made to the Trust during the reporting period:

Effective September 1, 2024: Foreside Funds Distributors LLC acts as the principal underwriter of the Trust; The Bank of New York Mellon serves as the Trust's administrator; Asset Management Group of Bank of Hawaii, the Trust's investment Adviser, provides certain administrative services to the Trust; and Chenery Compliance Group, LLC and JW Fund Management LLC provide compliance, fund officer and related administrative services to the Trust.

Prior to September 1, 2024, Aquila Investment Management LLC served as the Administrator/Business Manager for the Trust and Aquila Distributors LLC acted as the principal underwriter of the Trust.

Changes in and Disagreements with Accountants

During the fiscal year ended March 31, 2025, there were no changes in and/or disagreements with Accountants.

#### Availability of Additional Information
You can find additional information about the Trust, including the Trust's prospectus, financial information, holdings and proxy voting information, at https://www.hawaiiantaxfreetrust.com.

#### Householding
To reduce Trust expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Trust. If you would like to receive individual mailings, please contact the Trust at 800-437-1000, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Trust or your financial intermediary.

 **Hawaiian Tax-Free Trust Class A (HULAX)**

Annual Shareholder Report — March 31, 2025 HULAX-03/25-AR

Hawaiian Tax-Free Trust

Class C \| HULCX

Annual Shareholder Report — March 31, 2025

![TSR_HTFT_logo-2_New](g891897images_27589.jpg)

This annual shareholder report contains important information about the Hawaiian Tax-Free Trust (the "Trust") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Trust at https://www.hawaiiantaxfreetrust.com. You can also request this information by contacting us at 800-437-1000.

 **This report describes changes to the Trust that occurred during the reporting period.**

#### What were the Trust costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Trust (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Hawaiian Tax-Free Trust<br> (Class C / HULCX) | $177 | 1.77% |

---

#### Management's Discussion of Trust Performance
Over the one-year period ended March 31, 2025, the Hawaiian Tax-Free Trust's Class C shares returned 0.18% (without contingent deferred sales charge). This performance lagged the 1.22% return of the Trust's primary benchmark, the Bloomberg Municipal Bond Index. Additionally, the Bloomberg Hawaii Municipal Bond Index, the Trust's secondary benchmark, returned 1.41% during the same period. The market has remained volatile within a trading range of approximately 100 bps. Several key events have triggered the rates outlook for the market. First, there was a 100 bps cut in the Fed Funds rate in the third and fourth quarter of 2024. Second, the Presidential election ushered in a new Trump administration which got to work quickly altering legacy policies. Both are a source of uncertainty for the market to digest, leading to market volatility.

During the one-year period ended March 31, 2025:

* Municipal securities with lower credit qualities generally outperformed securities with higher credit qualities. The Trust's performance relative to its primary benchmark was primarily attributable to the higher quality bias of the Hawaii based municipal securities held by the Trust relative to securities making up the Trust's primary benchmark index. 

* The Trust's longer maturity relative to the primary benchmark provided a positive tailwind for the Trust's relative performance. 

* Security selection was a positive contributor to the Trust's relative performance for the annual period. 

#### Trust Performance
The following is a comparison of the change in value of a $10,000 investment in Hawaiian Tax-Free Trust's Class C vs. the Bloomberg Municipal Bond Index, the Bloomberg Hawaii Municipal Bond Index and the Bloomberg Municipal Bond Quality Intermediate Total Return Index.

Growth of $10,000

For the years March 31, 2015 through March 31, 2025

![Fund Performance - Growth of 10K](g891897chartimages_9854547.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Class C (with maximum 1.00% contingent deferred sales charge) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% |
| Class C (without contingent deferred sales charge) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% |
| Bloomberg Municipal Bond Index\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% |
| Bloomberg Hawaii Municipal Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% |
| Bloomberg Municipal Bond Quality Intermediate Total Return Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |

---

 *<sup>\*</sup>* *The Trust has designated the Bloomberg Municipal Bond Index as its new broad-based securities market index in accordance with the SEC's revised definition for such an index.*

 **All returns represent past performance which is no guarantee of future results.** Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.

Please visit https://www.hawaiiantaxfreetrust.com for performance data current to the most recent month-end.

#### Key Trust Statistics
The following table outlines key Trust statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Trust net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$397161655 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$999677 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Portfolio Holdings Summary Table (as of March 31, 2025)
The following table presents a summary by credit quality of the portfolio holdings of the Trust as a percentage of net assets:

CREDIT QUALITY

---

| | |
|:---|:---|
| Pre-refunded/Escrowed to Maturity | 2.1% |
| AAA | 7.7% |
| AA | 82.7% |
| A | 5.8% |
| BBB | 0.7% |
| BB | 0.0% |
| Cash | 1.0% |

---

Credit quality ratings are primarily sourced from Moody's but in the event that Moody's has not assigned a rating, the Trust will use S&P or Fitch. If these ratings are in conflict, S&P will be used before Fitch. If none of the major rating agencies have assigned a rating, the Trust will assign a rating of NR (non-rated security). The ratings represent their (Moody's, S&P, and Fitch) opinions as to the quality of the underlying securities in the Trust, and not the Trust itself. The ratings range from AAA (extremely strong capacity to meet financial commitment) to D (in default). Ratings are relative and subjective and are not absolute standards of quality. A pre-refunded bond is secured by an escrow fund of U.S. government obligations (i.e. Treasury securities) and assumes the superior credit rating of the government obligation. The ratings do not predict performance and are subject to change.

#### Material Trust changes during the period
Following is a summary of material changes made to the Trust during the reporting period:

Effective September 1, 2024: Foreside Funds Distributors LLC acts as the principal underwriter of the Trust; The Bank of New York Mellon serves as the Trust's administrator; Asset Management Group of Bank of Hawaii, the Trust's investment Adviser, provides certain administrative services to the Trust; and Chenery Compliance Group, LLC and JW Fund Management LLC provide compliance, fund officer and related administrative services to the Trust.

Prior to September 1, 2024, Aquila Investment Management LLC served as the Administrator/Business Manager for the Trust and Aquila Distributors LLC acted as the principal underwriter of the Trust.

Changes in and Disagreements with Accountants

During the fiscal year ended March 31, 2025, there were no changes in and/or disagreements with Accountants.

#### Availability of Additional Information
You can find additional information about the Trust, including the Trust's prospectus, financial information, holdings and proxy voting information, at https://www.hawaiiantaxfreetrust.com.

#### Householding
To reduce Trust expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Trust. If you would like to receive individual mailings, please contact the Trust at 800-437-1000, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Trust or your financial intermediary.

 **Hawaiian Tax-Free Trust Class C (HULCX)**

Annual Shareholder Report — March 31, 2025 HULCX-03/25-AR

Hawaiian Tax-Free Trust

Class F \| HULFX

Annual Shareholder Report — March 31, 2025

![TSR_HTFT_logo-2_New](g891897images_27589.jpg)

This annual shareholder report contains important information about the Hawaiian Tax-Free Trust (the "Trust") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Trust at https://www.hawaiiantaxfreetrust.com. You can also request this information by contacting us at 800-437-1000.

**This report describes changes to the Trust that occurred during the reporting period.**

#### What were the Trust costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Trust (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Hawaiian Tax-Free Trust<br>(Class F / HULFX) | $76 | 0.76% |

---

#### Management's Discussion of Trust Performance
Over the one-year period ended March 31, 2025, the Hawaiian Tax-Free Trust's Class F shares returned 1.20%. This performance lagged the 1.22% return of the Trust's primary benchmark, the Bloomberg Municipal Bond Index. Additionally, the Bloomberg Hawaii Municipal Bond Index, the Trust's secondary benchmark, returned 1.41% during the same period. The market has remained volatile within a trading range of approximately 100 bps. Several key events have triggered the rates outlook for the market. First, there was a 100 bps cut in the Fed Funds rate in the third and fourth quarter of 2024. Second, the Presidential election ushered in a new Trump administration which got to work quickly altering legacy policies. Both are a source of uncertainty for the market to digest, leading to market volatility.

