Hawaiian Tax-Free Trust

Schedule of Investments

June 30, 2020

(unaudited)

Principal Amount		General Obligation Bonds (38.1%):	Ratings Moody’s, S&P and Fitch	Value		(a)
		City & County (21.7%):
		City and County of Honolulu, Hawaii, Series A
$	1,000,000	5.000%, 10/01/23	Aa1/NR/AA+	$	1,148,440
3,000,000		5.000%, 10/01/25	Aa1/NR/AA+	3,666,120
5,055,000		5.000%, 10/01/26	Aa1/NR/AA+	6,159,922
1,700,000		5.000%, 10/01/29	Aa1/NR/AA+	2,060,842
1,300,000		5.000%, 10/01/35	Aa1/NR/AA+	1,547,221
1,000,000		5.000%, 10/01/36	Aa1/NR/AA+	1,185,700
		City and County of Honolulu, Hawaii, Series 2018A
1,020,000		5.000%, 09/01/32	Aa1/NR/AA+	1,316,126
		City and County of Honolulu, Hawaii, Series 2019A, Rail Transit Project
1,500,000		5.000%, 09/01/25	Aa1/NR/AA+	1,828,755
1,060,000		5.000%, 09/01/26	Aa1/NR/AA+	1,331,413
		City and County of Honolulu, Hawaii, Series 2020A, Rail Transit Project
500,000		4.000%, 09/01/36	Aa1/NR/AA+	598,335
640,000		4.000%, 09/01/39	Aa1/NR/AA+	758,522
500,000		4.000%, 09/01/40	Aa1/NR/AA+	590,915
		City and County of Honolulu, Hawaii, Series B
2,040,000		5.000%, 10/01/26	Aa1/NR/AA+	2,485,903
5,000,000		4.000%, 11/01/27	Aa1/NR/AA+	5,371,550
5,000,000		4.500%, 11/01/28	Aa1/NR/AA+	5,422,700
4,000,000		4.500%, 11/01/29	Aa1/NR/AA+	4,336,120
		City and County of Honolulu, Hawaii, Series 2018B
5,000,000		5.000%, 09/01/24	Aa1/NR/AA+	5,920,750
		City and County of Honolulu, Hawaii, Series 2019B, Rail Transit Project
1,095,000		4.000%, 09/01/24	Aa1/NR/AA+	1,251,596
1,175,000		3.000%, 09/01/25	Aa1/NR/AA+	1,313,462
		City and County of Honolulu, Hawaii, Series 2020B, Rail Transit Project
5,020,000		5.000%, 03/01/31	Aa1/NR/AA+	6,777,904
		City and County of Honolulu, Hawaii, Series C
2,860,000		5.000%, 10/01/23	Aa1/NR/AA+	3,284,538
2,745,000		5.000%, 10/01/26	Aa1/NR/AA+	3,345,002
2,060,000		5.000%, 10/01/27	Aa1/NR/AA+	2,500,799
4,430,000		5.000%, 10/01/28	Aa1/NR/AA+	5,375,406
575,000		5.000%, 10/01/29	Aa1/NR/AA+	697,050

