0000750909-12-000043.txt : 20121115 0000750909-12-000043.hdr.sgml : 20121115 20121115162825 ACCESSION NUMBER: 0000750909-12-000043 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121115 DATE AS OF CHANGE: 20121115 EFFECTIVENESS DATE: 20121115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWAIIAN TAX FREE TRUST CENTRAL INDEX KEY: 0000750909 IRS NUMBER: 136845048 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-92583 FILM NUMBER: 121209119 BUSINESS ADDRESS: STREET 1: 380 MADISON AVE #2300 STREET 2: #2300 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126976666 MAIL ADDRESS: STREET 1: 380 MADISON AVENUE STREET 2: #2300 CITY: NEW YORK STATE: NY ZIP: 10017 0000750909 S000009108 HAWAIIAN TAX-FREE TRUST C000024774 HAWAIIAN TAX-FREE TRUST CLASS A HULAX C000024775 HAWAIIAN TAX-FREE TRUST CLASS C HULCX C000024776 HAWAIIAN TAX-FREE TRUST CLASS I HITIX C000024777 HAWAIIAN TAX-FREE TRUST CLASS Y HULYX 497 1 hi497xbrl12.htm XBRL LETTER hi497xbrl12.htm

Bingham McCutchen LLP
One Federal Street
Boston, Massachusetts 02110

 

 
November 15, 2012
 
VIA EDGAR
 
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549


Re:
Hawaiian Tax-Free Trust
 
(File Nos. 2-92583 and 811-4084)

Ladies and Gentlemen:
 
On behalf of Hawaiian Tax-Free Trust, a Massachusetts business trust (the “Trust”), and pursuant to Rule 497(c) under the Securities Act of 1933, as amended, attached for filing are exhibits containing in interactive data format the risk/return summary information that appears in a supplement dated November 1, 2012 to the Trust’s Prospectus dated July 25, 2012.
 
Any questions or comments relating to the filing should be directed to the undersigned at (617) 951-8458 or Toby R. Serkin at (617) 951-8760.