During the one-year period ended March 31, 2025:

* Municipal securities with lower credit qualities generally outperformed securities with higher credit qualities. The Trust's performance relative to its primary benchmark was primarily attributable to the higher quality bias of the Hawaii based municipal securities held by the Trust relative to securities making up the Trust's primary benchmark index. 

* The Trust's longer maturity relative to the primary benchmark provided a positive tailwind for the Trust's relative performance. 

* Security selection was a positive contributor to the Trust's relative performance for the annual period. 

#### Trust Performance
The following is a comparison of the change in value of a $10,000 investment in Hawaiian Tax-Free Trust's Class F vs. the Bloomberg Municipal Bond Index, the Bloomberg Hawaii Municipal Bond Index and the Bloomberg Municipal Bond Quality Intermediate Total Return Index.

Growth of $10,000

For the period November 30, 2018\* through March 31, 2025

![Fund Performance - Growth of 10K](g891897chartimages_9854585.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since inception** |
| Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12%\* |
| Bloomberg Municipal Bond Index\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10%<sup>\*\*\*</sup> |
| Bloomberg Hawaii Municipal Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%<sup>\*\*\*</sup> |
| Bloomberg Municipal Bond Quality Intermediate Total Return Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%<sup>\*\*\*</sup> |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>*  | *Class F Shares commenced operations on November 30, 2018.*  |
| *<sup>\*\*</sup>*  | *The Trust has designated the Bloomberg Municipal Bond Index as its new broad-based securities market index in accordance with the SEC's revised definition for such an index.*  |
| *<sup>\*\*\*</sup>*  | *Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.*  |

---

**All returns represent past performance which is no guarantee of future results.** Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.

Please visit https://www.hawaiiantaxfreetrust.com for performance data current to the most recent month-end.

#### Key Trust Statistics
The following table outlines key Trust statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Trust net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$397161655 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$999677 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Portfolio Holdings Summary Table (as of March 31, 2025)
The following table presents a summary by credit quality of the portfolio holdings of the Trust as a percentage of net assets:

CREDIT QUALITY

---

| | |
|:---|:---|
| Pre-refunded/Escrowed to Maturity | 2.1% |
| AAA | 7.7% |
| AA | 82.7% |
| A | 5.8% |
| BBB | 0.7% |
| BB | 0.0% |
| Cash | 1.0% |

---

Credit quality ratings are primarily sourced from Moody's but in the event that Moody's has not assigned a rating, the Trust will use S&P or Fitch. If these ratings are in conflict, S&P will be used before Fitch. If none of the major rating agencies have assigned a rating, the Trust will assign a rating of NR (non-rated security). The ratings represent their (Moody's, S&P, and Fitch) opinions as to the quality of the underlying securities in the Trust, and not the Trust itself. The ratings range from AAA (extremely strong capacity to meet financial commitment) to D (in default). Ratings are relative and subjective and are not absolute standards of quality. A pre-refunded bond is secured by an escrow fund of U.S. government obligations (i.e. Treasury securities) and assumes the superior credit rating of the government obligation. The ratings do not predict performance and are subject to change.

#### Material Trust changes during the period
Following is a summary of material changes made to the Trust during the reporting period:

Effective September 1, 2024: Foreside Funds Distributors LLC acts as the principal underwriter of the Trust; The Bank of New York Mellon serves as the Trust's administrator; Asset Management Group of Bank of Hawaii, the Trust's investment Adviser, provides certain administrative services to the Trust; and Chenery Compliance Group, LLC and JW Fund Management LLC provide compliance, fund officer and related administrative services to the Trust.

Prior to September 1, 2024, Aquila Investment Management LLC served as the Administrator/Business Manager for the Trust and Aquila Distributors LLC acted as the principal underwriter of the Trust.

Changes in and Disagreements with Accountants

During the fiscal year ended March 31, 2025, there were no changes in and/or disagreements with Accountants.

#### Availability of Additional Information
You can find additional information about the Trust, including the Trust's prospectus, financial information, holdings and proxy voting information, at https://www.hawaiiantaxfreetrust.com.

#### Householding
To reduce Trust expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Trust. If you would like to receive individual mailings, please contact the Trust at 800-437-1000, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Trust or your financial intermediary.

**Hawaiian Tax-Free Trust Class F (HULFX)**

Annual Shareholder Report — March 31, 2025 HULFX-03/25-AR

Hawaiian Tax-Free Trust

Class Y \| HULYX

Annual Shareholder Report — March 31, 2025

![TSR_HTFT_logo-2_New](g891897images_27589.jpg)

This annual shareholder report contains important information about the Hawaiian Tax-Free Trust (the "Trust") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Trust at https://www.hawaiiantaxfreetrust.com. You can also request this information by contacting us at 800-437-1000.

**This report describes changes to the Trust that occurred during the reporting period.**

#### What were the Trust costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Trust (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Hawaiian Tax-Free Trust<br>(Class Y / HULYX) | $77 | 0.77% |

---

#### Management's Discussion of Trust Performance
Over the one-year period ended March 31, 2025, the Hawaiian Tax-Free Trust's Class Y shares returned 1.28%. This performance was slightly higher than the 1.22% return of the Trust's primary benchmark, the Bloomberg Municipal Bond Index. Additionally, the Bloomberg Hawaii Municipal Bond Index, the Trust's secondary benchmark, returned 1.41% during the same period. The market has remained volatile within a trading range of approximately 100 bps. Several key events have triggered the rates outlook for the market. First, there was a 100 bps cut in the Fed Funds rate in the third and fourth quarter of 2024. Second, the Presidential election ushered in a new Trump administration which got to work quickly altering legacy policies. Both are a source of uncertainty for the market to digest, leading to market volatility.

During the one-year period ended March 31, 2025:

* Municipal securities with lower credit qualities generally outperformed securities with higher credit qualities. The Trust's performance relative to its primary benchmark was primarily attributable to the higher quality bias of the Hawaii based municipal securities held by the Trust relative to securities making up the Trust's primary benchmark index. 

* The Trust's longer maturity relative to the primary benchmark provided a positive tailwind for the Trust's relative performance. 

* Security selection was a positive contributor to the Trust's relative performance for the annual period. 

#### Trust Performance
The following is a comparison of the change in value of a $10,000 investment in Hawaiian Tax-Free Trust's Class Y vs. the Bloomberg Municipal Bond Index, the Bloomberg Hawaii Municipal Bond Index and the Bloomberg Municipal Bond Quality Intermediate Total Return Index.

Growth of $10,000

For the years March 31, 2015 through March 31, 2025

![Fund Performance - Growth of 10K](g891897chartimages_9854623.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| Bloomberg Municipal Bond Index\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% |
| Bloomberg Hawaii Municipal Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% |
| Bloomberg Municipal Bond Quality Intermediate Total Return Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% |

---

 *<sup>\*</sup>* *The Trust has designated the Bloomberg Municipal Bond Index as its new broad-based securities market index in accordance with the SEC's revised definition for such an index.* 

**All returns represent past performance which is no guarantee of future results.** Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.

Please visit https://www.hawaiiantaxfreetrust.com for performance data current to the most recent month-end.

#### Key Trust Statistics
The following table outlines key Trust statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Trust net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$397161655 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$999677 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Portfolio Holdings Summary Table (as of March 31, 2025)
The following table presents a summary by credit quality of the portfolio holdings of the Trust as a percentage of net assets:

CREDIT QUALITY

---

| | |
|:---|:---|
| Pre-refunded/Escrowed to Maturity | 2.1% |
| AAA | 7.7% |
| AA | 82.7% |
| A | 5.8% |
| BBB | 0.7% |
| BB | 0.0% |
| Cash | 1.0% |

---

Credit quality ratings are primarily sourced from Moody's but in the event that Moody's has not assigned a rating, the Trust will use S&P or Fitch. If these ratings are in conflict, S&P will be used before Fitch. If none of the major rating agencies have assigned a rating, the Trust will assign a rating of NR (non-rated security). The ratings represent their (Moody's, S&P, and Fitch) opinions as to the quality of the underlying securities in the Trust, and not the Trust itself. The ratings range from AAA (extremely strong capacity to meet financial commitment) to D (in default). Ratings are relative and subjective and are not absolute standards of quality. A pre-refunded bond is secured by an escrow fund of U.S. government obligations (i.e. Treasury securities) and assumes the superior credit rating of the government obligation. The ratings do not predict performance and are subject to change.