	City and County of Honolulu, Hawaii, Series 2019C
1,075,000	4.000%, 08/01/26	Aa1/NR/AA+	1,279,777
1,020,000	4.000%, 08/01/29	Aa1/NR/AA+	1,271,940
3,000,000	4.000%, 08/01/36	Aa1/NR/AA+	3,558,210
1,230,000	4.000%, 08/01/43	Aa1/NR/AA+	1,430,933
	City and County of Honolulu, Hawaii, Series E, Crossover Refunding
1,820,000	5.000%, 09/01/29	Aa1/NR/AA+	2,331,183
	County of Hawaii, Series A
1,500,000	5.000%, 09/01/25	Aa2/AA/NR	1,837,305
	County of Hawaii, 2016-Series A
1,010,000	4.000%, 09/01/35	Aa2/AA/NR	1,136,553
	County of Hawaii, 2017-Series A
1,610,000	5.000%, 09/01/27	Aa2/NR/AA+	2,045,795
1,930,000	5.000%, 09/01/28	Aa2/NR/AA+	2,445,156
4,150,000	5.000%, 09/01/29	Aa2/NR/AA+	5,236,761
	County of Hawaii, 2016-Series C
320,000	5.000%, 09/01/27	Aa2/AA/NR	395,936
	County of Hawaii, 2017-Series D
2,445,000	4.000%, 09/01/28	Aa2/NR/AA+	2,930,895
1,000,000	4.000%, 09/01/31	Aa2/NR/AA+	1,182,120
	County of Hawaii, Series E, BAN
6,000,000	2.090%, 08/06/20***	Aa2/AA/NR	6,006,480
	County of Kauai, Hawaii, 2011-Series A
200,000	3.250%, 08/01/23	Aa2/AA/AA	206,292
	County of Kauai, Hawaii, 2012-Series A
515,000	5.000%, 08/01/21	Aa2/AA/AA	541,440
	County of Kauai, Hawaii, 2017 Series
530,000	5.000%, 08/01/21	Aa2/NR/AA	557,210
250,000	4.000%, 08/01/22	Aa2/NR/AA	268,973
300,000	3.000%, 08/01/24	Aa2/NR/AA	329,421
220,000	5.000%, 08/01/25	Aa2/NR/AA	267,582
235,000	5.000%, 08/01/26	Aa2/NR/AA	293,691
285,000	5.000%, 08/01/28	Aa2/NR/AA	364,683
825,000	2.500%, 08/01/29	Aa2/NR/AA	901,684
385,000	5.000%, 08/01/30	Aa2/NR/AA	488,168
200,000	4.000%, 08/01/32	Aa2/NR/AA	232,862
200,000	5.000%, 08/01/37	Aa2/NR/AA	246,622
	County of Kauai, Hawaii, Refunding, Series A
1,125,000	3.250%, 08/01/21	Aa2/AA/AA	1,161,518
1,445,000	4.000%, 08/01/22	Aa2/AA/AA	1,502,049
1,295,000	4.000%, 08/01/24	Aa2/AA/AA	1,389,949
1,010,000	3.625%, 08/01/25	Aa2/AA/AA	1,043,815
970,000	3.000%, 08/01/25	Aa2/AA/AA	1,018,810
615,000	3.000%, 08/01/26	Aa2/AA/AA	643,696
2,280,000	4.500%, 08/01/28	Aa2/AA/AA	2,452,072
345,000	5.000%, 08/01/29	Aa2/AA/AA	377,347

