Bank of Hawaii Becomes New Fund Sponsor for Hawaiian Tax-Free Trust, Hawaii’s First Municipal Bond Fund

Bank of Hawaii Becomes New Fund Sponsor for Hawaiian Tax-Free Trust, Hawaii's First Municipal Bond Fund

HONOLULU, HAWAII

September 3rd, 2024

HONOLULU, HAWAII (Sept 3, 2024) - Today, Bank of Hawaii announces that it has become the fund sponsor for Hawaiian Tax-Free Trust, taking over from New York-based Aquila Management Corporation, founder and sponsor of the Aquila® Group of Funds, Aquila Investment Management LLC and Aquila Distributors LLC (jointly, "Aquila"), which recently announced its intention to discontinue providing administrative/business management and distribution services for the fund.

Together, Bank of Hawaii and Aquila launched Hawaii's first municipal bond fund in 1985. Aquila served as the fund sponsor, managing the administration and distribution of the fund and ensuring its availability for public sale. Simultaneously, the Asset Management Group of Bank of Hawaii has served as the investment advisor, managing the assets of the portfolio, since the fund's inception nearly four decades ago and will continue to do so. Now as the new fund sponsor, Bank of Hawaii will provide even more local leadership for Hawaii's first municipal bond fund designed especially for Hawaii residents.

"We are excited to take on the role of fund sponsor for Hawaiian Tax-Free Trust given its focus on Hawaii's local infrastructure," said President of Bank of Hawaii James Polk. "Bank of Hawaii is well-positioned to lend its deep expertise in financial management to continue to support the long-term success of this fund."

"On behalf of Aquila's team, it has been a pleasure to serve the needs of thousands of Hawaii investors and their financial professionals over nearly 40 years. We are pleased that Hawaiian Tax-Free Trust will continue to endure under Bank of Hawaii's oversight for the continuing benefit of Hawaii investors and that vital local projects will continue to benefit from the Fund's support," said Diana Herrmann, President and Chief Executive Officer of Aquila.

About Hawaiian Tax-Free Trust

• The fund invests in the local community through securities that finance local schools, highways, airports, hospitals, and water and sewer facilities throughout Hawaii.
• A key benefit for shareholders is that the fund seeks to provide income that is exempt from both State of Hawaii and Federal income taxes, while preserving capital.
• More information can be obtained at www.hawaiiantaxfreetrust.com.

Disclosure: Before investing in the Hawaiian Tax-Free Fund, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the fund prospectus. Prospectuses are available from your financial advisor or by visiting https://www.hawaiiantaxfreetrust.com

_{Mutual fund investing involves risk, including potential loss of principal. Not FDIC insured, no bank guarantee, may lose value, not NCUA insured. Distributed by Foreside Fund Services LLC.}

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