HAWAIIAN TAX-FREE TRUST
                         AMENDMENT OF ADVISORY AGREEMENT





         THIS AGREEMENT, made as of June 10, 2006 by and between HAWAIIAN
TAX-FREE TRUST (the "Trust"), a Massachusetts business trust which is registered
under the Investment Company Act of 1940 (the "Act") as an open-end,
non-diversified management investment company, and ASSET MANAGEMENT GROUP of
BANK OF HAWAII (the "Adviser"), a Delaware limited liability company, 380
Madison Avenue, Suite 2300, New York, New York 10017,

                              W I T N E S S E T H :

         WHEREAS, the Trust and the Adviser are parties to an Advisory Agreement
(the "Agreement") made as of October 30, 1995 with respect to services to the
Trust, the Adviser having succeeded by merger to the rights, duties and
obligations of its predecessor in interest effective September 30, 1997; and

         WHEREAS, the Trust and the Adviser wish to amend the Agreement in a
manner authorized by the Board of Trustees of the Trust at a meeting called and
held for the purpose on June 10, 2006;

     NOW THEREFORE, in consideration of the mutual promises and agreements
herein contained and other good and valuable consideration, the receipt of which
is hereby acknowledged, the parties hereto agree as follows:

         1. Amendment Subsection (iv) of Section 3 of the Agreement is amended
by deleting the words "and expenses" therefrom and adding at the end thereof the
phrase "and expenses of all its Trustees" so that it shall read in its entirety
as follows:

          (iv) compensation of its Trustees other than those affiliated with the
          Adviser or such sub-adviser, administrator or principal underwriter
          and expenses of all its Trustees;

         2. Continuance of Agreement In all other respects, the Agreement is
hereby confirmed.


         IN WITNESS WHEREOF, the parties hereto have caused the foregoing
instrument to be executed by their duly authorized officers as of the day and
year first above written.




ATTEST:                             HAWAIIAN TAX-FREE TRUST




                                 By:
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ATTEST:                             ASSET MANAGEMENT GROUP of
                                     BANK OF HAWAII




                                    By:
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