	County of Maui, Hawaii
1,045,000	3.000%, 06/01/27	Aa1/AA+/AA+	1,109,424
2,000,000	3.000%, 06/01/28	Aa1/AA+/AA+	2,111,400
	County of Maui, Hawaii, Series 2012
320,000	5.000%, 06/01/21	Aa1/AA+/AA+	333,955
	County of Maui, Hawaii, Series 2014 Refunding
1,900,000	5.000%, 06/01/22	Aa1/AA+/AA+	2,071,817
1,015,000	5.000%, 06/01/23	Aa1/AA+/AA+	1,151,061
4,015,000	5.000%, 06/01/24	Aa1/AA+/AA+	4,714,333
	County of Maui, Hawaii, Series 2018
70,000	5.000%, 09/01/21	Aa1/AA+/AA+	73,879
4,160,000	5.000%, 09/01/26	Aa1/AA+/AA+	5,210,899
5,060,000	5.000%, 09/01/30	Aa1/AA+/AA+	6,588,424
	Total City & County		141,017,211
	State (16.4%):
	State of Hawaii, Series EE
2,915,000	5.000%, 11/01/25	Aa1/AA+/NR	3,224,544
	State of Hawaii, Series EF
3,000,000	5.000%, 11/01/24	Aa1/AA+/AA+	3,320,040
	State of Hawaii, Series EH
4,170,000	5.000%, 08/01/25	Aa1/AA+/AA+	4,752,466
	State of Hawaii, Series EL, Refunding
2,045,000	5.000%, 08/01/23	Aa1/AA+/AA+	2,334,020
	State of Hawaii, Series EO, Refunding
4,000,000	5.000%, 08/01/27	Aa1/AA+/AA+	4,707,440
2,000,000	5.000%, 08/01/28	Aa1/AA+/AA+	2,348,420
2,045,000	5.000%, 08/01/29	Aa1/AA+/AA+	2,401,259
3,095,000	5.000%, 08/01/30	Aa1/AA+/AA+	3,615,115
	State of Hawaii, Series EP, Refunding
5,075,000	5.000%, 08/01/23	Aa1/AA+/AA+	5,792,250
5,000,000	5.000%, 08/01/24	Aa1/AA+/AA+	5,915,400
5,145,000	5.000%, 08/01/25	Aa1/AA+/AA+	6,070,946
5,300,000	5.000%, 08/01/26	Aa1/AA+/AA+	6,242,075
	State of Hawaii, Series ET
200,000	5.000%, 10/01/24	Aa1/AA+/AA+	237,948
1,980,000	5.000%, 10/01/30	Aa1/AA+/AA+	2,388,969
	State of Hawaii, Series EZ Refunding
2,085,000	5.000%, 10/01/26	Aa1/AA+/AA+	2,545,535
	State of Hawaii, Series FB
6,125,000	5.000%, 04/01/27	Aa1/AA+/AA+	7,571,970
2,255,000	4.000%, 04/01/29	Aa1/AA+/AA+	2,630,931
	State of Hawaii, Series FG
755,000	5.000%, 10/01/28	Aa1/AA+/AA+	943,191

	State of Hawaii, Series FH
825,000	5.000%, 10/01/25	Aa1/AA+/AA+	1,010,567
3,655,000	5.000%, 10/01/28	Aa1/AA+/AA+	4,566,045
	State of Hawaii, Series FN
2,515,000	5.000%, 10/01/29	Aa1/AA+/AA+	3,217,817
1,055,000	5.000%, 10/01/31	Aa1/AA+/AA+	1,335,725
	State of Hawaii, Series FT
10,055,000	5.000%, 01/01/29	Aa1/AA+/AA+	12,961,096
1,680,000	5.000%, 01/01/30	Aa1/AA+/AA+	2,155,289
4,015,000	5.000%, 01/01/33	Aa1/AA+/AA+	5,064,521
1,095,000	5.000%, 01/01/38	Aa1/AA+/AA+	1,358,621
	State of Hawaii, Series FW
3,000,000	5.000%, 01/01/24	Aa1/AA+/AA+	3,477,030
4,000,000	4.000%, 01/01/25	Aa1/AA+/AA+	4,611,200
	Total State		106,800,430
	Total General Obligation Bonds		247,817,641
	Revenue Bonds (43.2%):
	Airport (6.4%):
	State of Hawaii Airport System Revenue Refunding, AMT
13,000,000	5.000%, 07/01/21	A1/AA-/A+	13,557,180
5,000,000	5.000%, 07/01/22	A1/AA-/A+	5,206,100
1,500,000	5.000%, 07/01/23	A1/AA-/A+	1,562,445
2,000,000	5.000%, 07/01/24	A1/AA-/A+	2,082,240
3,000,000	5.000%, 07/01/45	A1/AA-/A+	3,382,890
	State of Hawaii Airport System Revenue Refunding, Series A
1,000,000	5.250%, 07/01/23	A1/AA-/A+	1,003,680
	State of Hawaii Airport System Revenue, Series A
180,000	5.000%, 07/01/34	A1/AA-/A+	180,000
	State of Hawaii Airport System Revenue, Series A,  AMT
4,000,000	5.000%, 07/01/29	A1/AA-/A+	5,005,720
2,000,000	5.000%, 07/01/32	A1/AA-/A+	2,452,220
	State of Hawaii Airport System Revenue, Series 2015A,  AMT
2,000,000	5.000%, 07/01/41	A1/AA-/A+	2,266,360
	State of Hawaii Airport System Revenue, Series B
2,000,000	5.000%, 07/01/25	A1/AA-/A+	2,375,780
	State of Hawaii Department of Transportation Airports Division Lease Revenue COP AMT
1,060,000	5.000%, 08/01/21 AGM Insured	A2/AA/A	1,105,686
800,000	5.000%, 08/01/21	A2/A+/A	834,480
360,000	5.000%, 08/01/23	A2/A+/A	397,321
	Total Airport		41,412,102

