Hawaiian Tax Free Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSRS

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)

120 West 45^th Street, Suite 3600

New York, New York 10036

(Address of principal executive offices) (Zip code)

Joseph P. DiMaggio

120 West 45^th Street, Suite 3600

New York, New York 10036

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 697-6666

Date of fiscal year end: 3/31/17

Date of reporting period: 9/30/17

FORM N-CSRS

ITEM 1.

REPORTS TO STOCKHOLDERS

Semi-Annual

Report

September 30, 2017

Hawaiian
Tax-Free Trust

“Keeping Your Portfolio In Line
With Your Investment Goals”

Serving Hawaii investors since 1985

November, 2017

Dear Fellow Shareholder:

The bull market celebrated its 8th Anniversary in early March of this year. If you haven’t recently done so, now may be a good time to talk to your financial advisor about your investment portfolio.

Investors may be well-served through an assortment of investments in their portfolio since different types of investments may react differently during various stages of economic cycles. What might be a good economic environment for stocks may be a poor one for bonds and vice versa. Having a mixture of investments may, therefore, aid in dampening the overall volatility of your portfolio.

The desirable amount of one’s holdings in each type of investment depends upon, among other things, your risk tolerance, financial goals, tax bracket, age and other factors. Once the allocations are determined among different types of investments, portfolios may need to be rebalanced to keep the original allocations close to their long-term targets. Without rebalancing, over time, you may be investing more or less aggressively than you intend or than may be desirable for your particular circumstances.

For instance, let’s look at the following very simplistic illustration. Let’s suppose an investor, after consultation with his/her financial advisor, decides to split his/ her savings evenly between two investments. This illustration assumes an investor was comfortable with having a 50%/50% asset allocation. Actual asset allocation generally would involve investing in a well-diversified portfolio of individual investments which might include a larger number of investments.

Investment A	$500	50%
Investment B	$500	50%

Now, let’s further suppose that Investment A increased in value by $50, while Investment B neither increased nor decreased in value. The resulting asset allocation is now 52%/48%.

Investment A	$550	52%
Investment B	$500	48%

NOT A PART OF THE SEMI-ANNUAL REPORT

Over time, this disparity from the original 50%/50% allocation could become even greater and deviate from the investor’s original intent, bearing in mind their particular facts and circumstances.

Periodic review and consideration of the allocation, or balance, of investments in one’s portfolio is therefore a prudent practice. Of course, there are some considerations which should be taken into account prior to rebalancing one’s portfolio, including possible transaction costs and potential tax consequences. Whenever you consider reallocating your assets, it therefore would be prudent to discuss the matter with your financial advisor and/or tax professional. They can help you find and maintain a well-diversified mix of investments to fit your particular needs and desires.

Thank you for your continued inclusion of Hawaiian Tax-Free Trust as part of your portfolio of investments.

Sincerely,

Diana P. Herrmann, Vice Chair and President

Mutual fund investing involves risk and loss of principal is possible.

The market prices of the Trust securities may rise or decline in value due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. When market prices fall, the value of your investment may go down. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread.

The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term securities. Conversely, when interest rates fall, the value of your investment may rise. Interest rates in the U.S. recently have been historically low, so the Trust faces a heightened risk that interest rates may rise. A general rise in interest rates may cause investors to move out of fixed income securities and could result in increased redemptions from the Trust.

Investments in the Trust are subject to possible loss due to the financial failure of the issuers of underlying securities and their inability to meet their debt obligations.

The value of municipal securities can be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory developments, legislative actions, and by uncertainties and public perceptions concerning these and other factors. The Trust may be affected significantly by adverse economic, political or other events affecting state and other municipal issuers in which it invests, and may be more volatile than a more geographically diverse fund.

NOT A PART OF THE SEMI-ANNUAL REPORT

If interest rates fall, an issuer may exercise its right to prepay its securities, and the Trust could be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security.

A portion of income may be subject to local, state, Federal and/or alternative minimum tax. Capital gains, if any, are subject to capital gains tax.

These risks may result in share price volatility.

Any information in this Shareholder Letter regarding market or economic trends or the factors influencing the Trust’s historical or future performance are statements of opinion as of the date of this report. These statements should not be relied upon for any other purposes. Past performance is no guarantee of future results, and there is no guarantee that any market forecasts discussed will be realized.

NOT A PART OF THE SEMI-ANNUAL REPORT

HAWAIIAN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2017 (unaudited)

			Rating
Principal			Moody’s, S&P
Amount		General Obligation Bonds (37.9%)	and Fitch	Value

		City & County (22.7%)
		City and County of Honolulu, Hawaii,
		Series A
$	1,000,000	5.000%, 10/01/17	Aa1/NR/AA+	$	1,000,000
	4,370,000	5.000%, 09/01/21	Aa1/NR/AA+		4,988,180
	1,000,000	5.000%, 10/01/21	Aa1/NR/AA+		1,144,410
	2,000,000	5.000%, 10/01/22	Aa1/NR/AA+		2,340,880
	2,000,000	5.000%, 10/01/23	Aa1/NR/AA+		2,387,200
	5,000,000	5.000%, 10/01/24	Aa1/NR/AA+		6,058,100
	3,000,000	5.000%, 10/01/25	Aa1/NR/AA+		3,669,330
	5,000,000	5.000%, 10/01/26	Aa1/NR/AA+		6,074,300
		City and County of Honolulu, Hawaii,
		Series A, Refunding
	2,085,000	5.000%, 04/01/19	Aa1/NR/AA+		2,208,411
		City and County of Honolulu, Hawaii,
		Refunding, Series B
	5,000,000	5.000%, 12/01/30	Aa1/NR/AA+		5,566,100
	3,000,000	5.000%, 12/01/33	Aa1/NR/AA+		3,330,780
	5,000,000	4.750%, 12/01/35	Aa1/NR/AA+		5,435,050
		City and County of Honolulu, Hawaii,
		Series B
	125,000	5.000%, 11/01/17	Aa1/NR/AA+		125,403
	1,000,000	5.000%, 09/01/21	Aa1/NR/AA+		1,141,460
	5,385,000	5.000%, 11/01/21	Aa1/NR/AA+		6,176,057
	5,000,000	5.000%, 11/01/22	Aa1/NR/AA+		5,863,150
	1,500,000	4.000%, 10/01/23	Aa1/NR/AA+		1,704,990
	1,525,000	5.000%, 10/01/26	Aa1/NR/AA+		1,852,662
	5,000,000	4.000%, 11/01/27	Aa1/NR/AA+		5,437,600
	5,000,000	4.500%, 11/01/28	Aa1/NR/AA+		5,641,900
	4,000,000	4.500%, 11/01/29	Aa1/NR/AA+		4,501,080
		City and County of Honolulu, Hawaii,
		Series C
	2,860,000	5.000%, 10/01/23	Aa1/NR/AA+		3,413,696
	2,615,000	5.000%, 10/01/26	Aa1/NR/AA+		3,176,859
	2,060,000	5.000%, 10/01/27	Aa1/NR/AA+		2,487,429
		City and County of Honolulu, Hawaii,
		Series C
	200,000	4.750%, 09/01/18	Aa1/NR/AA+		206,896
	3,000,000	5.000%, 10/01/28	Aa1/NR/AA+		3,600,540

1 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2017 (unaudited)

			Rating
Principal			Moody’s, S&P
Amount		General Obligation Bonds (continued)	and Fitch	Value

		City & County (continued)
		City and County of Honolulu, Hawaii,
		Series E, Crossover Refunding
$	1,000,000	5.000%, 09/01/28	Aa1/NR/AA+	$	1,248,100
	1,820,000	5.000%, 09/01/29	Aa1/NR/AA+		2,256,909
		City and County of Honolulu, Hawaii,
		Series F
	5,025,000	5.000%, 09/01/19	Aa1/NR/AA+		5,401,523
	5,455,000	5.000%, 09/01/20	Aa1/NR/AA+		5,860,525
		City & County Honolulu, Hawaii,
		Series 2017H, FRN (SIFMA plus 0.30%)
	5,000,000	1.240%, 09/01/22	Aa1/NR/AA+		5,000,650
		County of Hawaii, Series A
	1,500,000	5.000%, 09/01/25	Aa2/AA-/NR		1,837,560
		County of Hawaii, 2010-Series A
	1,650,000	5.000%, 03/01/19	Aa2/AA-/AA+		1,742,235
		County of Hawaii, 2016-Series A
	1,000,000	4.000%, 09/01/35	Aa2/AA-/NR		1,063,120
		County of Hawaii, 2017-Series A
	1,000,000	5.000%, 09/01/18	Aa2/NR/AA+		1,036,650
	1,000,000	5.000%, 09/01/19	Aa2/NR/AA+		1,074,730
	1,610,000	5.000%, 09/01/27	Aa2/NR/AA+		2,000,586
	2,930,000	5.000%, 09/01/28	Aa2/NR/AA+		3,615,503
	4,150,000	5.000%, 09/01/29	Aa2/NR/AA+		5,089,311
		County of Hawaii, 2016-Series C
	300,000	5.000%, 09/01/27	Aa2/AA-/NR		365,460
		County of Hawaii, 2017-Series E
	500,000	3.000%, 03/01/18	Aa2/NR/AA+		504,315
		County of Kauai, Hawaii, 2011-Series A
	205,000	5.000%, 08/01/19	Aa2/AA/AA		219,696
		County of Kauai, Hawaii, 2012-Series A
	515,000	5.000%, 08/01/21	Aa2/AA/AA		586,539
		County of Kauai, Hawaii, 2005-
		Series A, Unrefunded
	760,000	5.000%, 08/01/18 NPFG/ FGIC
		Insured	Aa2/AA/NR		762,447
	510,000	5.000%, 08/01/19 NPFG/ FGIC Insured	Aa2/AA/NR		511,709
		County of Kauai, Hawaii, Refunding,
		Series
	1,025,000	3.250%, 08/01/21	Aa2/AA/AA		1,100,584

2 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

			Rating
Principal			Moody’s, S&P
Amount		General Obligation Bonds (continued)	and Fitch	Value