#### Material Trust changes during the period
Following is a summary of material changes made to the Trust during the reporting period:

Effective September 1, 2024: Foreside Funds Distributors LLC acts as the principal underwriter of the Trust; The Bank of New York Mellon serves as the Trust's administrator; Asset Management Group of Bank of Hawaii, the Trust's investment Adviser, provides certain administrative services to the Trust; and Chenery Compliance Group, LLC and JW Fund Management LLC provide compliance, fund officer and related administrative services to the Trust.

Prior to September 1, 2024, Aquila Investment Management LLC served as the Administrator/Business Manager for the Trust and Aquila Distributors LLC acted as the principal underwriter of the Trust.

Changes in and Disagreements with Accountants

During the fiscal year ended March 31, 2025, there were no changes in and/or disagreements with Accountants.

#### Availability of Additional Information
You can find additional information about the Trust, including the Trust's prospectus, financial information, holdings and proxy voting information, at https://www.hawaiiantaxfreetrust.com.

#### Householding
To reduce Trust expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Trust. If you would like to receive individual mailings, please contact the Trust at 800-437-1000, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Trust or your financial intermediary.

**Hawaiian Tax-Free Trust Class Y (HULYX)**

Annual Shareholder Report — March 31, 2025 HULYX-03/25-AR

------

(b) Not applicable.

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not applicable.

(f) A copy of the Code of Ethics is filed as an Exhibit.

#### Item 3. Audit Committee Financial Expert.
As of the end of the period covered by this report, the Registrant's Board of Trustees has determined that Mr. Glenn O'Flaherty, a member of the Registrant's Audit Committee, is the audit committee financial expert. Mr. O'Flaherty is "independent" as such term is defined in Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $32,600 for the fiscal year ending March 31, 2025 and $32,600 for the fiscal year ending March 31, 2024.

------

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for the fiscal year ending March 31, 2025 and $0 for the fiscal year ending March 31, 2024.

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $3,000 for the fiscal year ending March 31, 2025 and $3,500 for the fiscal year ending March 31, 2024. These fees were for review of the Fund's federal and state income tax returns.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for the fiscal year ending March 31, 2025 and $0 for the fiscal year ending March 31, 2024.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Currently, the audit committee of the Registrant pre-approves audit services and fees on an engagement-by-engagement basis.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

&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;&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;&nbsp;&nbsp;(b) Not applicable

&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;&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;&nbsp;&nbsp;(c) Not applicable

&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;&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;&nbsp;&nbsp;(d) Not applicable

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $0 for the fiscal year ending March 31, 2025 and $0 for the fiscal year ending March 31, 2024.

------

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
**(**a) Not applicable.

(b) Not applicable.

#### Item 6. Investments.
(a) The Registrant's "Schedule I – Investments in securities of unaffiliated issuers" as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](g891897img24de36881.gif)

---

| |
|:---|
| Class A |
| Class C |
| Class F |
| Class Y |

---

Annual Financials and Additional Information

March 31, 2025

The Trust is distributed by Foreside Funds Distributors LLC. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Trust.

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_8e6faa2e-c1f2-42c7-b3be-5577ed991528_1)<br>| 2 |
| [Financial Statements:](#xx_33320a5b-4369-4d1e-b300-5fb9d7343978_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_33320a5b-4369-4d1e-b300-5fb9d7343978_1)<br>| 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_2d0da0b0-1345-4cd7-9286-09d4a9bd6de2_1)<br>| 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_6d677614-bd51-4c34-86a1-ff21e7dac2d4_1)<br>| 10 |
| [Financial Highlights](#xx_5e897f12-64ca-4974-946b-1e69e84a47b8_1)<br>| 11 |
| [Notes to Financial Statements](#xx_4439c0b4-e464-49dd-823d-8e2a0b7aecd0_1)<br>| 15 |
| [Report of Independent Registered Public Accounting Firm](#xx_a4ebb313-15d1-448a-93ca-fd14eb46007c_1)<br>| 22 |
| [Shareholder Tax Information](#xx_bce123e2-2bc8-40d6-9167-d9904e0a2010_1)<br>| 23 |
| [Other Information](#xx_43d8ec82-94ad-4cff-a2b0-1418f48d6446_1)<br>| 24 |
| [Privacy Notice](#xx_7d71ee17-78ad-418e-804c-39caf9ac3525_1)<br>| 25 |

---

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Portfolio of Investments

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — 98.0%** | **MUNICIPAL BONDS — 98.0%** | **MUNICIPAL BONDS — 98.0%** |
| **Hawaii — 98.0%** | **Hawaii — 98.0%** | **Hawaii — 98.0%** |
| Hawaii County GO, Refunding, Callable 09/01/33 at 100,<br> 5.00%, 9/1/41 | $4570000 | $4891728 |
| Hawaii County GO, Series A, Refunding, Callable 03/01/26 at 100,<br> 5.00%, 9/1/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1017830 |
| Hawaii County GO, Series A, Refunding, Callable 03/01/26 at 100,<br> 4.00%, 9/1/35 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1097420 |
| Hawaii County GO, Series A, Refunding, Callable 03/01/27 at 100,<br> 5.00%, 9/1/29 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4153320 |
| Hawaii County GO, Series D, Refunding, Callable 03/01/27 at 100,<br> 4.00%, 9/1/28 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2036280 |
| Hawaii Housing Finance & Development Corp. Revenue, Putable,<br> 3.30%, 12/1/29<sup>(a)</sup> | &nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12020640 |
| Hawaii Housing Finance & Development Corp. Revenue, Series A, Callable 04/27/25 at 100,<br> 3.75%, 1/1/31 | &nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1825146 |
| Hawaii State Airports System Revenue, COP, AMT, Callable 04/27/25 at 100,<br> 5.25%, 8/1/25 | &nbsp;&nbsp; 3435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3449977 |
| 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; 2469314 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/32 at 100,<br> 5.00%, 7/1/51 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8076240 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/35 at 100,<br> 5.25%, 7/1/51 | &nbsp;&nbsp;16000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16587840 |