	Education (4.8%):
	Hawaii State Department of Budget and Finance, Special Purpose Revenue (Mid-Pacific Institute) Series 2020
340,000	4.000%, 01/01/28	NR/BBB+/NR	372,144
360,000	4.000%, 01/01/29	NR/BBB+/NR	396,169
270,000	4.000%, 01/01/32	NR/BBB+/NR	291,811
360,000	4.000%, 01/01/33	NR/BBB+/NR	385,999
435,000	3.000%, 01/01/34	NR/BBB+/NR	425,286
300,000	3.000%, 01/01/35	NR/BBB+/NR	291,621
280,000	3.000%, 01/01/36	NR/BBB+/NR	269,525
	University of Hawaii, Revenue Refunding, Medical School, Series E
500,000	5.000%, 10/01/21	Aa2/NR/AA	529,555
1,650,000	5.000%, 10/01/25	Aa2/NR/AA	2,008,760
4,635,000	5.000%, 10/01/29	Aa2/NR/AA	5,725,384
3,825,000	5.000%, 10/01/31	Aa2/NR/AA	4,681,532
	University of Hawaii, Series B
1,055,000	4.000%, 10/01/23	Aa2/NR/AA	1,172,896
1,250,000	4.000%, 10/01/24	Aa2/NR/AA	1,424,500
1,050,000	5.000%, 10/01/25	Aa2/NR/AA	1,278,302
1,065,000	5.000%, 10/01/26	Aa2/NR/AA	1,286,520
	University of Hawaii, Series F
1,595,000	5.000%, 10/01/25	Aa2/NR/AA	1,941,801
1,335,000	5.000%, 10/01/29	Aa2/NR/AA	1,697,372
2,080,000	5.000%, 10/01/30	Aa2/NR/AA	2,631,138
2,690,000	5.000%, 10/01/31	Aa2/NR/AA	3,384,477
	University of Hawaii, 2017B, Refunding
1,000,000	3.000%, 10/01/28	Aa2/NR/AA	1,135,420
	Total Education		31,330,212
	Housing (1.9%):
	State of Hawaii Housing Finance and Development Corp., Hale Kewalo Apartments, Series A
10,300,000	1.900%, 01/01/21 GNMA/FHA Insured	NR/AA+/NR	10,321,115
	State of Hawaii Housing Finance and Development Corp., Iwilei Apartments, Series A
1,825,000	3.750%, 01/01/31 FHLMC Insured Liquidity Agreement	NR/AA+/NR	1,905,665
	State of Hawaii Housing Finance and Development Corp., Kuhio Park Terrace, Series A
185,000	3.850%, 10/01/21 FHLMC Insured Liquidity Agreement	NR/AA+/NR	189,386
	State of Hawaii Housing Finance and Development Corp. Single Family Mortgage, Series B
140,000	4.500%, 01/01/26 GNMA/ FNMA/ FHLMC Insured	Aaa/AA+/AAA	143,272
	Total Housing		12,559,438