Sincerely,

/s/ Jeremy B. Kantrowitz

Jeremy B. Kantrowitz


Enclosures
EX-101.INS 2 tffh-20121101.xml XBRL INSTANCE DOCUMENT 0000750909 2012-06-30 2012-06-30 0000750909 tffh:S000009108Member 2012-06-30 2012-06-30 0000750909 tffh:S000009108Member tffh:C000024777Member 2012-06-30 2012-06-30 0000750909 tffh:S000009108Member tffh:C000024774Member 2012-06-30 2012-06-30 0000750909 tffh:S000009108Member tffh:C000024775Member 2012-06-30 2012-06-30 0000750909 tffh:S000009108Member rr:AfterTaxesOnDistributionsMember tffh:C000024777Member 2012-06-30 2012-06-30 0000750909 tffh:S000009108Member rr:AfterTaxesOnDistributionsAndSalesMember tffh:C000024777Member 2012-06-30 2012-06-30 0000750909 tffh:S000009108Member tffh:index_Barclays_Capital_Quality_Intermediate_Municipal_Bond_Index_This_index_of_municipal_bonds_of_issuers_throughout_the_US_is_unmanaged_and_does_not_reflect_deductions_for_fund_operating_expensMember 2012-06-30 2012-06-30 0000750909 tffh:S000009108Member tffh:C000024776Member 2012-06-30 2012-06-30 xbrli:pure iso4217:USD Purchases of $1 million or more have no sales charge but a contingent deferred sales charge of up to 1% for redemptions within two years of purchase and up to 0.50 of 1% for redemptions during the third and fourth years after purchase. Restated to reflect current fees. Other Expenses of Class I Shares are based on estimated amounts for the current fiscal year. HAWAIIAN TAX FREE TRUST Other false 0000750909 2012-06-30 2012-11-01 2012-11-01 2012-07-25 HAWAIIAN TAX-FREE TRUST Principal Investment Strategies <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-0" style="MARGIN-LEFT: 36pt"></font>The Trust invests primarily in tax-free municipal obligations that pay interest exempt in the opinion of bond counsel from Hawaii state and regular Federal income taxes.&#160;&#160;In general, almost all of these obligations are issued by the State of Hawaii, its counties and various other local authorities. We call these &#8220;Hawaiian Obligations.&#8221; These securities may include participation or other interests in municipal securities and variable rate demand notes.&#160;&#160;Some Hawaiian Obligations, such as general obligation issues, are backed by the issuer&#8217;s taxing authority, while other Hawaiian Obligations, such as revenue bonds, are backed only by revenues from certain facilities or other sources and not by the issuer itself.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-1" style="MARGIN-LEFT: 36pt"></font>Under normal circumstances, at least 80% of the Trust&#8217;s assets will consist of Hawaiian Obligations.&#160;&#160;These obligations can be of any maturity, but the Trust&#8217;s average portfolio maturity has traditionally been between 8 and 12 years.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At the time of purchase, the Trust&#8217;s Hawaiian Obligations must be of investment grade quality. This means that they must either</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 54pt"> <div> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">be rated within the four highest credit ratings assigned by nationally recognized statistical rating organizations or,</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 54pt"> <div> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">if unrated, be determined to be of comparable quality by the Trust&#8217;s investment adviser, Asset Management Group of Bank of Hawaii (the &#8220;Adviser&#8221;).</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Adviser selects obligations for the Trust&#8217;s portfolio to best achieve the Trust&#8217;s objective by considering various characteristics including quality, maturity and coupon rate.</font> </div> Principal Risks <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-2" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market and Interest Rate Risk.</font> The market prices of the Trust&#8217;s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. When market prices fall, the value of your investment may go down. The value of your investment may also go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term securities.</font> </div> <br/><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; font-weight: bold;">Credit Risk.</font>If an issuer or obligor of a security held by the Trust or a counterparty to a financial contract with the Trust defaults or is downgraded, or if the value of the assets underlying a security</font></font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;">declines, the value of your investment will typically decline.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-4" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rating Agency Risk:</font> Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which would increase the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer&#8217;s financial condition. Ratings represent the rating agency&#8217;s opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies may fail to make timely credit ratings in response to subsequent events. In addition, ratings agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-5" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Risks Associated with Investments in Hawaii and Other Municipal Obligations.</font> The Trust may be affected significantly by adverse economic, political or other events affecting Hawaii and other municipal&#160;issuers.&#160;&#160;Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support.&#160;&#160;Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities.&#160;&#160;Issuers often depend on revenues from these projects to make principal and interest payments.&#160;&#160;The value of municipal securities also can be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory developments, legislative actions, and by uncertainties and public perceptions concerning these and other factors.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-6" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Tax Risk.</font> The income on the Trust&#8217;s Hawaiian Obligations and other municipal obligations could become subject to Federal and/or state income taxes due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-7" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Liquidity Risk.</font> Some securities held by the Trust may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the Trust is forced to sell an illiquid security to meet redemption requests or other cash needs, the Trust may be forced to sell the security at a loss.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-8" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Prepayment or Call Risk.</font> Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right, and the Trust could be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The Trust may also lose any premium it paid on the security.