The investment seeks 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 Trust'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. These obligations can be of any maturity, but the Trust's average portfolio maturity has traditionally been between 8 and 12 years. The fund is non-diversified.
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