	Medical (7.5%):
	Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaii Pacific Health) Series A
695,000	5.000%, 07/01/20	A1/NR/AA-	695,000
750,000	5.000%, 07/01/21	A1/NR/AA-	780,383
200,000	5.000%, 07/01/22	A1/NR/AA-	216,058
1,000,000	5.000%, 07/01/24	A1/NR/AA-	1,116,020
685,000	5.000%, 07/01/25	A1/NR/AA-	762,412
1,355,000	5.000%, 07/01/27	A1/NR/AA-	1,499,375
280,000	5.000%, 07/01/28	A1/NR/AA-	309,854
	Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaii Pacific Health) Series B
420,000	5.000%, 07/01/20	A1/NR/AA-	420,000
415,000	5.125%, 07/01/31	A1/NR/AA-	457,820
	Hawaii State Department of Budget and Finance, Special Purpose Revenue (Queens Health System) Series A
1,025,000	5.000%, 07/01/20	A1/AA-/NR	1,025,000
1,295,000	5.000%, 07/01/21	A1/AA-/NR	1,347,460
1,500,000	5.000%, 07/01/22	A1/AA-/NR	1,620,435
1,105,000	5.000%, 07/01/23	A1/AA-/NR	1,236,108
4,725,000	5.000%, 07/01/24	A1/AA-/NR	5,452,272
3,120,000	5.000%, 07/01/25	A1/AA-/NR	3,676,296
1,715,000	5.000%, 07/01/26	A1/AA-/NR	2,009,363
2,150,000	5.000%, 07/01/27	A1/AA-/NR	2,509,867
850,000	5.000%, 07/01/28	A1/AA-/NR	990,148
15,420,000	5.000%, 07/01/35	A1/AA-/NR	17,560,450
	Hawaii State Department of Budget and Finance, Special Purpose Revenue (Senior Living Revenue, Kahala Nui)
1,000,000	5.000%, 11/15/21	NR/NR/A	1,058,850
3,575,000	5.125%, 11/15/32	NR/NR/A	3,865,469
	Total Medical		48,608,640
	Transportation (8.1%):
	State of Hawaii Harbor System, Series A
14,500,000	5.750%, 07/01/35	Aa3/AA-/AA-	14,550,895
6,025,000	5.625%, 07/01/40	Aa3/AA-/AA-	6,044,099
	State of Hawaii Highway Revenue, Series A
1,000,000	5.000%, 01/01/25	Aa1/AA+/AA	1,179,730
1,000,000	5.000%, 01/01/26	Aa1/AA+/NR	1,227,490
5,000,000	5.000%, 01/01/27	Aa1/AA+/AA	6,221,050
5,000,000	5.000%, 01/01/30	Aa1/AA+/AA	6,148,650
2,200,000	5.000%, 01/01/31	Aa1/AA+/NR	2,884,750
4,750,000	4.000%, 01/01/31	Aa1/AA+/AA	5,518,788
3,040,000	5.000%, 01/01/32	Aa1/AA+/AA	3,232,158
1,000,000	5.000%, 01/01/32	Aa1/AA+/NR	1,302,780
	State of Hawaii Highway Revenue, Series B
2,000,000	5.000%, 01/01/25	Aa1/AA+/AA	2,389,380
1,340,000	5.000%, 01/01/27	Aa1/AA+/AA	1,667,241
	Total Transportation		52,367,011