		City & County (continued)
		County of Kauai, Hawaii, Refunding,
		Series (continued)
$	1,445,000	4.000%, 08/01/22	Aa2/AA/AA	$	1,585,093
	1,250,000	4.000%, 08/01/24	Aa2/AA/AA		1,384,525
	1,000,000	3.625%, 08/01/25	Aa2/AA/AA		1,059,570
	970,000	3.000%, 08/01/25	Aa2/AA/AA		1,014,872
	600,000	3.000%, 08/01/26	Aa2/AA/AA		623,538
	2,280,000	4.500%, 08/01/28	Aa2/AA/AA		2,563,381
	345,000	5.000%, 08/01/29	Aa2/AA/AA		399,282
		County of Maui, Hawaii
	1,035,000	3.000%, 06/01/27	Aa1/AA+/AA+		1,068,782
	2,000,000	3.000%, 06/01/28	Aa1/AA+/AA+		2,054,580
		County of Maui, Hawaii, Refunding,
		Series B
	3,950,000	4.000%, 06/01/19	Aa1/AA+/AA+		4,144,024
	4,620,000	4.000%, 06/01/20	Aa1/AA+/AA+		4,970,381
	2,395,000	4.000%, 06/01/21	Aa1/AA+/AA+		2,568,781
		County of Maui, Hawaii, Series 2012
	320,000	5.000%, 06/01/21	Aa1/AA+/AA+		363,424
		County of Maui, Hawaii, Series 2014
	4,065,000	5.000%, 06/01/20	Aa1/AA+/AA+		4,479,589
		County of Maui, Hawaii, Series 2014
		Refunding
	1,000,000	5.000%, 06/01/18	Aa1/AA+/AA+		1,026,880
	1,090,000	5.000%, 06/01/19	Aa1/AA+/AA+		1,161,450
	1,900,000	5.000%, 06/01/22	Aa1/AA+/AA+		2,210,365
	1,015,000	5.000%, 06/01/23	Aa1/AA+/AA+		1,202,856
	4,015,000	5.000%, 06/01/24	Aa1/AA+/AA+		4,831,972
		Total City & County			169,523,960

		State (15.2%)
		State of Hawaii, Series DK,
		Unrefunded balance
	140,000	5.000%, 05/01/19	Aa1/AA+/NR		143,300
		State of Hawaii, Series DY, Refunding
	3,815,000	5.000%, 02/01/20	Aa1/AA+/AA		4,154,115
		State of Hawaii, Series DZ,
		Unrefunded balance
	795,000	5.000%, 12/01/19	Aa1/AA+/NR		861,200

3 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

			Rating
Principal			Moody’s, S&P
Amount		General Obligation Bonds (continued)	and Fitch	Value

		State (continued)
		State of Hawaii, Series EE
$	1,195,000	5.000%, 11/01/21	Aa1/AA+/AA	$	1,369,016
	385,000	5.000%, 11/01/22	Aa1/AA+/AA		451,463
	80,000	5.000%, 11/01/24	Aa1/AA+/NR		93,768
	5,300,000	5.000%, 11/01/25	Aa1/AA+/AA		6,200,788
	220,000	5.000%, 11/01/27	Aa1/AA+/NR		256,337
		State of Hawaii, Series EF
	1,235,000	5.000%, 11/01/23	Aa1/AA+/AA		1,448,865
	3,000,000	5.000%, 11/01/24	Aa1/AA+/AA		3,513,090
		State of Hawaii, Series EH
	500,000	5.000%, 08/01/18	Aa1/AA+/AA		516,735
	1,500,000	5.000%, 08/01/20	Aa1/AA+/AA		1,659,315
	3,380,000	5.000%, 08/01/25	Aa1/AA+/AA		4,010,742
	1,800,000	5.000%, 08/01/27	Aa1/AA+/AA		2,115,090
		State of Hawaii, Series EH,
		Unrefunded balance
	315,000	5.000%, 08/01/21	Aa1/AA+/NR		358,631
		State of Hawaii, Series EL, Refunding
	2,045,000	5.000%, 08/01/23	Aa1/AA+/AA		2,434,143
		State of Hawaii, Series EO, Refunding
	3,000,000	5.000%, 08/01/21	Aa1/AA+/AA		3,415,530
	4,000,000	5.000%, 08/01/27	Aa1/AA+/AA		4,762,200
	2,000,000	5.000%, 08/01/28	Aa1/AA+/AA		2,374,080
	1,000,000	5.000%, 08/01/29	Aa1/AA+/AA		1,182,840
	1,000,000	5.000%, 08/01/30	Aa1/AA+/AA		1,179,360
		State of Hawaii, Series EP, Refunding
	2,000,000	5.000%, 08/01/22	Aa1/AA+/AA		2,332,900
	5,075,000	5.000%, 08/01/23	Aa1/AA+/AA		6,040,722
	5,000,000	5.000%, 08/01/24	Aa1/AA+/AA		6,055,700
	5,000,000	5.000%, 08/01/25	Aa1/AA+/AA		6,030,650
	5,250,000	5.000%, 08/01/26	Aa1/AA+/AA		6,283,672
		State of Hawaii, Series ET
	1,000,000	5.000%, 10/01/19	Aa1/AA+/AA		1,077,140
	200,000	5.000%, 10/01/24	Aa1/AA+/AA		242,764
		State of Hawaii, Series EU
	1,690,000	3.000%, 10/01/25	Aa1/AA+/AA		1,822,073
		State of Hawaii, Series EZ Refunding
	2,000,000	5.000%, 10/01/26	Aa1/AA+/AA		2,442,900

4 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

			Rating
Principal			Moody’s, S&P
Amount		General Obligation Bonds (continued)	and Fitch	Value

		State (continued)
		State of Hawaii, Series FB
$	6,125,000	5.000%, 04/01/27	Aa1/AA+/AA	$	7,516,355
	2,255,000	4.000%, 04/01/29	Aa1/AA+/AA		2,514,257
		State of Hawaii, Series FG
	5,000,000	3.000%, 10/01/19	Aa1/AA+/AA		5,188,900
	6,045,000	5.000%, 10/01/21	Aa1/AA+/AA		6,910,342
	470,000	5.000%, 10/01/28	Aa1/AA+/AA		576,431
		State of Hawaii, Series FH
	3,015,000	5.000%, 10/01/28	Aa1/AA+/AA		3,697,747
		State of Hawaii, Series FK
	4,000,000	4.000%, 05/01/21	Aa1/AA+/AA		4,382,200
	4,000,000	4.000%, 05/01/22	Aa1/AA+/AA		4,459,560
		State of Hawaii, Series FN
	2,500,000	5.000%, 10/01/29	Aa1/AA+/AA		3,087,075
		Total State			113,161,996
		Total General Obligation Bonds			282,685,956

		Revenue Bonds (36.9%)
		Airport (4.6%)
		State of Hawaii Airport System
		Revenue Refunding, AMT
	13,000,000	5.000%, 07/01/21	A1/A+/A		14,589,900
	5,000,000	5.000%, 07/01/22	A1/A+/A		5,532,700
	1,500,000	5.000%, 07/01/23	A1/A+/A		1,659,240
	2,000,000	5.000%, 07/01/24	A1/A+/A		2,211,560
	1,000,000	5.000%, 07/01/45	A1/A+/A		1,125,480
		State of Hawaii Airport System
		Revenue Refunding, AMT, Series B
	250,000	5.000%, 07/01/19	A1/A+/A		265,630
		State of Hawaii Airport System
		Revenue Refunding, Series A
	1,150,000	5.250%, 07/01/21	A1/A+/A		1,279,651
	1,000,000	5.250%, 07/01/23	A1/A+/A		1,112,160
		State of Hawaii Airport System
		Revenue, Series A
	2,000,000	4.000%, 07/01/20	A1/A+/A		2,149,020
	3,020,000	5.000%, 07/01/22	A1/A+/A		3,337,493

5 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

			Rating
Principal			Moody’s, S&P
Amount		Revenue Bonds (continued)	and Fitch	Value

		Airport (continued)
		State of Hawaii Department of
		Transportation Airports Division
		Lease Revenue COP AMT
$	800,000	5.000%, 08/01/21	A2/A/A-	$	902,176
	360,000	5.000%, 08/01/23	A2/A/A-		420,199
		Total Airport			34,585,209

		Education (4.4%)
		University of Hawaii, Revenue
		Refunding, Medical School, Series E
	500,000	5.000%, 10/01/21	Aa2/NR/AA		574,100
	1,565,000	5.000%, 10/01/25	Aa2/NR/AA		1,925,858
	4,635,000	5.000%, 10/01/29	Aa2/NR/AA		5,642,371
	3,825,000	5.000%, 10/01/31	Aa2/NR/AA		4,611,497
		University of Hawaii, Series A
	1,510,000	5.000%, 10/01/17	Aa2/NR/AA		1,510,000
	1,155,000	4.000%, 10/01/18	Aa2/NR/AA		1,189,431
	2,725,000	5.500%, 10/01/22	Aa2/NR/AA		2,967,116
	5,225,000	5.250%, 10/01/34	Aa2/NR/AA		5,635,424
		University of Hawaii, Series A-2
	2,175,000	4.000%, 10/01/17	Aa2/NR/AA		2,175,000
	1,000,000	4.000%, 10/01/19	Aa2/NR/AA		1,059,300
		University of Hawaii, Series B
	1,055,000	4.000%, 10/01/23	Aa2/NR/AA		1,204,367
	1,250,000	4.000%, 10/01/24	Aa2/NR/AA		1,437,950
	1,050,000	5.000%, 10/01/25	Aa2/NR/AA		1,292,109
	1,015,000	5.000%, 10/01/26	Aa2/NR/AA		1,238,939
		Total Education			32,463,462

		Housing (0.4%)
		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		1,900,646
		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		199,550

6 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

			Rating
Principal			Moody’s, S&P
Amount		Revenue Bonds (continued)	and Fitch	Value

		Housing (continued)
		State of Hawaii Housing Finance and
		Development Corp. Single Family
		Mortgage, Series B
$	710,000	4.500%, 01/01/26 GNMA/
		FNMA/ FHLMC Insured	Aaa/AA+/AAA	$	736,732
		Total Housing			2,836,928

