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        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>ENFORCEMENT OF CONFLICTS POLICY IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE TRUSTEES CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER SUCH DISCLOSURE, AND IN THE CASE OF ANY QUESTIONS ABOUT A POTENTIAL CONFLICT OF INTEREST OR ANY REMAINING QUESTION BY ANY TRUSTEE, THE TRUST'S LEGAL COUNSEL SHALL MAKE A RECOMMENDATION ON A COURSE OF ACTION THAT WILL KEEP ALL TRUSTEES AND THE FUND IN COMPLIANCE WITH APPLICABLE LAWS AND A RECORD OF SUCH DISCLOSURE AND THE SOURCE OF ACTION SHALL BE RECORDED IN MINUTES OF THE APPLICABLE TRUSTEE MEETING. THE INTERESTED PERSON SHALL AVOID PARTICIPATING IN DISCUSSION OR VOTING ON ANY MATTER THAT WILL PERSONALLY AFFECT, BENEFIT OR IMPACT FAVORABLE THE INTERESTED PERSON OR A PERSON OR ENTITY RELATED TO THE INTERESTED PERSON. A TRUTEE SHOULD REFRAIN FROM SOLICITING OR RECEIVING ITEMS OR VALUE OR GIFTS FROM ANY PARTY-IN- INTEREST. TRUSTEE SHOULD AVOID COMPLETELY THE USE, BENEFIT OR ACCEPTANCE OF ANY FUND ASSETS FOR PERSONAL GAIN OR FOR PERSONAL USE. THERE ARE VOILATIONS OF THE CONFLICT OF INTEREST POLICY IN PLACE SHOULD A TRUSTEE VOILATE THE CONFLICT OF INTEREST POLICY.</ExplanationTxt>
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          <BusinessNameLine1Txt>GLASSMETAL ASSOC OF HAWAII&amp;GLAZIER</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>2240 YOUNG STREET</AddressLine1Txt>
          <CityNm>HONOLULU</CityNm>
          <StateAbbreviationCd>HI</StateAbbreviationCd>
          <ZIPCd>96826</ZIPCd>
        </USAddress>
        <EIN>990110810</EIN>
        <PrimaryActivitiesTxt>LABOR UNIO</PrimaryActivitiesTxt>
        <ExemptCodeSectionTxt>501 C5</ExemptCodeSectionTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>NA</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>HAWAII GLAZIERS PENSION TRUST FUND</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>2240 YOUNG STREET</AddressLine1Txt>
          <CityNm>HONOLULU</CityNm>
          <StateAbbreviationCd>HI</StateAbbreviationCd>
          <ZIPCd>96826</ZIPCd>
        </USAddress>
        <EIN>990145070</EIN>
        <PrimaryActivitiesTxt>PENSION</PrimaryActivitiesTxt>
        <ExemptCodeSectionTxt>001</ExemptCodeSectionTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>NA</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>HAWAII GLAZIERS ANNUITY TRUST FUND</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>2240 YOUNG STREET</AddressLine1Txt>
          <CityNm>HONOLULU</CityNm>
          <StateAbbreviationCd>HI</StateAbbreviationCd>
          <ZIPCd>96826</ZIPCd>
        </USAddress>
        <EIN>990229952</EIN>
        <PrimaryActivitiesTxt>ANNUITY</PrimaryActivitiesTxt>
        <ExemptCodeSectionTxt>001</ExemptCodeSectionTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>NA</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>HAWAII GLAZIERS RETIREE HEALTH REIM</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>2240 YOUNG STREET</AddressLine1Txt>
          <CityNm>HONOLULU</CityNm>
          <StateAbbreviationCd>HI</StateAbbreviationCd>
          <ZIPCd>96826</ZIPCd>
        </USAddress>
        <EIN>320463348</EIN>
        <PrimaryActivitiesTxt>HEALTH REI</PrimaryActivitiesTxt>
        <ExemptCodeSectionTxt>501 C9</ExemptCodeSectionTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>NA</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>HAWAII GLAZIERS VACATION&amp;HOLIDAY TR</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>2240 YOUNG STREET</AddressLine1Txt>
          <CityNm>HONOLULU</CityNm>
          <StateAbbreviationCd>HI</StateAbbreviationCd>
          <ZIPCd>96826</ZIPCd>
        </USAddress>
        <EIN>990154203</EIN>
        <PrimaryActivitiesTxt>VACA&amp;HOLI</PrimaryActivitiesTxt>
        <ExemptCodeSectionTxt>501 C9</ExemptCodeSectionTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>NA</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>HAWAII GLAZIERS STABILIZATION FUND</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>2240 YOUNG STREET</AddressLine1Txt>
          <CityNm>HONOLULU</CityNm>
          <StateAbbreviationCd>HI</StateAbbreviationCd>
          <ZIPCd>96826</ZIPCd>
        </USAddress>
        <EIN>300366488</EIN>
        <PrimaryActivitiesTxt>STABILIZAT</PrimaryActivitiesTxt>
        <ExemptCodeSectionTxt>501 C5</ExemptCodeSectionTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>NA</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>false</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>false</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>false</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>false</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>false</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>false</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>false</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>false</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>false</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>false</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>false</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>false</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>false</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>false</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>false</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>false</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>false</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>false</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>false</TransferFromOtherOrgInd>
    </IRS990ScheduleR>
  </ReturnData>
</Return>