	Utility (5.0%):
	Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series A, AMT
11,320,000	3.100%, 05/01/26	Baa2/NR/A-	12,067,460
	Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series B, AMT
4,000,000	4.000%, 03/01/37	Baa2/NR/A-	4,318,200
	Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2015
6,300,000	3.200%, 07/01/39	Baa2/NR/A-	6,510,294
	Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2015, AMT
500,000	3.250%, 01/01/25	Baa2/NR/A-	532,410
	Hawaii State Department of Budget and Finance, Special Purpose Revenue (Hawaiian Electric Co.), Series 2019, AMT
8,500,000	3.500%, 10/01/49	Baa2/NR/A-	8,675,015
	State of Hawaii, Department of Business, Economic Development and Tourism Green Energy Market Securitization Bonds, Series A (Federally Taxable)
244,447	1.467%, 07/01/22	Aaa/AAA/AAA	244,447
	Total Utility		32,347,826
	Water & Sewer (8.4%):
	City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series A
265,000	5.000%, 07/01/21	Aa2/NR/AA+	277,556
1,000,000	5.000%, 07/01/23	Aa2/NR/AA+	1,136,150
1,030,000	5.000%, 07/01/24	Aa2/NR/AA+	1,210,641
1,795,000	5.000%, 07/01/26	Aa2/NR/AA+	2,095,842
875,000	5.000%, 07/01/27	Aa2/NR/AA+	1,020,145
1,750,000	5.000%, 07/01/28	Aa2/NR/AA+	2,043,300
	City and County of Honolulu, Hawaii, Board of Water Supply Water System, Series 2020A
500,000	5.000%, 07/01/27	NR/AAA/AA+	638,330
1,565,000	5.000%, 07/01/33	NR/AAA/AA+	2,086,035
2,105,000	4.000%, 07/01/36	NR/AAA/AA+	2,512,360
1,890,000	4.000%, 07/01/37	NR/AAA/AA+	2,247,550
2,035,000	4.000%, 07/01/39	NR/AAA/AA+	2,404,536
	City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2015 B
2,000,000	5.000%, 07/01/24	Aa2/NR/AA	2,359,460
2,095,000	5.000%, 07/01/25	Aa2/NR/AA	2,553,554
2,000,000	5.000%, 07/01/30	Aa2/NR/AA	2,398,400
3,700,000	5.000%, 07/01/31	Aa2/NR/AA	4,421,056
	City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2016A
2,000,000	5.000%, 07/01/34	Aa2/NR/AA	2,432,200

	City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2016B
635,000	5.000%, 07/01/35	Aa2/NR/AA	769,766
	City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2018A
6,000,000	5.000%, 07/01/36	Aa2/NR/AA	7,547,400
	City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2019A
2,000,000	5.000%, 07/01/24	Aa2/NR/AA	2,359,460
3,000,000	4.000%, 07/01/30	Aa2/NR/AA	3,727,500
	City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2019B
900,000	4.000%, 07/01/38	Aa2/NR/AA	1,067,751
	City and County of Honolulu, Hawaii, Wastewater System (Second Bond Resolution) Junior Series 2015 A
4,000,000	5.000%, 07/01/25	Aa3/NR/AA-	4,875,520
	City and County of Honolulu, Hawaii, Wastewater System (Second Bond Resolution) Junior Series 2019 A
1,375,000	3.000%, 07/01/26	Aa3/NR/AA-	1,553,613
1,050,000	3.000%, 07/01/27	Aa3/NR/AA-	1,198,449
	Total Water & Sewer		54,936,574
	Other (1.1%):
	Hawaii State Department of Hawaiian Home Lands, Series 2017
925,000	5.000%, 04/01/22	Aa3/NR/NR	1,000,702
600,000	5.000%, 04/01/23	Aa3/NR/NR	675,090
500,000	5.000%, 04/01/24	Aa3/NR/NR	582,680
850,000	5.000%, 04/01/26	Aa3/NR/NR	1,052,963
905,000	5.000%, 04/01/29	Aa3/NR/NR	1,136,780
795,000	5.000%, 04/01/30	Aa3/NR/NR	994,068
	Hawaii State Department of Hawaiian Home Lands, COP (Kapolei Office Facility), 2017 Series A
330,000	5.000%, 11/01/24	Aa2/NR/NR	392,142
145,000	5.000%, 11/01/25	Aa2/NR/NR	177,609
1,115,000	5.000%, 11/01/27	Aa2/NR/NR	1,436,220
	Total Other		7,448,254
	Total Revenue Bonds		281,010,057
	Pre-Refunded\ Escrowed to Maturity Bonds (17.7%)††
	Pre-Refunded\ Escrowed to Maturity General Obligation Bonds (8.8%)
	City & County (4.4%):
	City and County of Honolulu, Hawaii, Refunding, Series B, Prerefunded to 12/01/20 @100
4,000,000	4.750%, 12/01/35	Aa1/NR/AA+	4,075,600