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-9" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio Selection Risk.</font> The value of your investment may decrease if the Adviser&#8217;s judgment about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, or about interest rates, is incorrect.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">An investment in the Trust is not a deposit in Bank of Hawaii, any of its bank or non-bank affiliates or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Trust is classified as a &#8220;non-diversified&#8221; investment company under the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;). Thus, compared with &#8220;diversified&#8221; funds, it may invest a greater percentage of its assets in obligations of a small number of issuers. In general, the more the Trust invests in the securities of specific issuers or issues of a similar project type, the more the Trust is exposed to risks associated with investments in those issuers or types of projects.&#160;&#160;Also, the Trust may be more volatile than a more geographically diverse fund.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Loss of money is a risk of investing in the Trust.</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-10" style="MARGIN-LEFT: 36pt"></font>These risks are discussed in more detail later in the Prospectus or in the SAI.</font> </div> Loss of money is a risk of investing in the Trust. The Trust is classified as a "non-diversified" investment company under the Investment Company Act of 1940 (the "1940 Act"). Thus, compared with "diversified" funds, it may invest a greater percentage of its assets in obligations of a small number of issuers. In general, the more the Trust invests in the securities of specific issuers or issues of a similar project type, the more the Trust is exposed to risks associated with investments in those issuers or types of projects. Also, the Trust may be more volatile than a more geographically diverse fund. An investment in the Trust is not a deposit in Bank of Hawaii, any of its bank or non-bank affiliates or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Portfolio Turnover <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Trust pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Trust shares are held in a taxable account. These costs, which are not reflected in annual Trust operating expenses or in the example, affect the Trust's performance. During the most recent fiscal year, the Trust's portfolio turnover rate was 20% of the average value of its portfolio.</font> </div> 0.20 Trust Performance <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following bar chart and table provide some indication of the risks of investing in the Trust by showing changes in the Trust&#8217;s performance from year to year and by showing how the Trust&#8217;s average annual total returns for the designated periods compare with those of a broad measure of market performance. The Trust's past performance (before and after taxes) is not necessarily an indication of how the Trust will perform in the future. Updated performance information is available at <font style="DISPLAY: inline; TEXT-DECORATION: underline">www.aquilafunds.com</font> or by calling <font style="DISPLAY: inline; FONT-WEIGHT: bold">800-437-1020 (toll-free).</font></font> </div> ANNUAL TOTAL RETURNS - Class Y Shares 2002 - 2011 0.0878 0.0492 0.0331 0.0199 0.0379 0.0316 0.0131 0.0754 0.0185 0.0760 ~ http://tffh.com/20121101/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact tffh_S000009108Member column rr_ProspectusShareClassAxis compact tffh_C000024777Member row primary compact * ~ highest return for a quarter 0.0380 2002-09-30 lowest return for a quarter -0.0238 2010-12-31 The year-to-date (from January 1, 2012 to June 30, 2012) total return for Class Y Shares was 0.0217 2012-06-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-12" style="MARGIN-LEFT: 36pt"></font>During the 10-year period shown in the bar chart, the highest return for a quarter was 3.80% (quarter ended September 30, 2002) and the lowest return for a quarter was &#8211;2.38% (quarter ended December 31, 2010).</font> </div> <br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-13" style="MARGIN-LEFT: 36pt"></font>The year-to-date (from January 1, 2012 to June 30, 2012) total return for Class Y Shares was 2.17%.</font> </div> 0.0306 0.0321 0.0376 0.0552 0.0322 0.0336 0.0760 0.0426 0.0439 0.0760 0.0425 0.0438 0.0613 0.0417 0.0434 0.0855 0.0568 0.0506 ~ http://tffh.com/20121101/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact tffh_S000009108Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">These returns are calculated using the highest individual Federal marginal income and capital gains tax rates in effect at the time of each distribution and redemption, but do not reflect state and local taxes.&#160;&#160;Actual after-tax returns will depend on your specific situation and may differ from those shown.&#160;&#160;The total returns reflect reinvestment of dividends and distributions.&#160;&#160;After-tax returns are shown only for Class Y Shares.&#160;&#160;After-tax returns for other classes of shares will vary.</font> </div> These returns are calculated using the highest individual Federal marginal income and capital gains tax rates in effect at the time of each distribution and redemption, but do not reflect state and local taxes. The following bar chart and table provide some indication of the risks of investing in the Trust by showing changes in the Trust's performance from year to year and by showing how the Trust's average annual total returns for the designated periods compare with those of a broad measure of market performance. The Trust's past performance (before and after taxes) is not necessarily an indication of how the Trust will perform in the future. After-tax returns are shown only for Class Y Shares. After-tax returns for other classes of shares will vary. This index of municipal bonds of issuers throughout the U.S. is unmanaged and does not reflect deductions for fund operating expenses, taxes or sales charges. 800-437-1020 www.aquilafunds.com Actual after-tax returns will depend on your specific situation and may differ from those shown. Average Annual Total Returns for the Periods Ended December 31, 2011 Example <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the Trust with the cost of investing in other mutual funds.