		Medical (6.3%)
		Hawaii State Department of Budget
		and Finance, Special Purpose
		Revenue (Hawaii Pacific Health)
		Series A
	940,000	5.000%, 07/01/19	A1/NR/A+		1,000,790
	695,000	5.000%, 07/01/20	A1/NR/A+		761,525
	750,000	5.000%, 07/01/21	A1/NR/A+		844,927
	1,000,000	5.000%, 07/01/24	A1/NR/A+		1,157,890
	685,000	5.000%, 07/01/25	A1/NR/A+		786,353
	1,355,000	5.000%, 07/01/27	A1/NR/A+		1,538,277
		Hawaii State Department of Budget
		and Finance, Special Purpose
		Revenue (Hawaii Pacific Health)
		Series B
	250,000	5.000%, 07/01/18	A1/NR/A+		257,280
	420,000	5.000%, 07/01/20	A1/NR/A+		460,202
		Hawaii State Department of Budget
		and Finance, Special Purpose
		Revenue (Queens Health System)
		Series A
	2,025,000	5.000%, 07/01/20	A1/AA-/NR		2,233,251
	1,295,000	5.000%, 07/01/21	A1/AA-/NR		1,464,464
	1,500,000	5.000%, 07/01/22	A1/AA-/NR		1,732,830
	1,070,000	5.000%, 07/01/23	A1/AA-/NR		1,260,513
	4,655,000	5.000%, 07/01/24	A1/AA-/NR		5,577,342
	1,395,000	5.000%, 07/01/25	A1/AA-/NR		1,690,489
	1,715,000	5.000%, 07/01/26	A1/AA-/NR		2,049,768
	2,000,000	5.000%, 07/01/27	A1/AA-/NR		2,373,200
	850,000	5.000%, 07/01/28	A1/AA-/NR		1,000,705
	14,800,000	5.000%, 07/01/35	A1/AA-/NR		16,842,252

7 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

			Rating
Principal			Moody’s, S&P
Amount		Revenue Bonds (continued)	and Fitch	Value

		Medical (continued)
		Hawaii State Department of Budget
		and Finance, Special Purpose
		Revenue (Senior Living Revenue,
		Kahala Nui)
$	3,575,000	5.125%, 11/15/32	NR/NR/A-	$	3,972,147
		Total Medical			47,004,205

		Other (1.1%)
		Hawaii State Department of Hawaiian
		Home Lands, Series 2017
	825,000	4.000%, 04/01/19	Aa3/NR/NR		860,491
	925,000	5.000%, 04/01/22	Aa3/NR/NR		1,068,255
	500,000	5.000%, 04/01/23	Aa3/NR/NR		589,940
	500,000	5.000%, 04/01/24	Aa3/NR/NR		600,710
	850,000	5.000%, 04/01/26	Aa3/NR/NR		1,044,574
	835,000	5.000%, 04/01/29	Aa3/NR/NR		1,013,606
	580,000	5.000%, 04/01/30	Aa3/NR/NR		700,240
		Hawaii State Department of Hawaiian
		Home Lands, COP (Kapolei Office
		Facility), 2017 Series A
	750,000	3.000%, 11/01/18	Aa2/NR/NR		765,952
	320,000	5.000%, 11/01/24	Aa2/NR/NR		388,944
	1,115,000	5.000%, 11/01/27	Aa2/NR/NR		1,394,653
		Total Other			8,427,365

		Transportation (7.4%)
		State of Hawaii Harbor System, Series A
	130,000	5.000%, 07/01/18	A2/AA-/A+		133,777
	16,500,000	5.750%, 07/01/35	A2/AA-/A+		18,345,030
	4,025,000	5.625%, 07/01/40	A2/AA-/A+		4,444,445
		State of Hawaii Highway Revenue
	1,000,000	5.250%, 01/01/18	Aa2/AA+/AA		1,010,660
	5,135,000	5.500%, 07/01/18	Aa2/AA+/AA		5,308,614
		State of Hawaii Highway Revenue,
		Series A
	500,000	5.000%, 01/01/24	Aa2/AA+/AA		598,330
	1,555,000	5.000%, 01/01/25	Aa2/AA+/AA		1,869,654
	285,000	5.000%, 01/01/26	Aa2/AA+/AA		341,270
	5,000,000	5.000%, 01/01/27	Aa2/AA+/AA		6,161,650

8 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

			Rating
Principal			Moody’s, S&P
Amount		Revenue Bonds (continued)	and Fitch	Value

		Transportation (continued)
		State of Hawaii Highway Revenue,
		Series A (continued)
$	5,000,000	5.000%, 01/01/30	Aa2/AA+/AA	$	6,050,450
	4,750,000	4.000%, 01/01/31	Aa2/AA+/AA		5,216,308
	3,040,000	5.000%, 01/01/32	Aa2/AA+/AA		3,442,374
		State of Hawaii Highway Revenue,
		Series B
	2,000,000	5.000%, 01/01/25	Aa2/AA+/AA		2,428,260
		Total Transportation			55,350,822

		Utility (1.6%)
		Hawaii State Department of Budget
		and Finance, Special Purpose
		Revenue (Hawaiian Electric Co.),
		Series A, AMT
	9,400,000	3.100%, 05/01/26	Baa2/NR/A-		9,520,320
		State of Hawaii, Department of
		Business, Economic Development
		and Tourism Green Energy Market
		Securitization Bonds, Series A
		(Federally Taxable)
	2,698,294	1.467%, 07/01/22	Aaa/AAA/AAA		2,680,108
		Total Utility			12,200,428

		Water & Sewer (11.1%)
		City and County of Honolulu, Hawaii,
		Board of Water Supply Water System,
		Series A
	265,000	5.000%, 07/01/21	Aa2/NR/AA+		300,820
	1,000,000	5.000%, 07/01/23	Aa2/NR/AA+		1,184,060
	1,030,000	5.000%, 07/01/24	Aa2/NR/AA+		1,241,325
	1,795,000	5.000%, 07/01/26	Aa2/NR/AA+		2,158,218
	875,000	5.000%, 07/01/27	Aa2/NR/AA+		1,043,481
	1,600,000	5.000%, 07/01/28	Aa2/NR/AA+		1,899,168
		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+		5,339,472
	4,955,000	4.500%, 07/01/30	Aa2/NR/AA+		5,486,820

9 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

			Rating
Principal			Moody’s, S&P
Amount		Revenue Bonds (continued)	and Fitch	Value

		Water & Sewer (continued)
		City and County of Honolulu, Hawaii,
		Board of Water Supply Water System,
		Refunding Series A (continued)
$	5,020,000	5.000%, 07/01/31	Aa2/NR/AA+	$	5,776,865
	3,040,000	5.000%, 07/01/32	Aa2/NR/AA+		3,493,842
	3,495,000	5.000%, 07/01/33	Aa2/NR/AA+		4,011,596
		City and County of Honolulu, Hawaii,
		Wastewater System
	1,000,000	4.000%, 07/01/31	Aa2/NR/AA		1,052,170
		City and County of Honolulu, Hawaii,
		Wastewater System (First Bond
		Resolution) Senior Series 2009 A,
		Unrefunded balance
	445,000	5.000%, 07/01/20	Aa2/NR/AA		475,460
	530,000	5.000%, 07/01/21	Aa2/NR/AA		566,660
		City and County of Honolulu, Hawaii,
		Wastewater System (First Bond
		Resolution) Senior Series 2011A
	1,320,000	3.250%, 07/01/20	Aa2/NR/AA		1,395,398
		City and County of Honolulu,
		Hawaii, Wastewater System
		(First Bond Resolution) Senior Series
		2012 A
	1,500,000	5.000%, 07/01/32	Aa2/NR/AA		1,720,245
	1,000,000	5.000%, 07/01/37	Aa2/NR/AA		1,139,980
	2,500,000	5.000%, 07/01/42	Aa2/NR/AA		2,825,675
		City and County of Honolulu, Hawaii,
		Wastewater System (First Bond
		Resolution) Senior Series 2012 B
	2,500,000	5.000%, 07/01/22	Aa2/NR/AA		2,907,925
	2,000,000	4.000%, 07/01/28	Aa2/NR/AA		2,152,880
	3,000,000	4.000%, 07/01/30	Aa2/NR/AA		3,190,380
		City and County of Honolulu, Hawaii,
		Wastewater System (First Bond
		Resolution) Senior Series 2015 B
	1,000,000	5.000%, 07/01/22	Aa2/NR/AA		1,163,170
	2,060,000	5.000%, 07/01/23	Aa2/NR/AA		2,446,621
	2,000,000	5.000%, 07/01/24	Aa2/NR/AA		2,418,840

10 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

			Rating
Principal			Moody’s, S&P
Amount		Revenue Bonds (continued)	and Fitch	Value

		Water & Sewer (continued)
		City and County of Honolulu, Hawaii,
		Wastewater System (First Bond
		Resolution) Senior Series 2015 B
		(continued)
$	2,075,000	5.000%, 07/01/25	Aa2/NR/AA	$	2,544,531
	2,000,000	5.000%, 07/01/30	Aa2/NR/AA		2,406,160
	2,000,000	5.000%, 07/01/31	Aa2/NR/AA		2,395,120
		City and County of Honolulu, Hawaii,
		Wastewater System (First Bond
		Resolution) Senior Series 2016A
	3,000,000	5.000%, 07/01/34	Aa2/NR/AA		3,554,640
		City and County of Honolulu, Hawaii,
		Wastewater System (Second Bond
		Resolution) Junior Series 2010 A
	7,400,000	4.500%, 07/01/27	Aa3/NR/AA-		7,965,508
		City and County of Honolulu, Hawaii,
		Wastewater System (Second Bond
		Resolution) Junior Series 2015 A
	850,000	5.000%, 07/01/21	Aa3/NR/AA-		963,560
	2,000,000	5.000%, 07/01/22	Aa3/NR/AA-		2,319,360
	4,000,000	5.000%, 07/01/25	Aa3/NR/AA-		4,882,520
		Total Water & Sewer			82,422,470
		Total Revenue Bonds			275,290,889