---

---

| | | |
|:---|:---|:---|
|  | **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, Refunding, Callable 07/01/25 at 100,<br> 5.00%, 7/1/41 | &nbsp;&nbsp;$1850000 | $1858936 |
| Hawaii State Airports System Revenue, Series A, AMT, Refunding, Callable 07/01/25 at 100,<br> 5.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3014490 |
| 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; 10623400 |
| 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; 341625 |
| 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; 360954 |
| 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; 533115 |
| 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; 528687 |
| 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; 387511 |
| 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; 262293 |
| 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; 239912 |
| Hawaii State Department of Budget & Finance Revenue, Series A, Refunding,<br> 5.00%, 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2209966 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Portfolio of Investments (Continued)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **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,<br> 5.00%, 7/1/25 | &nbsp;&nbsp;$1700000 | $1707990 |
| Hawaii State Department of Budget & Finance Revenue, Series A, Refunding,<br> 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1527106 |
| Hawaii State Department of Budget & Finance Revenue, Series A, Refunding, Callable 07/01/25 at 100,<br> 5.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703339 |
| Hawaii State Department of Budget & Finance Revenue, Series A, Refunding, Callable 07/01/25 at 100,<br> 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004270 |
| Hawaii State Department of Budget & Finance Revenue, Series A, Refunding, Callable 07/01/25 at 100,<br> 5.00%, 7/1/35 | &nbsp;&nbsp;15520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15560352 |
| Hawaii State Department of Budget & Finance Revenue, Series A, Refunding, Callable 07/01/33 at 100,<br> 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;2675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2914760 |
| 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; 2747750 |
| Hawaii State Department of Hawaiian Home Lands, COP, Series A, Refunding,<br> 5.00%, 11/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146726 |
| 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; 1172601 |
| 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; 964694 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100,<br> 5.00%, 4/1/29 | &nbsp;&nbsp;$905000 | $940395 |
| 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; 871198 |
| Hawaii State GO, Series EO, Callable 05/07/25 at 100,<br> 5.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;3195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3200527 |
| Hawaii State GO, Series EO, Unrefunded portion, Callable 05/07/25 at 100,<br> 5.00%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1738210 |
| Hawaii State GO, Series EO, Unrefunded portion, Callable 05/07/25 at 100,<br> 5.00%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1477404 |
| Hawaii State GO, Series ET, Prerefunded, Callable 10/01/25 at 100,<br> 5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2092625 |
| Hawaii State GO, Series FB, Callable 04/01/26 at 100,<br> 4.00%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;2255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2273671 |
| 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; 2627986 |
| Hawaii State GO, Series FT, Callable 01/01/28 at 100,<br> 5.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1766621 |
| Hawaii State GO, Series FT, Callable 01/01/28 at 100,<br> 5.00%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4279375 |
| Hawaii State GO, Series FW, Callable 01/01/29 at 100,<br> 4.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2035880 |
| Hawaii State GO, Series FW, Callable 01/01/29 at 100,<br> 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3149550 |
| 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; 6285720 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Portfolio of Investments (Continued)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State GO, Series FW, Callable 01/01/29 at 100,<br> 5.00%, 1/1/39 | &nbsp;&nbsp;$400000 | $417208 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100,<br> 4.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197948 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100,<br> 4.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97086 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100,<br> 4.00%, 7/1/36 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9601400 |
| 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; 8523090 |
| Hawaii State Harbor System Revenue, Series C, Refunding, Callable 07/01/30 at 100,<br> 4.00%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865603 |
| 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; 1096193 |
| 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; 3017056 |
| 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; 3782270 |
| 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; 1064980 |

---

---

| | | |
|:---|:---|:---|
|  | **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> 5.00%, 1/1/30 | &nbsp;&nbsp;$4500000 | $4600440 |
| Hawaii State Highway Fund Revenue, Series A, Callable 07/01/26 at 100,<br> 4.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4332852 |
| 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; 821742 |
| 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; 856832 |
| 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; 942260 |
| 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; 5389475 |
| Honolulu City & County Board of Water Supply Revenue, Series A, Callable 07/01/30 at 100,<br> 4.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1915647 |
| 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; 34918 |
| 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; 8093250 |
| Honolulu City & County GO, Series A, Callable 03/01/30 at 100,<br> 4.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637466 |
| 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; 2606619 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Portfolio of Investments (Continued)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **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%, 7/1/43 | &nbsp;&nbsp;$1500000 | $1597860 |
| 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; 3604782 |
| 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; 3652350 |
| Honolulu City & County GO, Series A, Callable 07/01/33 at 100,<br> 5.00%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;3865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4072550 |
| 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; 4332190 |
| 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; 3495406 |
| 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; 3408312 |
| 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; 3189450 |
| 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; 1793232 |
| Honolulu City & County GO, Series A, Refunding,<br> 5.00%, 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011180 |
| Honolulu City & County GO, Series A, Refunding,<br> 5.00%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093199 |
| Honolulu City & County GO, Series A, Refunding, Callable 10/01/25 at 100,<br> 5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1308424 |

---

---

| | | |
|:---|:---|:---|
|  | **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, Refunding, Callable 10/01/25 at 100,<br> 5.00%, 10/1/36 | &nbsp;&nbsp;$1000000 | $1006080 |
| Honolulu City & County GO, Series B, Callable 07/01/32 at 100,<br> 5.25%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;3920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4181895 |
| Honolulu City & County GO, Series C,<br> 4.00%, 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003000 |
| Honolulu City & County GO, Series C, Callable 07/01/30 at 100,<br> 4.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995520 |
| Honolulu City & County GO, Series C, Callable 07/01/30 at 100,<br> 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966865 |
| Honolulu City & County GO, Series C, Callable 08/01/29 at 100,<br> 5.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2206309 |
| Honolulu City & County GO, Series C, Callable 08/01/29 at 100,<br> 4.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1490616 |
| Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100,<br> 5.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;2095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2116683 |
| Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100,<br> 5.00%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;4510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4554198 |
| Honolulu City & County Wastewater System Revenue, Junior Series, Series A, Refunding,<br> 5.00%, 7/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4021960 |
| Honolulu City & County Wastewater System Revenue, Senior Series, Callable 07/01/33 at 100,<br> 5.25%, 7/1/53 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10615200 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Portfolio of Investments (Continued)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **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, Series A, Callable 01/01/28 at 100,<br> 5.00%, 7/1/36 | &nbsp;&nbsp;$6000000 | $6234300 |
| Honolulu City & County Wastewater System Revenue, Senior Series, Series A, Callable 07/01/32 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4191760 |
| 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; 14901659 |
| 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; 18484900 |
| Honolulu City & County Wastewater System Revenue, Senior Series, Series A, Callable 07/01/34 at 100,<br> 5.00%, 7/1/44 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10683600 |
| Honolulu City & County Wastewater System Revenue, Senior Series, Series A, Callable 07/01/34 at 100,<br> 5.25%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;3510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3738431 |
| Honolulu City & County Wastewater System Revenue, Senior Series, Series A, Prerefunded, Callable 07/01/25 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201098 |
| Honolulu City & County Wastewater System Revenue, Senior Series, Series B, Prerefunded, Callable 07/01/25 at 100,<br> 5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2161803 |
| Honolulu City & County Wastewater System Revenue, Senior Series, Series B, Prerefunded, Callable 07/01/25 at 100,<br> 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3720313 |

---

---

| | | |
|:---|:---|:---|
|  | **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, Series B, Refunding,<br> 5.00%, 7/1/25 | &nbsp;&nbsp;$2095000 | $2106439 |
| 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; 792861 |
| Kauai County GO,<br> 5.00%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297124 |
| Kauai County GO,<br> 5.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241907 |
| 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; 298674 |
| 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; 402321 |
| 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; 202622 |
| 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; 206620 |
| 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; 796315 |
| Kauai County GO, Refunding,<br> 5.00%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3246480 |
| Kauai County GO, Refunding,<br> 5.00%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3834775 |
| Kauai County GO, Refunding,<br> 5.00%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3323370 |
| Kauai County GO, Refunding,<br> 5.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3075132 |
| Kauai County GO, Refunding,<br> 5.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3379650 |
| Maui County GO, Callable 03/01/32 at 100,<br> 5.00%, 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442952 |
| 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; 1777034 |
| 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; 4157999 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Portfolio of Investments (Concluded)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Maui County GO, Callable 03/01/32 at 100,<br> 5.00%, 3/1/40 | &nbsp;&nbsp;$4075000 | $4338938 |
| 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; 1429232 |
| 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; 1660318 |
| 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; 1262316 |
| Maui County GO, Refunding, Callable 09/01/28 at 100,<br> 5.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4251880 |
| University of Hawaii Revenue, Series B, Refunding,<br> 5.00%, 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1136846 |
| University of Hawaii Revenue, Series B, Refunding, Callable 10/01/25 at 100,<br> 5.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010650 |
| University of Hawaii Revenue, Series D, Refunding, Callable 10/01/30 at 100,<br> 4.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2061180 |
| 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; 4117040 |
| 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; 3755156 |
| University of Hawaii Revenue, Series F, Refunding,<br> 5.00%, 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010530 |
| 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; 1047810 |
| 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; 2093220 |

---

---

| | | |
|:---|:---|:---|
|  | **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 | $2609025 |
| 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; 680250 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $400,874,493) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389151500 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT — 1.0%** |  |  |
| **Money Market Fund — 1.0%** | **Money Market Fund — 1.0%** | **Money Market Fund — 1.0%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%<sup>(b)</sup> | 4096637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4096637 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENT<br> (Cost $4,096,637) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4096637 |
| TOTAL INVESTMENTS - 99.0%<br> (Cost $404,971,130) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393248137 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3913518 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;$397161655 |

---

------

<sup>(a)</sup> The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at March 31, 2025. <br> <sup>(b)</sup> Rate disclosed is the 7-day yield at March 31, 2025.