	City and County of Honolulu, Hawaii, Series A, Prerefunded to 11/01/22 @100
2,000,000	5.000%, 11/01/26	Aa1/NR/AA+	2,219,120
5,000,000	5.000%, 11/01/27	Aa1/NR/AA+	5,547,800
5,000,000	5.000%, 11/01/31	Aa1/NR/AA+	5,547,800
5,000,000	5.000%, 11/01/32	Aa1/NR/AA+	5,547,800
	County of Hawaii, Series A, Prerefunded to 09/01/22 @100
1,500,000	5.000%, 09/01/30	Aa2/AA/AA+	1,652,625
	County of Hawaii, 2013-Series A, Prerefunded to 09/01/22 @100
500,000	5.000%, 09/01/23	Aa2/AA/AA+	550,875
1,000,000	5.000%, 09/01/25	Aa2/AA/AA+	1,101,750
1,000,000	5.000%, 09/01/27	Aa2/AA/AA+	1,101,750
1,000,000	5.000%, 09/01/28	Aa2/AA/AA+	1,101,750
	Total City & County		28,446,870
	State (4.4%):
	State of Hawaii, Series DZ, Prerefunded to 12/01/21 @100
3,710,000	5.000%, 12/01/26	NR/NR/NR*	3,956,381
945,000	5.000%, 12/01/28	Aa1/AA+/AA+	1,007,757
8,845,000	5.000%, 12/01/29	NR/NR/NR*	9,432,396
1,735,000	5.000%, 12/01/29	Aa1/AA+/AA+	1,850,221
4,220,000	5.000%, 12/01/30	NR/NR/NR*	4,500,250
2,315,000	5.000%, 12/01/30	Aa1/AA+/AA+	2,468,739
	State of Hawaii, Series EE, Prerefunded to 11/01/22 @100
80,000	5.000%, 11/01/24	Aa1/AA+/NR	88,765
45,000	5.000%, 11/01/24	NR/NR/NR*	49,930
2,385,000	5.000%, 11/01/25	NR/NR/NR*	2,646,301
70,000	5.000%, 11/01/27	NR/NR/NR*	77,669
220,000	5.000%, 11/01/27	Aa1/AA+/NR	244,103
	State of Hawaii, Series EH, Prerefunded to 08/01/23 @100
1,800,000	5.000%, 08/01/27	Aa1/AA+/AA+	2,050,272
	State of Hawaii, Series EH, ETM
5,000	5.000%, 08/01/21	NR/NR/NR*	5,254
	Total State		28,378,038
	Total Pre-Refunded\ Escrowed to Maturity General Obligation Bonds		56,824,908
	Pre-Refunded Revenue Bonds (8.9%)
	Transportation (2.3%):
	State of Hawaii Highway Revenue, Series A, Prerefunded to 01/01/22 @100
6,000,000	5.000%, 01/01/28	Aa1/AA+/AA	6,421,920
4,140,000	5.000%, 01/01/29	Aa1/AA+/AA	4,431,125
3,980,000	5.000%, 01/01/30	Aa1/AA+/AA	4,259,874
	Total Transportation		15,112,919