		Pre-Refunded\
		Escrowed to Maturity Bonds (23.7%)^††
		Pre-Refunded\Escrowed to Maturity
		General Obligation Bonds (17.5%)
		City & County (9.2%)
		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+		2,347,400
	5,000,000	5.000%, 11/01/27	Aa1/NR/AA+		5,868,500
	5,000,000	5.000%, 11/01/31	Aa1/NR/AA+		5,868,500
	5,000,000	5.000%, 11/01/32	Aa1/NR/AA+		5,868,500
		City and County of Honolulu, Hawaii,
		Series D, Prerefunded to 9/01/19 @100
	3,500,000	5.250%, 09/01/26	Aa1/NR/AA+		3,777,375
	3,820,000	5.250%, 09/01/27	Aa1/NR/AA+		4,122,735

11 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

			Rating
Principal		Pre-Refunded\	Moody’s, S&P
Amount		Escrowed to Maturity Bonds (continued)^††	and Fitch	Value

		City & County (continued)
		City and County of Honolulu, Hawaii,
		Series D, Prerefunded to 9/01/19 @100
		(continued)
$	7,390,000	5.250%, 09/01/28	Aa1/NR/AA+	$	7,975,658
	8,585,000	5.250%, 09/01/30	Aa1/NR/AA+		9,265,361
	9,105,000	5.250%, 09/01/31	Aa1/NR/AA+		9,826,571
		County of Hawaii, Series A, Prerefunded
		to 9/01/22 @100
	1,500,000	5.000%, 09/01/30	Aa2/AA-/AA+		1,754,625
		County of Hawaii, Series A, Prerefunded
		to 3/01/20 @100
	1,000,000	5.000%, 03/01/26	Aa2/AA-/AA+		1,093,040
		County of Hawaii, 2010-Series A,
		Prerefunded to 3/01/20 @100
	2,870,000	5.000%, 03/01/29	Aa2/AA-/AA+		3,137,025
		County of Hawaii, 2013-Series A,
		Prerefunded to 09/01/22 @100
	500,000	5.000%, 09/01/23	Aa2/AA-/AA+		584,875
	1,060,000	5.000%, 09/01/24	Aa2/AA-/AA+		1,239,935
	1,000,000	5.000%, 09/01/25	Aa2/AA-/AA+		1,169,750
	1,575,000	5.000%, 09/01/26	Aa2/AA-/AA+		1,842,356
	1,000,000	5.000%, 09/01/27	Aa2/AA-/AA+		1,169,750
	1,000,000	5.000%, 09/01/28	Aa2/AA-/AA+		1,169,750
		Total City & County			68,081,706

		State (8.3%)
		Guam Government, Series A,
		Prerefunded to 11/15/19 @100
	5,000,000	6.750%, 11/15/29	NR/NR/NR*		5,586,000
		State of Hawaii, Prerefunded to
		05/01/18 @100
	715,000	5.000%, 05/01/19	NR/NR/NR*		731,853
		State of Hawaii, Series DK, ETM 5/01/18
	490,000	5.000%, 05/01/18	NR/NR/NR*		501,549
		State of Hawaii, Series DK, Prerefunded
		to 05/01/18 @100
	120,000	5.000%, 05/01/20	Aa1/AA+/NR		122,828
	55,000	5.000%, 05/01/20	NR/NR/NR*		56,280
	760,000	5.000%, 05/01/23	NR/NR/NR*		777,913

12 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

			Rating
Principal		Pre-Refunded\	Moody’s, S&P
Amount		Escrowed to Maturity Bonds (continued)^††	and Fitch	Value

		State (continued)
		State of Hawaii, Series DN, Prerefunded
		to 08/01/18 @100
$	100,000	5.000%, 08/01/21	Aa1/AA+/AA	$	103,347
	75,000	5.000%, 08/01/21	NR/NR/NR*		77,479
	680,000	5.250%, 08/01/25	NR/NR/NR*		703,868
	420,000	5.250%, 08/01/25	Aa1/AA+/AA		434,923
		State of Hawaii, Series DQ, Prerefunded
		to 06/01/19 @100
	6,620,000	5.000%, 06/01/23	NR/NR/NR*		7,057,317
	3,380,000	5.000%, 06/01/23	Aa1/AA+/AA		3,603,283
	600,000	5.000%, 06/01/25	NR/NR/NR*		639,636
	400,000	5.000%, 06/01/25	Aa1/AA+/AA		426,424
		State of Hawaii, Series DZ, ETM
	730,000	5.000%, 12/01/19	NR/NR/NR*		791,284
	15,000	5.000%, 12/01/19	NR/NR/NR*		16,259
		State of Hawaii, Series DZ, Prerefunded
		to 12/01/21 @100
	3,580,000	5.000%, 12/01/26	NR/NR/NR*		4,116,356
	1,945,000	5.000%, 12/01/28	NR/NR/NR*		2,236,400
		State of Hawaii, Series DZ, Prerefunded
		to 12/01/21 @100
	3,710,000	5.000%, 12/01/26	NR/NR/NR*		4,265,832
	1,305,000	5.000%, 12/01/26	Aa1/AA+/AA		1,500,515
	3,240,000	5.000%, 12/01/28	NR/NR/NR*		3,725,417
	945,000	5.000%, 12/01/28	Aa1/AA+/AA		1,086,580
	8,845,000	5.000%, 12/01/29	NR/NR/NR*		10,170,158
	1,735,000	5.000%, 12/01/29	Aa1/AA+/AA		1,994,938
	4,220,000	5.000%, 12/01/30	NR/NR/NR*		4,852,240
	2,315,000	5.000%, 12/01/30	Aa1/AA+/AA		2,661,833
		State of Hawaii, Series EE, Prerefunded
		to 11/01/22 @100
	3,000,000	5.000%, 11/01/22	NR/NR/NR*		3,529,170
	45,000	5.000%, 11/01/24	NR/NR/NR*		52,938
	70,000	5.000%, 11/01/27	NR/NR/NR*		82,347
		State of Hawaii, Series EH, ETM
	5,000	5.000%, 08/01/21	NR/NR/NR*		5,703
		Total State			61,910,670
		Total Pre-Refunded\
		Escrowed to Maturity General
		Obligation Bonds			129,992,376

13 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

			Rating
Principal		Pre-Refunded\	Moody’s, S&P
Amount		Escrowed to Maturity Bonds (continued)^††	and Fitch	Value

		Pre-Refunded Revenue Bonds (6.2%)
		Housing (0.2%)
		Hawaii State Department of Hawaiian
		Home Lands, Prerefunded to
		04/01/19@100
$	1,000,000	5.500%, 04/01/20	Aa3/NR/NR	$	1,066,280

		Transportation (2.9%)
		State of Hawaii Highway Revenue,
		Prerefunded 01/01/019 @100
	5,220,000	6.000%, 01/01/23	Aa2/AA+/AA		5,541,865
		State of Hawaii Highway Revenue,
		Series A, Prerefunded to
		01/01/22 @100
	6,000,000	5.000%, 01/01/28	Aa2/AA+/AA		6,908,340
	4,100,000	5.000%, 01/01/29	Aa2/AA+/AA		4,720,699
	3,980,000	5.000%, 01/01/30	Aa2/AA+/AA		4,582,532
		Total Transportation			21,753,436

		Water & Sewer (3.1%)
		City and County of Honolulu, Hawaii,
		Wastewater System, Prerefunded to
		07/01/21 @100
	5,360,000	4.500%, 07/01/28	Aa2/NR/AA		5,999,394
	4,480,000	4.500%, 07/01/30	Aa2/NR/AA		5,014,419
	2,000,000	5.250%, 07/01/36	Aa2/NR/AA		2,293,300
		City and County of Honolulu, Hawaii,
		Wastewater System (First Bond
		Resolution) Senior Series 2009 A,
		Prerefunded to 07/01/19 @100
	555,000	5.000%, 07/01/20	NR/NR/NR*		592,890
	1,565,000	5.000%, 07/01/22	NR/NR/NR*		1,671,843
	1,485,000	5.000%, 07/01/23	Aa2/NR/AA		1,586,381
	1,395,000	5.000%, 07/01/24	NR/NR/NR*		1,490,237
	1,150,000	5.000%, 07/01/24	Aa2/NR/AA		1,228,511
		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		1,164,670
	1,000,000	5.000%, 07/01/31	Aa2/NR/AA		1,164,670

14 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

Rating

Principal

Pre-Refunded\

Moody’s, S&P

Amount

Escrowed to Maturity Bonds (continued)^††

and Fitch

Value

Water & Sewer (continued)

City and County of Honolulu, Hawaii,

Wastewater System (Second Bond

Resolution) Junior Series 2009 A,

Prerefunded to 07/01/19 @100

1,115,000

5.000%, 07/01/22

Aa3/NR/AA-

1,191,121

Total Water & Sewer

23,397,436

Total Pre-Refunded Revenue Bonds

46,217,152

Total Pre-Refunded\

Escrowed to Maturity Bonds

176,209,528

Total Municipal Bonds

(cost $706,372,867)

734,186,373

Shares

Short-Term Investment (0.5%)

3,467,064

Dreyfus Government Cash Management,

Institutional Shares, 0.92%**

(cost $3,467,064)

Aaa-mf/AAAm/NR

3,467,064

Total Investments

(cost $709,839,931-note 4)

99.0

737,653,437

Other assets less liabilities

1.0

7,797,697

NET ASSETS

100.0

745,451,134

	Percent of
Portfolio Distribution By Quality Rating	Investments †
Aaa and Aaa-m of Moody’s	0.9	%
Pre-Refunded bonds\ ETM bonds ††	23.9
Aa of Moody’s or AA of S&P	59.7
A of Moody’s or Fitch	14.2
BBB of Moody’s	1.3
	100.0	%

15 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

PORTFOLIO ABBREVIATION:

AMT - Alternative Minimum Tax

COP - Certificates of Participation

ETM - Escrowed to Maturity

FGIC - Financial Guaranty Insurance Co.

FHLMC - Federal Home Loan Mortgage Corp.

