Hawaiian Tax-Free Trust invests primarily in tax-free municipal obligations of Hawaii issuers. These are the kind of securities that finance schools, highways, hospitals, and water and sewer facilities here in Hawaii.

Thus, your investment in the Trust benefits not only yourself, through double tax-free income, but also improves the quality of life in Hawaii.

Kahului Fire Station - Maui	Kamali'i Elementary School - Maui
Kona Community Aquatic Center Big Island of Hawaii	Kauai County Office Building
H-3 - Oahu
Since the portfolio is subject to change, the Trust may not necessarily currently own these specific securities.