---

| | |
|:---|:---|
| AMT | Alternative Minimum Tax |
| COP | Certificate of Participation |
| GO | General Obligation |
| OID | Original Issue Discount |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Statement of Assets and Liabilities

#### March 31, 2025

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $404,971,130) | &nbsp;&nbsp;$393248137 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4855740 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;398178646 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016991 |
| Net Assets | &nbsp;&nbsp;$397161655 |
| **Net Assets Consisted of:** |  |
| &nbsp;&nbsp;&nbsp;Capital stock, $0.01 par value | &nbsp;&nbsp;$381883 |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;424104788 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | &nbsp;&nbsp;&nbsp;&nbsp;(27325016) |
| Net Assets | &nbsp;&nbsp;$397161655 |
| **Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;$359248439 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34547928 |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price per share | &nbsp;&nbsp;$10.40 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (100/97.00 of $10.40) | &nbsp;&nbsp;$10.72 |
| **Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;$4280484 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411957 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;$10.39 |
| **Class F:** |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;$344459 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33136 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;$10.40 |
| **Class Y:** |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;$33288273 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195255 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;$10.42 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Statement of Operations

#### For the Year Ended March 31, 2025

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$12989175 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;13469940 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999677 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847370 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Class A)(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778233 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591638 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392380 |
| &nbsp;&nbsp;&nbsp;Trustees' and officers' fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323113 |
| &nbsp;&nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77386 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Class C)(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49954 |
| &nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35501 |
| &nbsp;&nbsp;&nbsp;Custodian fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30600 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22386 |
| &nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4197362 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9272578 |
| **Net realized and unrealized gain/(loss) from investments:** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | &nbsp;&nbsp;&nbsp;&nbsp;(5640440) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462517 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | &nbsp;&nbsp;&nbsp;&nbsp;(4177923) |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp;$5094655 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> March 31, 2024** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$9272578 | &nbsp;&nbsp;$9826904 |
| &nbsp;&nbsp;&nbsp;Net realized losses from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5640440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6763230) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805033 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5094655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868707 |
| **Less dividends and distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8268569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8539799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(928327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1188838) |
| Net decrease in net assets from dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9272281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9826901) |
| **Decrease in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;(70016288) | &nbsp;&nbsp;&nbsp;&nbsp;(46431918) |
| Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(74193914) | &nbsp;&nbsp;&nbsp;&nbsp;(52390112) |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;471355569 | &nbsp;&nbsp;&nbsp;&nbsp;523745681 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$397161655 | &nbsp;&nbsp;$471355569 |

---

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Financial Highlights

------

Contained below is per share operating performance data for Class A shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Trust (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2021** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$10.51 | &nbsp;&nbsp;$10.62 | &nbsp;&nbsp;$10.82 | &nbsp;&nbsp;$11.48 | &nbsp;&nbsp;$11.36 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| Net realized capital gains | &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;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Total dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Net asset value, end of year | &nbsp;&nbsp;$10.40 | &nbsp;&nbsp;$10.51 | &nbsp;&nbsp;$10.62 | &nbsp;&nbsp;$10.82 | &nbsp;&nbsp;$11.48 |
| Total investment return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.25)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (in 000s) | &nbsp;&nbsp;$359248 | &nbsp;&nbsp;$413159 | &nbsp;&nbsp;$456130 | &nbsp;&nbsp;$498513 | &nbsp;&nbsp;$549148 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

------

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the year.

<sup>(2)</sup> Amount is less than $0.005 per share.

<sup>(3)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total investment return does not reflect the impact of the maximum sales load of 3.00% or any applicable sales charge. If reflected, the return would be lower.

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Financial Highlights (Continued)

------

Contained below is per share operating performance data for Class C shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Trust (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2021** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$10.51 | &nbsp;&nbsp;$10.62 | &nbsp;&nbsp;$10.82 | &nbsp;&nbsp;$11.47 | &nbsp;&nbsp;$11.36 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Total dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| Net asset value, end of year | &nbsp;&nbsp;$10.39 | &nbsp;&nbsp;$10.51 | &nbsp;&nbsp;$10.62 | &nbsp;&nbsp;$10.82 | &nbsp;&nbsp;$11.47 |
| Total investment return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;(0.99)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.94)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (in 000s) | &nbsp;&nbsp;$4280 | &nbsp;&nbsp;$6190 | &nbsp;&nbsp;$9779 | &nbsp;&nbsp;$15232 | &nbsp;&nbsp;$19865 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

------

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the year.

<sup>(2)</sup> Amount is less than $0.005 per share.

<sup>(3)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total investment return does not reflect any applicable sales charge.

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

------

Contained below is per share operating performance data for Class F shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Trust (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** | &nbsp;&nbsp;&nbsp;**Class F** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2021** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$10.52 | &nbsp;&nbsp;$10.64 | &nbsp;&nbsp;$10.84 | &nbsp;&nbsp;$11.50 | &nbsp;&nbsp;$11.39 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Total dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Net asset value, end of year | &nbsp;&nbsp;$10.40 | &nbsp;&nbsp;$10.52 | &nbsp;&nbsp;$10.64 | &nbsp;&nbsp;$10.84 | &nbsp;&nbsp;$11.50 |
| Total investment return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;(4.02)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (in 000s) | &nbsp;&nbsp;$344 | &nbsp;&nbsp;$400 | &nbsp;&nbsp;$428 | &nbsp;&nbsp;$196 | &nbsp;&nbsp;$295 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

------

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the year.

<sup>(2)</sup> Amount is less than $0.005 per share.

<sup>(3)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Financial Highlights (Concluded)

------

Contained below is per share operating performance data for Class Y shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Trust (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2021** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$10.53 | &nbsp;&nbsp;$10.64 | &nbsp;&nbsp;$10.84 | &nbsp;&nbsp;$11.50 | &nbsp;&nbsp;$11.39 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Net realized capital gains | &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;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Total dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Net asset value, end of year | &nbsp;&nbsp;$10.42 | &nbsp;&nbsp;$10.53 | &nbsp;&nbsp;$10.64 | &nbsp;&nbsp;$10.84 | &nbsp;&nbsp;$11.50 |
| Total investment return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.05)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (in 000s) | &nbsp;&nbsp;$33288 | &nbsp;&nbsp;$51607 | &nbsp;&nbsp;$57409 | &nbsp;&nbsp;$72358 | &nbsp;&nbsp;$76282 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

------

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the year.

<sup>(2)</sup> Amount is less than $0.005 per share.

<sup>(3)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

The accompanying notes are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Notes to Financial Statements

#### March 31, 2025
1. Organization and Significant Accounting Policies

Hawaiian Tax-Free Trust (the "Trust"), a non-diversified, open-end investment company, was organized on May 7, 1984, as a Massachusetts business trust and commenced operations on February 20, 1985. The Trust is authorized to issue an unlimited number of shares. Class A Shares are sold at net asset value plus a sales charge of varying size (depending upon a variety of factors) paid at the time of purchase and bear a distribution fee. Class C Shares are sold at net asset value with no sales charge payable at the time of purchase but with a level charge for service and distribution fees for six years thereafter. Class C Shares automatically convert to Class A Shares after six years. Class F Shares and Class Y Shares are sold only through authorized financial institutions acting for investors in a fiduciary, advisory, agency, custodial or similar capacity, and are not offered directly to retail customers. Class F Shares and Class Y Shares are sold at net asset value with no sales charge, no redemption fee, no contingent deferred sales charge ("CDSC") and no distribution fee. All classes of shares represent interests in the same portfolio of investments and are identical as to rights and privileges but differ with respect to the effect of sales charges, the distribution and/or service fees borne by each class, expenses specific to each class, voting rights on matters affecting a single class and the exchange privileges of each class.

The Asset Management Group of Bank of Hawaii (the "Adviser"), serves as Investment Adviser to the Trust.

The Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

***Portfolio Valuation — 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.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Notes to Financial Statements (Continued)

#### March 31, 2025
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 March 31, 2025, in valuing the Trust's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Total Value at<br> 03/31/25** | &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;$389151500 | $— | &nbsp;&nbsp;$389151500 | $— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4096637 | &nbsp;&nbsp;4096637 | &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;$393248137 | $4096637 | &nbsp;&nbsp;$389151500 | $— |

---

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 ("U.S. GAAP") 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 year ended March 31, 2025, there were no transfers in or out of Level 3.

***Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.***

***Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums are recorded on a daily basis using the effective yield method except for short term securities, which records discounts and premiums on a straight-line basis. Distribution (12b-1) fees and shareholder services fees relating to a specific class are charged directly to that class. All income, expenses (other than class-specific expenses), and realized and unrealized gains or losses are allocated daily to each class of shares based on the relative net assets of each class. Class-specific expenses, which include distribution and service fees and any other items that are specifically attributed to a particular class, are also charged directly to such class on a daily basis.***

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[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Notes to Financial Statements (Continued)

#### March 31, 2025
***Dividends and Distributions to Shareholders — Dividends from net investment income are declared daily and paid monthly to shareholders. Distributions, if any, of net short-term capital gain and net capital gain (the excess of net long-term capital gain over the short-term capital loss) realized by the Trust, after deducting any available capital loss carryovers are declared and paid to its shareholders annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.***

***U.S. Tax Status — No provision is made for U.S. income taxes as it is the Trust's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended ("Internal Revenue Code"), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.***

***Other — In the normal course of business, the Trust may enter into contracts that provide general indemnifications. The Trust's maximum exposure under these arrangements is dependent on claims that may be made against the Trust in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.***

***Recent Accounting Pronouncement — The Trust adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures during the year. The Trust's adoption of the new standard impacted financial statement disclosures only and did not affect the Trust's financial position or results of operations. The Trust operates as a single reporting entity, meaning all its business activities are considered one business segment for financial reporting purposes.***

The Chief Operating Decision Maker ("CODM") is the Adviser of the Trust. The CODM has concluded that the Trust operates as a single operating segment since the Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Trust's financial statements.

2. Transactions with Related Parties and Other Service Providers

The Adviser serves as investment adviser to the Trust pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). For its services, the Adviser is paid a monthly fee at the annual rate of 0.23% of the Trust's net asset value on assets under $875 million; 0.17% of the Trust's net asset value on assets of $875 million or more, but less than $1.5 billion; and 0.155% of the Trust's net asset value on assets of $1.5 billion and over.

Until August 31, 2024 Aquila Investment Management LLC, a wholly-owned subsidiary of Aquila Management Corporation, served as the Administrator/Business Manager for the Trust under an Administration and Business Management Agreement with the Trust. The Administrator/Business Manager provided all administrative services to the Trust other than those relating to its investment portfolio. Those included providing the officers of the Trust and all related services as well as overseeing the activities of all the various support organizations to the Trust such as the transfer and shareholder servicing agent, fund accounting agent, custodian, legal counsel, auditors and distributor. For its services, the Administrator/Business Manager received a fee at an annual rate of 0.22% of the Trust's net assets. For the period from April 1, 2024 through August 31, 2024, Aquila Investment Management LLC received fees for its administrative services totaling $421,648. Effective September 1, 2024, the Adviser provides certain administrative services to the Trust under a separate Administrative Services Agreement. The Adviser receives a fee at an annual rate of 0.10% of the Trust's average daily net assets for providing such administrative services. As such, the Administration and Business Management Agreement with Aquila Investment Management LLC was terminated. For the period from September 1, 2024 through March 31, 2025, the Adviser received fees for its administrative services totaling $242,984.

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[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Notes to Financial Statements (Continued)

#### March 31, 2025

#### Other Service Providers
Effective, September 1, 2024, the Bank of New York Mellon ("BNY") serves as administrator. For providing administrative and accounting services, BNY is entitled to receive a monthly fee equal to an annual percentage rate of the Trust's average daily net assets and is subject to certain minimum monthly fees. BNY serves as custodian for the Trust. For providing certain custodial services, BNY is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses. The fees incurred by the Trust for these services are included in the Administration and Custodian fees in the Statement of Operations.

BNY Mellon Investment Servicing (US) Inc. (the "Transfer Agent") provides transfer agent services to the Trust. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Trust, has entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries investing in the Trust and have agreed to compensate the intermediaries for providing those services. The fees incurred by the Trust for these services are included in Transfer agent fees in the Statement of Operations.

Effective September 1, 2024, Foreside Funds Distributors LLC (the "Distributor") provides principal underwriting services to the Trust pursuant to an underwriting agreement between the Trust and the Distributor. Prior to September 1, 2024, Aquila Distributors LLC acted as the principal underwriter of the Trust. For the period from April 1, 2024 through August 31, 2024, Aquila Distributors LLC received fees for its underwriting services totaling $362,700.

The Trust and the Distributor are parties to an underwriting agreement. The Trust has adopted a distribution plan for Class A and Class C shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Class A and Class C shares plan, the Trust compensates the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.20% and 1.00% (0.75% Rule 12b-1 distribution fee and 0.25% shareholder service fee) on an annualized basis of the average daily net assets of the Trust's Class A and Class C shares, respectively. The fees incurred by the Trust for these services are included in the Distribution fees in the Statement of Operations.

#### Trustees and Officers
The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. An employee of BNY serves as the Secretary of the Trust and is not compensated by the Trust.

Effective September 1, 2024, JW Fund Management LLC ("JWFM") provides a Principal Executive Officer and Principal Financial Officer to the Trust. Chenery Compliance Group, LLC ("Chenery") provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Chenery are compensated for their services provided to the Trust. Prior to September 1, 2024, pursuant to the Compliance Agreement with the Administrator/Business Manager, Aquila Investment Management LLC, the Administrator/Business Manager, was additionally compensated by the Trust for compliance related services provided to enable the Trust. For the period from April 1, 2024 through August 31, 2024, it received fees of $5,016 for its compliance related services.

3. Investment in Securities

For the year ended March 31, 2025, aggregated purchases and sales of investment securities (excluding short-term investments) of the Trust were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Investment Securities | &nbsp;&nbsp;$75314560 | &nbsp;&nbsp;$136248052 |

---

The Trust may purchase or sell securities on a when-issued basis. When-issued transactions arise when securities are purchased or sold by the Trust with payment and delivery taking place in the future in order to secure what is considered to be an

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Notes to Financial Statements (Continued)

#### March 31, 2025
advantageous price and yield to the Trust at the time of entering into the transaction. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities.

4. Capital Share Transactions

For years ended March 31, 2025 and 2024, transactions in capital shares (authorized shares unlimited) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**For the Year Ended<br> March 31, 2024** | &nbsp;&nbsp;**For the Year Ended<br> March 31, 2024** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615579 | &nbsp;&nbsp;$6485628 | &nbsp;&nbsp;&nbsp;1115113 | &nbsp;&nbsp;$11611240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6578916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6690698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;(5999846) | &nbsp;&nbsp;&nbsp;&nbsp;(63203343) | &nbsp;&nbsp;(5392415) | &nbsp;&nbsp;&nbsp;&nbsp;(56097755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;(4758269) | &nbsp;&nbsp;$(50138799) | &nbsp;&nbsp;(3635129) | &nbsp;&nbsp;$(37795817) |
| Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15381 | &nbsp;&nbsp;$162289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16759 | &nbsp;&nbsp;$174648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(197777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2083296) | &nbsp;&nbsp;&nbsp;&nbsp;(355721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3716393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(177337) | &nbsp;&nbsp;$(1867921) | &nbsp;&nbsp;&nbsp;&nbsp;(331842) | &nbsp;&nbsp;$(3467630) |
| Class F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15779 | &nbsp;&nbsp;$165994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11212 | &nbsp;&nbsp;$115486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4881) | &nbsp;&nbsp;$(51285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2218) | &nbsp;&nbsp;$(25079) |
| Class Y |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428852 | &nbsp;&nbsp;$4512001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732358 | &nbsp;&nbsp;$7668362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;(2198582) | &nbsp;&nbsp;&nbsp;&nbsp;(23144763) | &nbsp;&nbsp;(1316942) | &nbsp;&nbsp;&nbsp;&nbsp;(13760806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;(1705614) | &nbsp;&nbsp;$(17958283) | &nbsp;&nbsp;&nbsp;&nbsp;(493673) | &nbsp;&nbsp;$(5143392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net decrease | &nbsp;&nbsp;(6646101) | &nbsp;&nbsp;$(70016288) | &nbsp;&nbsp;(4462862) | &nbsp;&nbsp;$(46431918) |

---

5. Federal Tax Information

The Trust has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Trust to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. The Trust has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Trust is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

Distributions are determined in accordance with federal income tax regulations, which may differ in amount or character from net investment income and realized gains for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the components of net assets based on the tax treatment; temporary differences do not require reclassifications. Net assets were not affected by these adjustments.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Notes to Financial Statements (Continued)

#### March 31, 2025
At March 31, 2025, the Trust had capital loss carry forwards of $13,616,554 where the $1,538,618 retains it character of short-term and $12,077,936 retains its character of long-term; both have no expiration. This carryover is available to offset future net realized gains on securities transactions to the extent provided for in the Internal Revenue Code.

