Fund Evaluator:
Hawaiian Tax-Free Trust A (HULAX)
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Best Performing in Muni Single State Interm Over the Last Year
| 7.0% | Victory VA Bond (USVAX) |
| 6.9% | Dupree AL Tax-Free Income (DUALX) |
| 6.5% | Dupree TN Tax-Free Income (TNTIX) |
| 5.9% | Dupree KY Tax-Free Income (KYTFX) |
| 5.6% | Dupree NC Tax-Free Income (NTFIX) |
Fund Details
Hawaiian Tax-Free Trust A Overview
Hawaiian Tax-Free Trust A (HULAX) is an actively managed Municipal Bond Muni Single State Interm fund. Asset Management Group Of Bank Of Hawaii launched the fund in 1985.
The investment seeks to provide the investors as high a level of current income exempt from Hawaiian state and regular Federal income taxes as is consistent with preservation of capital. Under normal circumstances, at least 80% of the fund's assets will be invested in municipal obligations that pay interest exempt, in the opinion of bond counsel, from Hawaii State and regular Federal income taxes. The fund is non-diversified.
About Hawaiian Tax-Free Trust A (HULAX)
There are 2 members of the management team with an average tenure of 2.65 years: Reid Smith (2021), Skylar Kieschnick (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg HAWAII TR USD index with a weighting of 100%. Hawaiian Tax-Free Trust A has 89 securities in its portfolio. The top 10 holdings constitute 40.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Hawaiian Tax-Free Trust A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Hawaiian Tax-Free Trust A has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.7% (98.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Hawaiian Tax-Free Trust A has 1.3% of the portfolio in cash.
Assets Under Management
The fund has $320 million in total assets, which is above the $85 million average for the Muni Single State Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HULAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Hawaiian Tax-Free Trust A expense ratio is high compared to funds in the Muni Single State Interm category. Hawaiian Tax-Free Trust A has an expense ratio of 0.91%, which is 9% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Hawaiian Tax-Free Trust A has a portfolio turnover rate of 30%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Muni Single State Interm category.
Recently, in the month of July 2026, Hawaiian Tax-Free Trust A returned -1.4%, which earned it a grade of A, as the Muni Single State Interm category had an average return of -1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Hawaiian Tax-Free Trust A has a trailing yield of 2.82%, which is below the 3.00% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Hawaiian Tax-Free Trust A Grades
Year to date, the fund has returned 0.2%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.5% over the past year (grade of D), 2.2% over the past three years (grade of D) and 0.1% per year over the past five years (grade of C) and 0.9% per year over the past 10 years (grade of D).
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HULAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HULAX Return (NAV) | -1.4% | -0.5% | 4.5% | 2.2% | 0.1% | 0.9% |
| HULAX Grade | A | B | D | D | C | D |
| +/- Category | 0.3% | 0.1% | -0.5% | -0.4% | -0.1% | -0.4% |
| Muni Single State Interm Avg | -1.7% | -0.6% | 5.0% | 2.6% | 0.2% | 1.3% |
| HULAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
HULAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HULAX Return (NAV) | 0.2% | 3.8% | 1.0% | 3.2% | -6.7% | -0.0% | 3.5% | 4.6% | 0.6% | 2.5% | -0.4% |
| HULAX Grade | D | D | C | F | B | D | F | F | D | F | D |
| +/- Category | -0.1% | -0.3% | 0.1% | -1.3% | 1.1% | -0.6% | -0.6% | -1.1% | -0.2% | -1.0% | -0.5% |
| Muni Single State Interm Avg | 0.3% | 4.0% | 0.9% | 4.5% | -7.7% | 0.5% | 4.2% | 5.7% | 0.8% | 3.5% | 0.1% |
| Risk Measures | |
| Standard Deviation: | 4.6% |
| Total Risk Index: | 0.38 - Low |
| Category Risk Index: | 0.93 - Average |
| Category Risk Grade: | C (46% Rank) |
| Beta: | 0.80 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $355 Mil |
| Fund Total Assets: | $ 321 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 30% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.9 years | |||
| Average Tenure: 2.6 years | |||
| Managers (Year): Smith Reid (2021), Kieschnick Skylar (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 89 |
| % in Top 10 Holdings: | 40.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.3% |
Purchase Information
| Fund Family: | Asset Management Group Of Bank Of Hawaii |
| Phone Number: | 800-437-1000 |
| Website: | www.aquilafunds.com |
| Status: | Open |
| Inception Date: | February 20, 1985 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.20% |
Expenses and Fees | |
| Expense Ratio (%): | 0.91% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Hawaiian Tax-Free Trust A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
