Hawaiian Tax-Free Trust, a mutual fund that invests in Hawaii state and county municipal bonds, recently celebrated its 25th anniversary.

HTFT has the distinction of being the country's first single-state tax-free bond fund. Lacy Herrmann launched the fund in 1985 with just $100,000. Today, HTFT's net assets total more than $700 million.
The fund trades under the ticker symbols HULAX and HULCX. They are managed by the the asset management group of Bank of Hawaii. Income generated by the fund is exempt from state of Hawaii and federal income taxes.