FNMA - Federal National Mortgage Association.

FRN - Floating Rate Note

GNMA - Government National Mortgage Association

NPFG - National Public Finance Guarantee

NR - Not Rated

SIFMA - Securities Industry and Financial Markets Association

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 four credit ratings if a credit rating were to be assigned by a NRSRO.

The rate is an annualized seven-day yield at period end.

†

Calculated using the Moody’s rating unless otherwise noted.

††

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.

16 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

STATEMENT OF ASSETS AND LIABILITIES

SEPTEMBER 30, 2017 (unaudited)

ASSETS
Investments at value (cost $709,839,931)	$	737,653,437
Interest receivable		8,904,431
Receivable for Trust shares sold		96,540
Other assets		58,798
Total assets		746,713,206
LIABILITIES
Payable for Trust shares redeemed		502,474
Advisory and Administrative fees payable		278,641
Dividends payable		172,031
Distribution and service fees payable		10,324
Accrued expenses payable		298,602
Total liabilities		1,262,072
NET ASSETS	$	745,451,134
Net Assets consist of:
Capital Stock – Authorized an unlimited number of shares,
par value $0.01 per share	$	654,021
Additional paid-in capital		719,850,735
Net unrealized appreciation on investments (note 4)		27,813,506
Accumulated net realized loss on investments		(2,867,435	)
Undistributed net investment income		307
	$	745,451,134
CLASS A
Net Assets	$	647,072,373
Capital shares outstanding		56,774,830
Net asset value and redemption price per share	$	11.40
Maximum offering price per share (100/96 of $11.40)	$	11.88
CLASS C
Net Assets	$	46,140,020
Capital shares outstanding		4,051,010
Net asset value and offering price per share	$	11.39
Redemption price per share (*a charge of 1% is imposed
on the redemption proceeds, or on the original price,
whichever is lower, if redeemed during the first 12
months after purchase)	$	11.39	*
CLASS Y
Net Assets	$	52,238,741
Capital shares outstanding		4,576,225
Net asset value, offering and redemption price per share	$	11.42

See accompanying notes to financial statements.

17 | Hawaiian Tax-Free Trust

HAWAIIAN TAX-FREE TRUST

STATEMENT OF OPERATIONS

SIX MONTHS ENDED SEPTEMBER 30, 2017 (unaudited)

Investment Income:

Interest income			$	10,591,497

Expenses:

Investment Adviser fee (note 3)	$	872,245
Distribution and service fees (note 3)		898,187
Administrator/Business Manager fees (note 3)		834,321
Transfer and shareholder servicing agent fees		193,506
Trustees’ fees and expenses (note 7)		136,208
Legal fees		112,414
Fund accounting fees		68,432
Shareholders’ reports and proxy statements		33,780
Registration fees and dues		24,950
Insurance		15,547
Auditing and tax fees		14,089
Custodian fees		8,952
Chief compliance officer services (note 3)		5,572
Miscellaneous		36,825

Total expenses				3,255,028
Net investment income				7,336,469

Realized and Unrealized Gain (Loss) on Investments:

Net realized gain (loss) from securities
transactions		1,004,539
Change in unrealized appreciation on
investments		3,999,414

Net realized and unrealized gain
on investments				5,003,953
Net change in net assets resulting from
operations			$	12,340,422

See accompanying notes to financial statements.

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HAWAIIAN TAX-FREE TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	September 30, 2017			Year Ended
	(unaudited)			March 31, 2017
OPERATIONS:
Net investment income	$	7,336,469		$	15,116,520
Realized gain (loss) from securities
transactions		1,004,539			(128,279	)
Change in unrealized appreciation on
investments		3,999,414			(19,551,360	)
Change in net assets resulting from
operations		12,340,422			(4,563,119	)

DISTRIBUTIONS TO SHAREHOLDERS (note 9):
Class A Shares:
Net investment income		(6,504,882	)		(13,396,077	)

Class C Shares:
Net investment income		(278,916	)		(624,548	)

Class Y Shares:
Net investment income		(552,567	)		(1,095,697	)
Change in net assets from distributions		(7,336,365	)		(15,116,322	)

CAPITAL SHARE TRANSACTIONS (note 6):
Proceeds from shares sold		26,794,035			78,631,875
Reinvested dividends and distributions		5,677,011			11,866,598
Cost of shares redeemed		(47,155,990	)		(89,071,744	)
Change in net assets from capital share
transactions		(14,684,944	)		1,426,729

Change in net assets		(9,680,887	)		(18,252,712	)

NET ASSETS:
Beginning of period		755,132,021			773,384,733

End of period*	$	745,451,134		$	755,132,021

*Includes undistributed net investment of:	$	307		$	203

See accompanying notes to financial statements.

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HAWAIIAN TAX-FREE TRUST

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2017 (unaudited)

1. Organization

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 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 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. As of the date of this report, there were no Class F Shares or Class T Shares outstanding. 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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America for investment companies.

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 at fair value determined in good faith under procedures established by and under the general supervision of the Board of Trustees.

Fair value measurements: The Trust follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Trust’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Trust’s investments and are summarized in the following fair value hierarchy:

Level 1 – Unadjusted quoted prices in active 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

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, 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 September 30, 2017:

Valuation Inputs*	Investments in Securities
Level 1 – Quoted Prices - Short-Term Investment	$	3,467,064
Level 2 – Other Significant Observable
Inputs – Municipal Bonds		734,186,373
Level 3 – Significant Unobservable Inputs		—
Total	$	737,653,437

* See schedule of investments for a detailed listing of securities.

Subsequent events: In preparing these financial statements, the Trust has evaluated events and transactions for potential recognition or disclosure through the date these financial statements were issued.

Securities transactions and related investment income: Securities transactions are recorded on the trade date. Realized gains and losses from securities transactions are reported on the identified cost basis. Interest income is recorded daily on the accrual basis and is adjusted for amortization of premium and accretion of original issue discount and market discount.

Federal income taxes: It is the policy of the Trust to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code applicable to certain investment companies. The Trust intends to make distributions of income and securities profits sufficient to relieve it from all, or substantially all, Federal income and excise taxes.

Management has reviewed the tax positions for each of the open tax years (2014 –2016) or expected to be taken in the Fund’s 2017 tax returns and has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements.

Multiple class allocations: 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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NOTES TO FINANCIAL STATEMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Reclassification of capital accounts: Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. On March 31, 2017, the Trust decreased additional paid-in capital by $653,222 and decreased accumulated net realized loss by $653,217 and increased undistributed net investment income by $5. These reclassifications had no effect on net assets or net asset value per share.

The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services-Investment Companies”.

3. Fees and Related Party Transactions

a) Management Arrangements:

The Asset Management Group of Bank of Hawaii (the “Adviser”), serves as Investment Adviser to the Trust. In this role, under an Investment Advisory Agreement, the Adviser supervises the Trust’s investments. Aquila Investment Management LLC (the “Administrator/ Business Manager”), a wholly-owned subsidiary of Aquila Management Corporation, the Trust’s founder and sponsor, serves as the Administrator/Business Manager for the Trust under an Administration and Business Management Agreement with the Trust. The Administrator/Business Manager provides all administrative services to the Trust other than those relating to its investment portfolio. These include providing the office 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 shareholder servicing agent, fund accounting agent, custodian, legal counsel, auditors and distributor.

The Trust pays the Adviser a fee which is payable monthly and computed on the net assets of the Trust as of the close of business each day at the annual rate of 0.23% of the Trust’s net assets up to and including $875 million; 0.17% of the Trust’s net assets between $875 million and $1.5 billion; and 0.155% of the Trust’s net assets over $1.5 billion. For its services, the Administrator/Business Manager is entitled to receive a fee which is payable monthly and computed as of the close of business each day at the annual rate of 0.22% of the Trust’s net assets.

Under a Compliance Agreement with the Administrator/Business Manager, the Administrator/Business Manager is additionally compensated by the Trust for Chief Compliance Officer related services provided to enable the Trust to comply with Rule 38a-1 of the Investment Company Act of 1940.

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NOTES TO FINANCIAL STATEMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

Specific details as to the nature and extent of the services provided by the Adviser and the Administrator/Business Manager are more fully defined in the Trust’s Prospectus and Statement of Additional Information.

b) Distribution and Service Fees:

The Trust has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 (the “Rule”) under the Investment Company Act of 1940. Under one part of the Plan, with respect to Class A Shares, the Trust is authorized to make distribution fee payments to broker-dealers or others (“Qualified Recipients”) selected by Aquila Distributors LLC (the “Distributor”), including, but not limited to, any principal underwriter of the Trust, with which the Distributor has entered into written agreements contemplated by the Rule and which have rendered assistance in the distribution and/or retention of the Trust’s shares or servicing of shareholder accounts. The Trust makes payment of this distribution fee at the annual rate of 0.20% of the Trust’s average net assets represented by Class A Shares. For the six months ended September 30, 2017, service fees on Class A Shares amounted to $659,956 of which the Distributor retained $33,560.

Under another part of the Plan, the Trust is authorized to make payments with respect to Class C Shares to Qualified Recipients which have rendered assistance in the distribution and/or retention of the Trust’s Class C shares or servicing of shareholder accounts. These payments are made at the annual rate of 0.75% of the Trust’s average net assets represented by Class C Shares and for the six months ended September 30, 2017, amounted to $178,673. In addition, under a Shareholder Services Plan, the Trust is authorized to make service fee payments with respect to Class C Shares to Qualified Recipients for providing personal services and/or maintenance of shareholder accounts. These payments are made at the annual rate of 0.25% of the Trust’s average net assets represented by Class C Shares and for the six months ended September 30, 2017, amounted to $59,558. The total of these payments made with respect to Class C Shares amounted to $238,231 of which the Distributor retained $52,799.

Specific details about the Plans are more fully defined in the Trust’s Prospectus and Statement of Additional Information.

