Bank of Hawai‘i Becomes New Fund Sponsor for Hawaiian Tax-Free Trust, Hawai‘i’s First Municipal Bond Fund
September 03 2024 - 3:45PM
Business Wire
Today, Bank of Hawai‘i announces that it has become the fund
sponsor for Hawaiian Tax-Free Trust, taking over from New
York-based Aquila Management Corporation, founder and sponsor of
the Aquila® Group of Funds, Aquila Investment Management LLC and
Aquila Distributors LLC (jointly, “Aquila”), which recently
announced its intention to discontinue providing
administrative/business management and distribution services for
the fund.
Together, Bank of Hawai‘i and Aquila launched Hawai‘i’s first
municipal bond fund in 1985. Aquila served as the fund sponsor,
managing the administration and distribution of the fund and
ensuring its availability for public sale. Simultaneously, the
Asset Management Group of Bank of Hawai‘i has served as the
investment advisor, managing the assets of the portfolio, since the
fund’s inception nearly four decades ago and will continue to do
so. Now as the new fund sponsor, Bank of Hawai‘i will provide even
more local leadership for Hawai‘i’s first municipal bond fund
designed especially for Hawai‘i residents.
“We are excited to take on the role of fund sponsor for Hawaiian
Tax-Free Trust given its focus on Hawai‘i’s local infrastructure,”
said President of Bank of Hawai‘i James Polk. “Bank of Hawai‘i is
well-positioned to lend its deep expertise in financial management
to continue to support the long-term success of this fund.”
“On behalf of Aquila’s team, it has been a pleasure to serve the
needs of thousands of Hawai‘i investors and their financial
professionals over nearly 40 years. We are pleased that Hawaiian
Tax-Free Trust will continue to endure under Bank of Hawai‘i’s
oversight for the continuing benefit of Hawai‘i investors and that
vital local projects will continue to benefit from the Fund’s
support,” said Diana Herrmann, President and Chief Executive
Officer of Aquila.
About Hawaiian Tax-Free Trust
- The fund invests in the local community through securities that
finance local schools, highways, airports, hospitals, and water and
sewer facilities throughout Hawai‘i.
- A key benefit for shareholders is that the fund seeks to
provide income that is exempt from both State of Hawai‘i and
Federal income taxes, while preserving capital.
- More information can be obtained at
www.hawaiiantaxfreetrust.com.
Disclosure: Before investing in the Hawaiian Tax-Free Fund,
carefully read about and consider the investment objectives, risks,
charges, expenses, and other information found in the fund
prospectus. Prospectuses are available from your financial advisor
or by visiting https://www.hawaiiantaxfreetrust.com.
Mutual fund investing involves risk, including potential loss of
principal. Not FDIC insured, no bank guarantee, may lose value, not
NCUA insured. Distributed by Foreside Fund Services LLC.
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Media Inquiries Melissa Torres-Laing Email:
Melissa.Torres-Laing@boh.com Phone: 808-694-8384 Mobile:
808-859-1703
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