	Water & Sewer (6.6%):
	City and County of Honolulu, Hawaii, Board of Water Supply Water System, Refunding Series A
4,795,000	4.500%, 07/01/29	Aa2/NR/AA+		5,193,704
4,955,000	4.500%, 07/01/30	Aa2/NR/AA+		5,367,008
5,020,000	5.000%, 07/01/31	Aa2/NR/AA+		5,487,362
3,040,000	5.000%, 07/01/32	Aa2/NR/AA+		3,323,024
3,495,000	5.000%, 07/01/33	Aa2/NR/AA+		3,820,385
	City and County of Honolulu, Hawaii, Wastewater System, Prerefunded to 07/01/21 @100
3,000,000	4.500%, 07/01/28	Aa2/NR/AA		3,127,230
4,480,000	4.500%, 07/01/30	Aa2/NR/AA		4,669,997
	City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2012 A, Prerefunded to 07/01/22 @100
1,000,000	5.000%, 07/01/30	Aa2/NR/AA		1,094,150
1,000,000	5.000%, 07/01/31	Aa2/NR/AA		1,094,150
1,500,000	5.000%, 07/01/32	Aa2/NR/AA		1,641,225
2,500,000	5.000%, 07/01/42	Aa2/NR/AA		2,735,375
	City and County of Honolulu, Hawaii, Wastewater System (First Bond Resolution) Senior Series 2012 B
2,000,000	4.000%, 07/01/28	Aa2/NR/AA		2,148,500
3,000,000	4.000%, 07/01/30	Aa2/NR/AA		3,222,750
	Total Water & Sewer			42,924,860
	Total Pre-Refunded Revenue Bonds			58,037,779
	Total Pre-Refunded\ Escrowed to Maturity Bonds			114,862,687
	Total Municipal Bonds (cost $610,777,097)			643,690,385
Shares	Short-Term Investment (0.1%)
1,051,819	Dreyfus Government Cash Management, Institutional Shares, 0.09%**(cost $1,051,819)	Aaa-mf/AAAm/NR		1,051,819
	Total Investments (cost $611,828,916-note b)	99.1	%	644,742,204
	Other assets less liabilities	0.9		5,654,166
	Net Assets	100.0	%	$	650,396,370

Portfolio Distribution By Quality Rating	Percent of Investments†
Aaa and Aaa-mf of Moody's or AAA of S&P or Fitch and AAAm of S&P	1.8	%
Prerefunded bonds\ ETM bonds ††	17.8
Aa of Moody's or AA of S&P or Fitch	74.1
A of Moody's or S&P or Fitch	5.9
Baa of Moody's or BBB of S&P and Fitch	0.4
	100.0	%

PORTFOLIO ABBREVIATIONS:
AGM	Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
COP	Certificates of Participation
ETM	Escrowed to Maturity
FHLMC	Federal Home Loan Mortgage Corp.
FHA	Federal Housing Association
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
NR	Not Rated

*	Any security not rated ("NR") by any of the Nationally Recognized Statistical Rating Organizations ("NRSRO") has been determined by the Investment Adviser to have sufficient quality to be ranked in the top credit four ratings if a credit rating were to be assigned by  a NRSRO.
**	The rate is an annualized seven-day yield at period end.
***	Illiquid security: This security represents 0.9% of net assets.
†	Where applicable, calculated using the highest rating of the three NRSRO.
††	Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date.  Escrowed to Maturity bonds are bonds where money has been placed in the escrow account which is used to pay principal and interest through the bond's originally scheduled maturity date.  Escrowed to Maturity are shown as ETM. All other securities in the category are pre-refunded.

See accompanying notes to financial statements.

Hawaiian Tax-Free Trust

NOTES TO FINANCIAL STATEMENTS

June 30, 2020

(unaudited)

(a)	Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
(b)	At June 30, 2020, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $611,828,916 amounted to $32,913,288 which consisted of aggregate gross unrealized appreciation of $33,130,350 and aggregate gross unrealized depreciation of $217,062.
(c)	Fair Value Measurements: The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s investments and are summarized in the following fair value hierarchy:
	Level 1 – Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Trust has the ability to access.
	Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
	Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
	The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
	The following is a summary of the valuation inputs, representing 100% of the Trust’s investments, used to value the Trust’s net assets as of June 30, 2020:

Valuation Inputs+	Investments in Securities
Level 1 – Quoted Prices- Short-Term Investment	$	1,051,819
Level 2 – Other Significant Observable Inputs- Municipal Bonds		643,690,385
Level 3 – Significant Unobservable Inputs		–
Total	$	644,742,204
+  See schedule of investments for a detailed listing of securities.