Under a Distribution Agreement, the Distributor serves as the exclusive distributor of the Trust’s shares. Through agreements between the Distributor and various brokerage and advisory firms (“financial intermediaries”), the Trust’s shares are sold primarily through the facilities of these financial intermediaries having offices within Hawaii, with the bulk of any sales commissions inuring to such financial intermediaries. For the six months ended September 30, 2017, total commissions on sales of Class A Shares amounted to $222,128, of which the Distributor received $20,234.

c) Transfer and shareholder servicing fees:

The Trust occasionally compensates financial intermediaries in connection with the sub-transfer agency related services provided by such entities in connection with their respective Fund shareholders so long as the fees are deemed by the Board of Trustees to be reasonable in relation to (i) the value of the services and the benefits received by the Fund and certain shareholders; and (ii) the payments that the Fund would make to another entity to perform similar ongoing services to existing shareholders.

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NOTES TO FINANCIAL STATEMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

4. Purchases and Sales of Securities

During the six months ended September 30, 2017, purchases of securities and proceeds from the sales of securities aggregated $67,414,112 and $63,575,021, respectively.

At September 30, 2017, the aggregate tax cost for all securities was $709,839,931. At September 30, 2017, the aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost amounted to $28,771,238 and aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value amounted to $957,732 for a net unrealized appreciation of $27,813,506.

5. Portfolio Orientation

Since the Trust invests principally and may invest entirely in double tax-free municipal obligations of issuers within Hawaii, it is subject to possible risks associated with economic, political, or legal developments or industrial or regional matters specifically affecting Hawaii and whatever effects these may have upon Hawaii issuers’ ability to meet their obligations.

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NOTES TO FINANCIAL STATEMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

6. Capital Share Transactions

Transactions in Capital Shares of the Trust were as follows:

	Six Months Ended
	September 30, 2017						Year Ended
	(unaudited)						March 31, 2017
	Shares			Amount			Shares			Amount
Class A Shares:
Proceeds from shares sold		1,294,366		$	14,806,499			4,527,135		$	52,298,085
Reinvested dividends
and distributions		445,487			5,099,509			931,418			10,701,699
Cost of shares redeemed		(3,009,636	)		(34,415,334	)		(5,336,879	)		(61,184,497	)
Net change		(1,269,783	)		(14,509,326	)		121,674			1,815,287
Class C Shares:
Proceeds from shares sold		386,475			4,411,402			954,258			10,968,306
Reinvested dividends
and distributions		19,784			226,145			42,442			487,396
Cost of shares redeemed		(678,612	)		(7,745,551	)		(1,388,140	)		(15,953,094	)
Net change		(272,353	)		(3,108,004	)		(391,440	)		(4,497,392	)
Class Y Shares:
Proceeds from shares sold		662,382			7,576,134			1,333,260			15,365,484
Reinvested dividends
and distributions		30,706			351,357			58,872			677,503
Cost of shares redeemed		(436,267	)		(4,995,105	)		(1,051,798	)		(11,934,153	)
Net change		256,821			2,932,386			340,334			4,108,834
Total transactions in Trust
shares		(1,285,315	)	$	(14,684,944	)		70,568		$	1,426,729

7. Trustees’ Fees and Expenses

At September 30, 2017, there were 5 Trustees, one of whom is affiliated with the Administrator/Business Manager and is not paid any fees. The total amount of Trustees’ service fees (for carrying out their responsibilities) and attendance fees paid during the six months ended September 30, 2017 was $112,362. Attendance fees are paid to those in attendance at regularly scheduled quarterly Board Meetings and meetings of the Independent Trustees held prior to each quarterly Board Meeting, as well as additional meetings (such as Audit, Nominating, Shareholder and special meetings). Trustees are reimbursed for their expenses such as travel, accommodations and meals incurred in connection with attendance at Board Meetings and the Annual and Outreach Meetings of Shareholders. For the six months ended September 30, 2017, such meeting-related expenses amounted to $23,846.

8. Securities Traded on a When-Issued Basis

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 advantageous price and yield to the Trust at the time of entering into the transaction. Beginning on the date the Trust enters into a when-issued transaction, cash or other liquid securities are segregated in an amount equal to or greater than the value of the when-issued transaction. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities.

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NOTES TO FINANCIAL STATEMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

9. Income Tax Information and Distributions

The Trust declares dividends daily from net investment income and makes payments monthly. Net realized capital gains, if any, are distributed annually and are taxable. These distributions are paid in additional shares at the net asset value per share or in cash at the shareholder’s option.

The Trust intends to maintain, to the maximum extent possible, the tax-exempt status of interest payments received from portfolio municipal securities in order to allow dividends paid to shareholders from net investment income to be exempt from regular Federal and State of Hawaii income taxes. Due to differences between financial statement reporting and Federal income tax reporting requirements, distributions made by the Trust may not be the same as the Trust’s net investment income, and/or net realized securities gains. Further, a portion of the dividends and distributions may, under some circumstances, be subject to taxes at ordinary income and/or capital gain rates. For certain shareholders, some dividend income may, under some circumstances, be subject to the alternative minimum tax. As a result of the passage of the Regulated Investment Company Act of 2010 (the “Act”), losses incurred in this fiscal year and beyond retain their character as short-term or long-term, have no expiration date and are utilized before capital losses incurred prior to the enactment of the Act. At March 31, 2017 the Trust had a capital loss carryover of $3,307,104, of which, $3,244,561 expires in 2018, and $62,543 expires in 2019. This carryover is available to offset future net realized gains on securities transactions to the extent provided for in the Internal Revenue Code. As of March 31, 2017, the Trust had October capital loss deferrals of $564,870 which will be recognized in the following year. During the fiscal year ended March 31, 2017, the Trust utilized $436,591 of capital loss carry forward.

The tax character of distributions was as follows:

	Year Ended		Year Ended
	March 31,		March 31,
	2017		2016
Net tax-exempt income	$	14,952,129	$	16,494,404
Ordinary income		164,193		93,896
	$	15,116,322	$	16,588,300

As of March 31, 2017, the components of distributable earnings on a tax basis were as follows:

Unrealized appreciation $		23,814,092
Undistributed tax-exempt income		148,267
Other accumulated losses		(3,307,104	)
Other temporary differences		(712,934	)
	$	19,942,321

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NOTES TO FINANCIAL STATEMENTS (continued)

SEPTEMBER 30, 2017 (unaudited)

The difference between book basis and tax basis undistributed income is due to the timing difference, and other temporary differences, in recognizing dividends paid, the tax treatment of market amortization, post October losses, and the deduction of distributions payable.

10. Credit Facility

Effective August 30, 2017, Bank of New York Mellon and the Aquila Group of Funds became parties to a $40 million credit agreement, which currently terminates on August 29, 2018. In accordance with the Aquila Group of Funds Guidelines for Allocation of Committed Line of Credit (the Aquila Group of Funds is comprised of nine funds), each fund is responsible for payment of its proportionate share of a) a 0.15% per annum commitment fee; and, b) interest on amounts borrowed for temporary or emergency purposes by the Trust (at the applicable rate selected by the Aquila Group of Funds at the time of the borrowing of either (i) the one-month Eurodollar Rate or (ii) a rate equal to the greater of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day, or (c) the Overnight Eurodollar Rate in effect on such day).

There were no borrowings under the credit agreement for the period ended September 30, 2017.

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FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

	Class A
	Six Months
	Ended			Year Ended March 31,
	9/30/17
	(unaudited)				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	11.32		$	11.61		$	11.53		$	11.36		$	11.74		$	11.64
Income (loss) from investment operations:
Net investment income⁽¹⁾		0.11			0.23			0.25			0.30			0.30			0.30
Net gain (loss) on securities (both
realized and unrealized)		0.08			(0.29	)		0.08			0.17			(0.38	)		0.10
Total from investment operations		0.19			(0.06	)		0.33			0.47			(0.08	)		0.40
Less distributions (note 9):
Dividends from net investment income		(0.11	)		(0.23	)		(0.25	)		(0.30	)		(0.30	)		(0.30	)
Distributions from capital gains		—			—			—			—			—			—
Total distributions		(0.11	)		(0.23	)		(0.25	)		(0.30	)		(0.30	)		(0.30	)
Net asset value, end of period	$	11.40		$	11.32		$	11.61		$	11.53		$	11.36		$	11.74
Total return (not reflecting sales charge)		1.70	%⁽²⁾		(0.54	)%		2.93%			4.14	%		(0.63	)%		3.49	%
Ratios/supplemental data
Net assets, end of period (in millions)	$	647		$	657		$	672		$	678		$	687		$	774
Ratio of expenses to average net assets		0.82	%⁽³⁾		0.83	%		0.83	%		0.81	%		0.82	%		0.79	%
Ratio of net investment income to
average net assets		1.97	%⁽³⁾		1.99	%		2.20%			2.57	%		2.65	%		2.58	%
Portfolio turnover rate		9	%⁽²⁾		27	%		16	%		14	%		4	%		9	%

^{____________________}

(1)

Per share amounts have been calculated using the daily average shares method.

(2)

Not annualized.

(3)

Annualized.

See accompanying notes to financial statements.

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FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period

	Class C
	Six Months
	Ended			Year Ended March 31,
	9/30/17
	(unaudited)				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	11.32		$	11.60		$	11.52		$	11.35		$	11.73		$	11.63
Income (loss) from investment operations:
Net investment income⁽¹⁾		0.07			0.14			0.16			0.20			0.21			0.21
Net gain (loss) on securities (both
realized and unrealized)		0.07			(0.28	)		0.08			0.17			(0.37	)		0.10
Total from investment operations		0.14			(0.14	)		0.24			0.37			(0.16	)		0.31
Less distributions (note 9):
Dividends from net investment income		(0.07	)		(0.14	)		(0.16	)		(0.20	)		(0.22	)		(0.21	)
Distributions from capital gains		—			—			—			—			—			—
Total distributions		(0.07	)		(0.14	)		(0.16	)		(0.20	)		(0.22	)		(0.21	)
Net asset value, end of period	$	11.39		$	11.32		$	11.60		$	11.52		$	11.35		$	11.73
Total return (not reflecting CDSC)		1.21	%⁽²⁾		(1.24	)%		2.11	%		3.31	%		(1.38	)%		2.67	%
Ratios/supplemental data
Net assets, end of period (in millions)	$	46		$	49		$	55		$	63		$	70		$	92
Ratio of expenses to average net assets		1.62	%⁽³⁾		1.63	%		1.63	%		1.61	%		1.62	%		1.59	%
Ratio of net investment income to
average net assets		1.17	%⁽³⁾		1.19	%		1.40	%		1.78	%		1.85	%		1.77	%
Portfolio turnover rate		9	%⁽²⁾		27	%		16	%		14	%		4	%		9	%

^{____________________}

(1)

Per share amounts have been calculated using the daily average shares method.