The tax character of distributions paid during the year ended March 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ordinary Income** | &nbsp;&nbsp;**Tax<br> Exempt<br> Distributions** | &nbsp;&nbsp;**Total<br> Distributions<br> Paid\*** |
| Hawaiian Tax-Free Trust | &nbsp;&nbsp;$378550 | &nbsp;&nbsp;$8905608 | &nbsp;&nbsp;$9284158 |

---

------

\* Distributions will not tie to Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

The tax character of distributions paid during the year ended March 31, 2024, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ordinary Income** | &nbsp;&nbsp;**Tax<br> Exempt<br> Distributions** | &nbsp;&nbsp;**Total<br> Distributions<br> Paid** |
| Hawaiian Tax-Free Trust | &nbsp;&nbsp;$381330 | &nbsp;&nbsp;$9445571 | &nbsp;&nbsp;$9826901 |

---

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

As of March 31, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Capital Loss<br> Carryforward** | &nbsp;&nbsp;**Undistributed<br> Tax Exempt** | &nbsp;&nbsp;**Distributions<br> Payable** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Qualified<br> Late-Year<br> Losses** |
| Hawaiian Tax-Free Trust | &nbsp;&nbsp;$(13616554) | &nbsp;&nbsp;$178627 | &nbsp;&nbsp;$(176128) | &nbsp;&nbsp;$(11770481) | &nbsp;&nbsp;$(1940480) |

---

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes.

As of March 31, 2025, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Trust was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;**Net Unrealized<br> (Depreciation)** |
| Hawaiian Tax-Free Trust | &nbsp;&nbsp;$405018618 | &nbsp;&nbsp;$91452 | &nbsp;&nbsp;$(11861933) | &nbsp;&nbsp;$(11770481) |

---

Pursuant to federal income tax rules applicable to regulated investment companies, the Trust may elect to treat certain capital losses between November 1 and March 31 and late year ordinary losses ((i) ordinary losses between January 1 and March 31, and (ii) specified ordinary and currency losses between November 1 and March 31) as occurring on the first day of the following tax year. For the year ended March 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until April 1, 2025. For the year ended March 31, 2025, the Trust did not have late year ordinary loss deferrals and had capital loss deferrals of $1,940,480.

6. Concentration of Credit Risk

The Hawaiian Tax-Free Trust primarily invests in debt obligations issued by the state of Hawaii and its political subdivisions, agencies, and public authorities to obtain funds for various public purposes. The Trust is more susceptible to factors adversely affecting issues of Hawaii municipal securities than is a municipal bond fund that is not concentrated in these issuers to the same extent.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Notes to Financial Statements (Concluded)

#### March 31, 2025
7. Debt Investment Risk

Debt investments are affected primarily by the financial condition of the companies or other entities that have issued them and by changes in interest rates. There is a risk that an issuer of the Trust's debt investments may not be able to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or go bankrupt. Securities such as high-yield/high-risk bonds, e.g., bonds with low credit ratings by Moody's (Ba or lower) or Standard & Poor's (BB and lower) or if unrated are of comparable quality as determined by the manager, are especially subject to credit risk during periods of economic uncertainty or during economic downturns and are more likely to default on their interest and/or principal payments than higher rated securities. Debt investments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise.

8. Subsequent Events

Management has evaluated the impact of all subsequent events on the Trust through the date the financial statements were issued, and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees and Shareholders of Hawaiian Tax-Free Trust:

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Hawaiian Tax-Free Trust (the "Trust"), including the portfolio of investments, as of March 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor for the Trust since 2005.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian. We believe that our audit provides a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

May 28, 2025

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Shareholder Tax Information
(Unaudited)

The Trust is required by Subchapter M of the Internal Revenue Code, to advise its shareholders of the U.S. federal tax status of distributions received by the Trust's shareholders in respect of such fiscal year.

The tax character of distributions paid during the year ended March 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ordinary Income** | &nbsp;&nbsp;**Tax<br> Exempt<br> Distributions** | &nbsp;&nbsp;**Total<br> Distributions<br> Paid\*** |
| Hawaiian Tax-Free Trust | &nbsp;&nbsp;$378550 | &nbsp;&nbsp;$8905608 | &nbsp;&nbsp;$9284158 |

---

------

\* Distributions will not tie to Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations for the Trust is 100.00%.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Trust to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

Because the Trust's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Trust, if any.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Trust.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Other Information
(Unaudited)

#### Proxy Voting
Policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Trust voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling and on the Securities and Exchange Commission's ("SEC") website at *http://www.sec.gov.*

#### Quarterly Portfolio Schedules
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended June 30 and December 31) as an exhibit to its reports on Form N-PORT. Portfolio holdings on Form N-PORT are available on the SEC's website at *http://www.sec.gov.*

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

HAWAIIAN TAX-FREE TRUST

#### Privacy Notice
(Unaudited)

The privacy of your personal financial information is extremely important to us. When you open an account with us, we collect a significant amount of information from you in order to properly invest and administer your account. We take very seriously the obligation to keep that information private and confidential, and we want you to know how we protect that important information.

We collect nonpublic personal information about you from applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you, or our former clients, to our affiliates or to service providers or other third parties, except as permitted by law. We share only the information required to properly administer your accounts, which enables us to send transaction confirmations, monthly or quarterly statements, financials and tax forms. Even within the Trust and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities.

To ensure the highest degree of security and confidentiality, the Trust and its affiliates maintain various physical, electronic and procedural safeguards to protect your personal information. We also apply special measures for authentication of information you request or submit to us on our web site.

If you have questions or comments about our privacy practices, please call us at 800-437-1000.

------

[**Table of Contents**](#JOB_FundV_15ee8c5c-4416-4bf5-9575-0fe816105d87_TOC)

#### Investment Adviser
Asset Management Group of Bank of Hawaii

111 S. King Street, 4th Floor

Honolulu, Hawaii 96813

#### Administrator
The Bank of New York Mellon

103 Bellevue Parkway

Wilmington, DE 19809

#### Distributor
Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

#### Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

500 Ross Street, 154-0520

Pittsburgh, PA 15262

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

#### Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, Pennsylvania 19102

#### Legal Counsel
Morgan, Lewis & Bockius LLP

One Federal Street

Boston, Massachusetts 02110

AQL-HIAR-0325

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The Fund's disclosure of remuneration items is included as part of the Annual Financials and Additional Information filed under Item 7 of this form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

------

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the 1940 Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

------

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](d891897dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications of Principal Executive Officer and Principal Financial Officer.](d891897dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d891897dex99906cert.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| (Registrant) <u>Hawaiian Tax-Free Trust</u> | (Registrant) <u>Hawaiian Tax-Free Trust</u> |  |
| By | (Signature and Title)\* | /s/ Joel L. Weiss |
|  |  | Joel L. Weiss, President and |
|  |  | Chief Executive Officer |
|  |  | (principal executive officer) |

---

Date: June 3, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| By | (Signature and Title)\* | /s/ Joel L. Weiss |
|  |  | Joel L. Weiss, President and |
|  |  | Chief Executive Officer |
|  |  | (principal executive officer) |

---

Date: June 3, 2025

---

| | | |
|:---|:---|:---|
| By | (Signature and Title)\* | /s/ Christine S. Catanzaro |
|  |  | Christine S. Catanzaro, Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |

---

Date: June 3, 2025

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

![LOGO](g891897g0530221650768.jpg)

**HAWAIIAN TAX-FREE TRUST** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**FINANCIAL OFFICERS** 

**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") applies to the President and Treasurer (the "Covered Officers" each of whom are set forth in Exhibit A) of Hawaiian Tax-Free Trust ("HTFT") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Honest and Ethical Conduct and Ethically Handling Actual and Apparent Conflicts of Interest** 

**Overview.** The Covered Officers shall conduct their activities on behalf of HTFT in an honest and ethical manner. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, HTFT. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with HTFT.

