HAWAIIAN TAX-FREE TRUST
Supplement to the Prospectus
dated July 30, 1999
for Class A Shares and Class C Shares
The Example on page 4 of the Prospectus under "Fees and Expenses of the
Trust" is replaced by the following:
Example
This Example is intended to help you compare the cost of investing in the
Trust with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Trust for the time
periods indicated and then redeem all of your shares at the end of those
periods. The Example also assumes that your investment has a 5% return
each year, that you reinvest all dividends and distributions, and that the
Trust's operating expenses remain the same. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:
<TABLE>
<CAPTION>
1 year 3 years 5 years 10 years
<S> <C> <C> <C> <C>
Class A Shares............$473 $627 $795 $1,282
Class C Shares............$257 $486 $839 $1,420(4)
You would pay the following expenses if you did not redeem your Class C
Shares:
Class C Shares............$157 $486 $839 $1,420(4)
<FN> (4) Six years after the date of purchase, Class C Shares are
automatically converted to Class A Shares. Over time, long-term Class C
Shareholders could pay the economic equivalent of an amount that is more
than the maximum front-end sales charge allowed under applicable
regulations because of the 12b-1 fee and Service fee. Because these fees
are paid out of the Trust's assets on an on-going basis, over time these
fees will increase the cost of your investment and may cost you more than
paying other types of sales charges. </FN>
</TABLE>
The date of this supplement is November 18, 1999.