(2)

Not annualized.

(3)

Annualized.

See accompanying notes to financial statements.

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FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period

	Class Y
	Six Months
	Ended			Year Ended March 31,
	9/30/17
	(unaudited)				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	11.34		$	11.63		$	11.55		$	11.38		$	11.76		$	11.66
Income (loss) from investment operations:
Net investment income⁽¹⁾		0.12			0.25			0.28			0.32			0.33			0.33
Net gain (loss) on securities (both
realized and unrealized)		0.08			(0.29	)		0.08			0.17			(0.38	)		0.10
Total from investment operations		0.20			(0.04	)		0.36			0.49			(0.05	)		0.43
Less distributions (note 9):
Dividends from net investment income		(0.12	)		(0.25	)		(0.28	)		(0.32	)		(0.33	)		(0.33	)
Distributions from capital gains		—			—			—			—			—			—
Total distributions		(0.12	)		(0.25	)		(0.28	)		(0.32	)		(0.33	)		(0.33	)
Net asset value, end of period	$	11.42		$	11.34		$	11.63		$	11.55		$	11.38		$	11.76
Total return		1.81	%⁽²⁾		(0.33	)%		3.14	%		4.34	%		(0.43	)%		3.69	%
Ratios/supplemental data
Net assets, end of period (in millions)	$	52		$	49		$	46		$	45		$	33		$	39
Ratio of expenses to average net assets		0.62	%⁽³⁾		0.63	%		0.63	%		0.61	%		0.62	%		0.59	%
Ratio of net investment income to
average net assets		2.17	%⁽³⁾		2.19	%		2.40	%		2.77	%		2.85	%		2.77	%
Portfolio turnover rate		9	%⁽²⁾		27	%		16	%		14	%		4	%		9	%

^{____________________}

(1)

Per share amounts have been calculated using the daily average shares method.

(2)

Not annualized.

(3)

Annualized.

See accompanying notes to financial statements.

30 | Hawaiian Tax-Free Trust

Analysis of Expenses (unaudited)

As a shareholder of the Trust, you may incur two types of costs: (1) transaction costs, including front-end sales charges with respect to Class A shares or contingent deferred sales charges (“CDSC”) with respect to Class C shares; and (2) ongoing costs, including management fees; distribution (“12b-1”) and/or service fees; and other Trust expenses. The table below is intended to help you understand your ongoing costs (in dollars) of investing in the Trust and to compare these costs with the ongoing costs of investing in other mutual funds.

The table below is based on an investment of $1,000 invested on April 1, 2017 and held for the six months ended September 30, 2017.

Actual Expenses

This table provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During the Period”.

Six months ended September 30, 2017

	Actual
	Total Return	Beginning	Ending	Expenses
	Without	Account	Account	Paid During
	Sales Charges⁽¹⁾	Value	Value	the Period⁽²⁾
Class A	1.70%	$1,000.00	$1,017.00	$4.15
Class C	1.21%	$1,000.00	$1,012.10	$8.17
Class Y	1.81%	$1,000.00	$1,018.10	$3.14

(1)

Assumes reinvestment of all dividends and capital gain distributions, if any, at net asset value and does not reflect the deduction of the applicable sales charges with respect to Class A shares or the applicable CDSC with respect to Class C shares. Total return is not annualized; as such, it may not be representative of the total return for the year.

(2)

Expenses are equal to the annualized expense ratio of 0.82%, 1.62% and 0.62% for the Trust’s Class A, C and Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

31 | Hawaiian Tax-Free Trust

Analysis of Expenses (unaudited) (continued) Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Trust’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Trust and other mutual funds. To do so, compare this 5.00% hypothetical example relating to the Trust with the 5.00% hypothetical examples that appear in the shareholder reports of other mutual funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, with respect to Class A shares. The example does not reflect the deduction of CDSC with respect to Class C shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transaction costs were included, your costs would have been higher.

Six months ended September 30, 2017

	Hypothetical
	Annualized	Beginning	Ending	Expenses
	Total	Account	Account	Paid During
	Return	Value	Value	the Period⁽¹⁾
Class A	5.00%	$1,000.00	$1,020.96	$4.15
Class C	5.00%	$1,000.00	$1,016.95	$8.19
Class Y	5.00%	$1,000.00	$1,021.96	$3.14

(1)

32 | Hawaiian Tax-Free Trust

Shareholder Meeting Results (unaudited)

The Annual Meeting of Shareholders of Hawaiian Tax-Free Trust (the “Trust”) was held on September 28, 2017. The holders of shares representing 77% of the total net asset value of the shares entitled to vote were present in person or by proxy. At the meeting, the following matters were voted upon and approved by the shareholders (the resulting votes are presented below).

1. To elect Trustees.

	Dollar Amount of Votes:

Trustee	For	Withheld
Diana P. Herrmann	$567,602,486	$9,733,822
Richard L. Humphreys	$563,886,872	$13,449,436
Bert A. Kobayashi, Jr.	$566,204,358	$11,131,950
Glenn P. O’Flaherty	$567,019,619	$10,316,689
Russell K. Okata	$561,490,777	$15,845,531

2. To ratify the selection of Tait, Weller & Baker LLP as the Trust’s independent registered public accounting firm.

Dollar Amount of Votes:

For	Against	Abstain
$564,379,458.68	$1,837,821	$11,119,028

33 | Hawaiian Tax-Free Trust

Information Available (unaudited)

Much of the information that the funds in the Aquila Group of Funds produce is automatically sent to you and all other shareholders. Specifically, you are routinely sent your Trust’s entire list of portfolio securities twice a year in the semi-annual and annual reports you receive. Additionally, under Trust policies, the Administrator/Business Manager publicly discloses the complete schedule of the Trust’s portfolio holdings, as of each calendar quarter, generally by the 15th day after the end of each calendar quarter. Such information remains accessible until the next schedule is made publicly available. You may obtain a copy of the Trust’s portfolio holdings schedule for the most recently completed period by visiting the Trust’s website at www.aquilafunds.com. Whenever you wish to see a listing of your Trust’s portfolio other than in your shareholder reports, please check our website at www.aquilafunds.com or call us at 1-800-437-1000.

The Trust additionally files a complete list of its portfolio holdings with the SEC for the first and third quarter ends of each fiscal year on Form N-Q. Forms N-Q are available free of charge on the SEC website at www.sec.gov. You may also review or, for a fee, copy the forms at the SEC’s Public Reference Room in Washington, D.C. or by calling 1-800-SEC-0330.

Proxy Voting Record (unaudited)

During the 12 month period ended June 30, 2017, there were no proxies related to any portfolio instruments held by the Trust. As such, the Trust did not vote any proxies. Applicable regulations require us to inform you that the Trust’s proxy voting information is available on the SEC website at www.sec.gov.

Federal Tax Status of Distributions (unaudited)

This information is presented in order to comply with a requirement of the Internal Revenue Code. No current action on the part of shareholders is required.

For the fiscal year ended March 31, 2017, $14,952,129 of dividends paid by Hawaiian Tax-Free Trust, constituting 98.6% of total dividends paid, were exempt-interest dividends, exempt from regular Federal income tax and Hawaii state income tax; and the balance was ordinary dividend income.

Prior to February 15, 2018, shareholders will be mailed the appropriate tax form(s) which will contain information on the status of distributions paid for the 2017 calendar year.

34 | Hawaiian Tax-Free Trust

Additional Information (unaudited)

Renewal of the Investment Advisory Agreement

Asset Management Group of Bank of Hawaii (the “Adviser”) serves as the investment adviser to the Trust pursuant to an Investment Advisory Agreement (the “Advisory Agreement”). In order for the Adviser to remain the investment adviser of the Trust, the Trustees of the Trust must determine annually whether to renew the Advisory Agreement for the Trust.

In considering whether to approve the renewal of the Advisory Agreement, the Trustees requested and obtained such information as they deemed reasonably necessary. Contract review materials were provided to the Trustees in August, 2017. The independent Trustees met telephonically on August 29, 2017 and in person on September 27, 2017 to review and discuss the contract review materials. The Trustees considered, among other things, information presented by the Adviser and by Aquila Investment Management LLC (the “Administrator”). They also considered information presented in a report prepared by an independent consultant with respect to the Trust’s fees, expenses and investment performance, which included comparisons of the Trust’s investment performance against peers and the Trust’s benchmark and comparisons of the advisory fee payable under the Advisory Agreement against the advisory fees paid by the Trust’s peers, as well as information regarding the operating margins of certain investment advisory firms (the “Consultant’s Report”). In addition, the Trustees took into account the information related to the Trust provided to the Trustees at each regularly scheduled meeting.

At the meeting held on September 28, 2017, based on their evaluation of the information provided by the Adviser, Administrator and the independent consultant, the Trustees of the Trust, including the independent Trustees voting separately, unanimously approved the renewal of the Advisory Agreement until September 30, 2018. In considering the renewal of the Advisory Agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the Advisory Agreement.

The nature, extent, and quality of the services provided by the Adviser

The Trustees considered the nature, extent and quality of the services that had been provided by the Adviser to the Trust, taking into account the investment objectives and strategies of the Trust. The Trustees reviewed the terms of the Advisory Agreement.

The Trustees also reviewed the Adviser’s investment approach for the Trust and its research process. The Trustees considered the portfolio management team employed by the Adviser for the Trust and the Adviser’s facilities for credit analysis of the Trust’s portfolio securities. The Trustees noted the extensive experience of the portfolio management team, Mr. Stephen Rodgers, and Mmes. Janet Katakura and Stephanie Nomura, based in Honolulu, has provided local information regarding specific holdings in the Trust’s portfolio, a particular advantage as to holdings with less than the highest ratings from the rating agencies.