------

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the "1940 Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with HTFT because of their status as "affiliated persons" (as defined in Section 2(a)(3) of the 1940 Act) of HTFT. The compliance programs and procedures of HTFT and the covered service providers under Rule 38a-1 of the 1940 Act ("Service Providers") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of the Code. Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship among HTFT and the Service Providers. As a result, the Code recognizes that the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on Service Providers and HTFT. The participation of the Covered Officers in such activities is inherent in the contractual relationship among HTFT and the investment advisers and sub-advisers and is consistent with the performance by the Covered Officers of their duties as officers of HTFT. Thus, if performed in conformity with the provisions of the 1940 Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the HTFT Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interests of a Covered Officer should not be placed improperly before the interests of HTFT.

\* \* \* \*

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationships improperly to influence investment decisions or financial
reporting by HTFT whereby the Covered Officer would benefit personally to the detriment of HTFT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause HTFT to take action, or fail to take action, for the individual personal benefit of the Covered Officer
rather than the benefit of HTFT; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use material non-public knowledge of portfolio transactions made or
contemplated for HTFT to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

There are some conflict of interest situations that should be reviewed by HTFT's legal counsel, if material. Examples of these include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receipt of gifts, that are excessive or lavish or non-business-appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which HTFT has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Service Providers or any
affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by HTFT for effecting
portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should be familiar with the disclosure requirements generally applicable to HTFT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about HTFT to
other persons, whether within or outside HTFT, including to HTFT's Board and independent auditor, and to government regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of HTFT and the Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents HTFT files with, or submits to, the SEC and in other public communications
made by HTFT; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he or she has received, read, and understands the Code (See Exhibit B for a form of affirmation);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually affirm to the Board that he or she has complied with the requirements of the Code and report on the
Covered Officer's affiliations and relationships (see Exhibit C for a form of affirmation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for
reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify HTFT's legal counsel promptly if he or she knows of any violation of the Code. Failure to do so is
itself a violation of the Code.

HTFT's legal counsel is responsible for applying the Code to specific situations in which questions are presented under the Code. The HTFT's legal counsel also has the authority to interpret the Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the independent trustees on the Board.

HTFT will follow these procedures in investigating and enforcing the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HTFT's legal counsel will take all appropriate action to investigate any potential violations reported to
such counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, HTFT's legal counsel believes that no violation has occurred, such counsel is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that HTFT's legal counsel believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board will consider appropriate action, which may include review of, and appropriate modifications to,
applicable policies and procedures; notification to appropriate personnel of a Service Provider or its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

The Code shall be the sole code of ethics adopted by HTFT for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of HTFT or the Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to the Code, they are superseded by the Code to the extent that they overlap or conflict with the provisions of the Code. HTFT's and the Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the Service

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Provider's more detailed policies and procedures are separate requirements applying to the Covered Officers and others and are not part of the Code.

**VI.** **Amendments** 

Any amendments to the Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the Board, HTFT's legal counsel and the Service Providers, as appropriate.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by HTFT and does not constitute an admission, by or on behalf of HTFT, as to any fact, circumstance, or legal conclusion.

*Adopted as of March 2025.* 

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EXHIBIT A

**COVERED OFFICERS UNDER CODE OF ETHICS** 

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| | |
|:---|:---|
| **Name** | **Title** |
| Joel L. Weiss | President |
| Christine Catanzaro | Treasurer |

---

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EXHIBIT B

**HAWAIIAN TAX-FREE TRUST** 

**PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS CODE OF ETHICS** 

**INITIAL CERTIFICATION** 

<u>Certification of Compliance with the Principal Executive and Financial Officers Code of Ethics</u>: under the Principal Executive and Financial Officers Code of Ethics ("Code") of Hawaiian Tax-Free Trust ("HTFT"), the President and Treasurer of HTFT are each deemed to be a "Covered Officer." Covered Officers are subject to the Code and, upon becoming a Covered Officer, must certify that they have received, read and understand the Code.

You must respond to the following questions and then submit this form upon completion to HTFT's Chief Compliance Officer, or his/her delegate. The Code has been attached to this Initial Certification for your reference.

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| | |
|:---|:---|
| I hereby certify and understand that I am a Covered Officer under the Code. | Yes ☐ No ☐ |
| I have received, read and understand the Code and I recognize that I am subject to the requirements of the Code. | Yes ☐ No ☐ |

---

**<u>Please note any exceptions to the above statements</u>**:

---

| | |
|:---|:---|
| Signature: | Date: |
| Print Name: |  |
| Title: |  |

---

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EXHIBIT C

**HAWAIIAN TAX-FREE TRUST** 

**PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS CODE OF ETHICS** 

**ANNUAL CERTIFICATION** 

<u>Certification of Compliance with the Principal Executive and Financial Officers Code of Ethics</u>: under the Principal Executive and Financial Officers Code of Ethics ("Code") of Hawaiian Tax-Free Trust ("HTFT") the President and Treasurer of HTFT are each deemed to be a "Covered Officer." Covered Officers are subject to the Code and, on an annual basis, must (i) certify that they have complied with the Code and (ii) report on any affiliations and relationships.

You must respond to the following questions and then submit this form upon completion to HTFT's Chief Compliance Officer, or his/her delegate. The Code has been attached to this Annual Certification for your reference.

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| | |
|:---|:---|
| I hereby certify and understand that I am a Covered Officer. | Yes ☐ No ☐ |
| I have read and I understand the Code and I recognize that I am subject to the requirements of the Code. | Yes ☐ No ☐ |
| I agree that I am in compliance with the Code and any related policy statements. | Yes ☐ No ☐ |
| I have disclosed all affiliations and relationships that may give rise to a conflict of interest. | Yes ☐ No ☐ |

---

**<u>Please note any exceptions to the above statements</u>**:

---

| | |
|:---|:---|
| Signature: | Date: |
| Print Name: |  |
| Title: |  |

---

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the** 

**Sarbanes-Oxley Act** 

I, Joel L. Weiss, certify that:

1. I have reviewed this report on Form N-CSR of Hawaiian Tax-Free Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 3, 2025 | /s/ Joel L. Weiss |
|  |  | Joel L. Weiss, President and |
|  |  | Chief Executive Officer |
|  |  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the** 

**Sarbanes-Oxley Act** 

I, Christine S. Catanzaro, certify that:

1. I have reviewed this report on Form N-CSR of Hawaiian Tax-Free Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 3, 2025 | /s/ Christine S. Catanzaro |
|  |  | Christine S. Catanzaro, Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the** 

**Sarbanes-Oxley Act ![LOGO](g891897g0530221224218.jpg)** 

I, Joel L. Weiss, President and Chief Executive Officer of Hawaiian Tax-Free Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
|  Date: | June 3, 2025 | /s/ Joel L. Weiss |
|  |  | Joel L. Weiss, President and |
|  |  | Chief Executive Officer |
|  |  | (principal executive officer) |

---

I, Christine S. Catanzaro, Treasurer and Chief Financial Officer of Hawaiian Tax-Free Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
|  Date: | June 3, 2025 | /s/ Christine S. Catanzaro |
|  |  | Christine S. Catanzaro, Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |

---