The Trustees considered that the Adviser had provided all portfolio management services to the Trust that the Trustees deemed necessary or appropriate, including the specific services that the Trustees have determined are required for the Trust, given that it seeks to provide shareholders with as high a level of current income exempt from Hawaii state and regular Federal income taxes as is consistent with preservation of capital.

35 | Hawaiian Tax-Free Trust

Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by the Adviser to the Trust were satisfactory and consistent with the terms of the Advisory Agreement.

The investment performance of the Trust

The Trustees reviewed the Trust’s performance (Class A shares) and compared its performance to the performance of:

•

the funds in the Trust’s peer group (the “Peer Group”), as selected by the independent consultant (seven single-state intermediate and single-state long municipal bond funds, as classified by Morningstar, that are similar to the Trust in size and that charge a front-end sales charge and one fund is a no-load fund that also is a Hawaii state-specific tax-free municipal bond fund);

•

the funds in the Trust’s product category for performance (the “Product Category for Performance”) (all funds (and all classes) included in the Morningstar Single-State Intermediate Municipal Bond Funds category); and

•

the Trust’s benchmark index, the Bloomberg Barclays Quality Intermediate Municipal Bond Index.

The Trustees considered that the materials included in the Consultant’s Report indicated that the Trust’s average annual total return was higher than the average annual total return of the funds in the Peer Group and the funds in the Product Category for Performance for the one-year period ended June 30, 2017, but lower than the average annual total return of the funds in the Peer Group and the funds in the Product Category for Performance for the three, five and ten-year periods ended June 30, 2017. They also considered that the Trust’s average annual total return was less than the average annual total return of the benchmark index for each of the one, three, five and ten-year periods. The Trustees noted that, unlike the Trust’s returns, the performance of the benchmark index did not reflect any fees, expenses or sales charges. They also noted that less than 1% of the benchmark index consists of Hawaii bonds.

In addition, the Trustees considered that, as reflected in the Consultant’s Report, the Trust’s standard deviation, a measure of volatility, was in the first quintile relative to the funds in the Product Category for Performance for the three and five-year periods ended June 30, 2017. The Trustees further noted that the Fund’s Sharpe ratio was in the third quintile for the three and five-year periods ended June 30, 2017 when compared to the funds in the Product Category for Performance. A Sharpe ratio is a measure for calculating risk-adjusted return. The higher the Sharpe ratio, the better the fund’s historical risk-adjusted performance.

The Trustees discussed the Trust’s performance record with the Adviser and considered the Adviser’s view that the Trust’s performance, as compared to the Product Category for Performance and the Peer Group, was explained in part by the Trust’s somewhat higher-quality portfolio and lower duration. The Trustees considered that, in periods of volatility, the Trust has historically provided above average returns relative to the funds in the Product Category for Performance. They also considered data provided by the Adviser that reflected that, during turbulent market periods, the Trust historically has tended to outperform other Hawaii municipal bond funds, as well as the Adviser’s view that the better downside protection historically provided by the Trust in volatile markets is consistent with the expectations of the Trust’s shareholders. Evaluation of the investment performance of the Trust indicated to the Trustees that renewal of the Advisory Agreement would be appropriate.

36 | Hawaiian Tax-Free Trust

Advisory Fees and Trust Expenses

The Trustees reviewed the Trust’s advisory fees and expenses and compared them to the advisory fee and expense data for:

•

the funds in the Peer Group (as defined above); and

•

the funds in the product category for expenses (the “Product Category for Expenses”) (Morningstar Single-State Intermediate Municipal Bond Funds and Morningstar Single State Long Municipal Bond Funds from states within which 1-3 mutual funds are operating, with similar operating expense structures).

The Trustees noted the independent consultant’s report compared the aggregate advisory and administration fee for the Trust with the advisory fee data for the Peer Group and the Product Category for Expenses. The Trustees considered that the Trust’s contractual advisory fee and the Trust’s aggregate advisory and administration fee was lower than the average contractual advisory fee of the funds in the Peer Group (at the Trust’s current asset level) and lower than the asset-weighted average contractual advisory fee of the funds in the Product Category for Expenses (at various asset levels).

The Trustees noted that the Trust’s actual management fee was above the average actual management fee of the funds in both the Peer Group and the Product Category for Expenses (after giving effect to fee waivers in effect for those funds). They noted, however, that the Trust’s actual fees and expenses (for Class A shares) were lower than the average actual fees and expenses of the funds in both the Product Category for Expenses and the Peer Group (after giving effect to fee waivers and expense reimbursements in effect for those funds).

The Trustees reviewed management fees charged by the Adviser to its other clients. The Trustees noted that, in most instances, the fee rates for those clients were lower than the fees paid to the Adviser with respect to the Trust. In evaluating the fees associated with the client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Trust and those client accounts.

The Trustees concluded that the advisory fee and expenses of the Trust were reasonable in relation to the nature and quality of the services provided by the Adviser to the Trust.

Profitability

The Adviser and the Administrator each provided materials which showed the profitability to the Adviser and the Administrator, respectively, of their services to the Trust, as well as material provided by the Administrator which showed the profitability to Aquila Distributors LLC (the “Distributor”) of distribution services provided to the Trust.

The Trustees considered information regarding the profitability of the Adviser with respect to the services provided by the Adviser to the Trust, including the methodology used by the Adviser in allocating certain of its costs to the portfolio management of the Trust. The Trustees concluded that profitability to the Adviser with respect to the services provided to the Trust did not argue against approval of the fees to be paid under the Advisory Agreement.

37 | Hawaiian Tax-Free Trust

The extent to which economies of scale would be realized as the Trust grows The Trustees considered the extent to which the Adviser may realize economies of scale or other efficiencies in managing the Trust. The Trust has in place breakpoints in the advisory fee schedule based on the size of the Trust. Accordingly, the Trustees concluded that economies of scale, if any, were being appropriately shared with the Trust.

Benefits derived or to be derived by the Adviser and its affiliates from the relationship with the Trust

The Trustees observed that, as is generally true of most fund complexes, the Adviser, by providing services to other funds and accounts including the Trust, was able to spread costs as it would otherwise be unable to do. The Trustees noted that while that produces efficiencies and increased profitability for the Adviser, it also makes their services available to the Trust at favorable levels of quality and cost which are more advantageous to the Trust than would otherwise have been possible.

38 | Hawaiian Tax-Free Trust

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Founders

Lacy B. Herrmann (1929-2012)

Aquila Management Corporation, Sponsor

Administrator/Business Manager

AQUILA INVESTMENT MANAGEMENT LLC

120 West 45th Street, Suite 3600

New York, New York 10036

Investment Adviser

ASSET MANAGEMENT GROUP of

BANK of HAWAII

130 Merchant Street, Suite 370

Honolulu, Hawaii 96813

Board of Trustees

Richard L. Humphreys, Chair

Diana P. Herrmann, Vice Chair

B.J. Kobayashi

Glenn P. O’Flaherty

Russell K. Okata

Officers

Diana P. Herrmann, President

Charles E. Childs, III, Executive Vice President

and Secretary

Marie E. Aro, Senior Vice President

Sherri Foster, Senior Vice President

Paul G. O’Brien, Senior Vice President

Stephen J. Caridi, Vice President

Randall S. Fillmore, Chief Compliance Officer

Joseph P. DiMaggio, Chief Financial Officer

and Treasurer

Distributor

AQUILA DISTRIBUTORS LLC

120 West 45th Street, Suite 3600

New York, New York 10036

Transfer and Shareholder Servicing Agent

BNY MELLON INVESTMENT SERVICING (US) INC.

4400 Computer Drive

Westborough, Massachusetts 01581

Custodian

THE BANK OF NEW YORK MELLON

225 Liberty Street

New York, New York 10286

Further information is contained in the Prospectus,

which must precede or accompany this report.

ITEM 2.

CODE OF ETHICS.

Not applicable

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

ITEM 6.

SCHEDULE OF INVESTMENTS.

Included in Item 1 above

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The Board of Directors of the Registrant has adopted a Nominating Committee Charter which provides that the Nominating Committee (the 'Committee') may consider and evaluate nominee candidates properly submitted by shareholders if a vacancy among the Independent Trustees of the Registrant occurs and if, based on the Board's then current size, composition and structure, the Committee determines that the vacancy should be filled. The Committee will consider candidates submitted by shareholders on the same basis as it considers and evaluates candidates recommended by other sources. A copy of the qualifications and procedures that must be met or followed by shareholders to properly submit a nominee candidate to the Committee may be obtained by submitting a request in writing to the Secretary of the Registrant.

ITEM 11.

CONTROLS AND PROCEDURES.

(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing of this report, the registrant's chief financial and executive officers have concluded that the disclosure controls and procedures of the registrant are appropriately designed to ensure that information required to be disclosed in the registrant's reports that are filed under the Securities Exchange Act of 1934 are accumulated and communicated to registrant's management, including its principal executive officer(s) and principal financial officer(s), to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the Securities and Exchange Commission.

(b) There have been no significant changes in registrant's internal controls or in other factors that could significantly affect registrant's internal controls subsequent to the date of the most recent evaluation, including no significant deficiencies or material weaknesses that required corrective action.

ITEM 12.

EXHIBITS.

(a)(2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of1940.

(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

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.

HAWAIIAN TAX-FREE TRUST

By:	/s/ Diana P. Herrmann
	Vice Chair, President and Trustee
	December 1, 2017

By:	/s/ Joseph P. DiMaggio
	Chief Financial Officer and Treasurer
	December 1, 2017

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:	/s/ Diana P. Herrmann
	Diana P. Herrmann
	Vice Chair, President and Trustee
	December 1, 2017

By:	/s/ Joseph P. DiMaggio
	Joseph P. DiMaggio
	Chief Financial Officer and Treasurer
	December 1, 2017

HAWAIIAN TAX-FREE TRUST

EXHIBIT INDEX

(a)(2)Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(b) Certification of chief executive officer and chief financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940.

Hawaiian Tax Free Trust N-CSRSCertified semi-annual shareholder report (management investment company)