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Trust&#8217;s operating expenses remain the same. Six years after the date of purchase, Class C Shares automatically convert to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </div> 480 651 837 1373 265 511 881 1511 99 309 536 1190 63 199 346 774 165 511 881 1511 ~ http://tffh.com/20121101/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact tffh_S000009108Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://tffh.com/20121101/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact tffh_S000009108Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ You would pay the following expenses if you did not redeem your Class C Shares: Fees and Expenses of the Trust <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Trust. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in the Trust or in other funds in the Aquila Group of Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in "Alternative Purchase Plans&#8221; on page 22 of the Trust's Prospectus, "What are the sales charges for purchases of Class A Shares&#8221; on page 24 of the Prospectus, "Reduced Sales Charges for Certain Purchases of Class A Shares&#8221; on page 26 of the Prospectus, and &#8220;Purchase, Redemption, and Pricing of Shares&#8221; on page 45 of the Statement of Additional Information (the &#8220;SAI&#8221;). No Class I Shares are currently outstanding.</font> </div> 0.0400 0.0000 0.0000 0.0000 0.0000 0.0100 0.0000 0.0000 0.0023 0.0023 0.0023 0.0023 0.0020 0.0075 0.0015 0.0000 0.0039 0.0064 0.0059 0.0039 0.0082 0.0162 0.0097 0.0062 ~ http://tffh.com/20121101/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact tffh_S000009108Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://tffh.com/20121101/role/ScheduleOperatingExpenses20002 column dei_LegalEntityAxis compact tffh_S000009108Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in the Trust or in other funds in the Aquila Group of Funds. Restated to reflect current fees. Annual Trust Operating Expenses (Expenses that you pay each year as a percentage of your investment) 25000 Other Expenses of Class I Shares are based on estimated amounts for the current fiscal year. Purchases of $1 million or more have no sales charge but a contingent deferred sales charge of up to 1% for redemptions within two years of purchase and up to 0.50 of 1% for redemptions during the third and fourth years after purchase. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading HAWAIIAN TAX-FREE TRUST
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Trust’s objective is to provide you as high a level of current income exempt from Hawaiian state and regular Federal income taxes as is consistent with preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Trust
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the Trust. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in the Trust or in other funds in the Aquila Group of Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in "Alternative Purchase Plans” on page 22 of the Trust's Prospectus, "What are the sales charges for purchases of Class A Shares” on page 24 of the Prospectus, "Reduced Sales Charges for Certain Purchases of Class A Shares” on page 26 of the Prospectus, and “Purchase, Redemption, and Pricing of Shares” on page 45 of the Statement of Additional Information (the “SAI”). No Class I Shares are currently outstanding.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Trust Operating Expenses (Expenses that you pay each year as a percentage of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Trust pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Trust shares are held in a taxable account. These costs, which are not reflected in annual Trust operating expenses or in the example, affect the Trust's performance. During the most recent fiscal year, the Trust's portfolio turnover rate was 20% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 20.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in the Trust or in other funds in the Aquila Group of Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 25,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current fees.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
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 and that the Trust’s operating expenses remain the same. Six years after the date of purchase, Class C Shares automatically convert to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption You would pay the following expenses if you did not redeem your Class C Shares:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Trust invests primarily in tax-free municipal obligations that pay interest exempt in the opinion of bond counsel from Hawaii state and regular Federal income taxes.  In general, almost all of these obligations are issued by the State of Hawaii, its counties and various other local authorities. We call these “Hawaiian Obligations.” These securities may include participation or other interests in municipal securities and variable rate demand notes.  Some Hawaiian Obligations, such as general obligation issues, are backed by the issuer’s taxing authority, while other Hawaiian Obligations, such as revenue bonds, are backed only by revenues from certain facilities or other sources and not by the issuer itself.

Under normal circumstances, at least 80% of the Trust’s assets will consist of Hawaiian Obligations.  These obligations can be of any maturity, but the Trust’s average portfolio maturity has traditionally been between 8 and 12 years.

At the time of purchase, the Trust’s Hawaiian Obligations must be of investment grade quality. This means that they must either

·  
be rated within the four highest credit ratings assigned by nationally recognized statistical rating organizations or,

·  
if unrated, be determined to be of comparable quality by the Trust’s investment adviser, Asset Management Group of Bank of Hawaii (the “Adviser”).

The Adviser selects obligations for the Trust’s portfolio to best achieve the Trust’s objective by considering various characteristics including quality, maturity and coupon rate.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
Market and Interest Rate Risk. The market prices of the Trust’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. When market prices fall, the value of your investment may go down. The value of your investment may also go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term securities.

Credit Risk.If an issuer or obligor of a security held by the Trust or a counterparty to a financial contract with the Trust defaults or is downgraded, or if the value of the assets underlying a security declines, the value of your investment will typically decline.

Rating Agency Risk: Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which would increase the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Ratings represent the rating agency’s opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies may fail to make timely credit ratings in response to subsequent events. In addition, ratings agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.

Risks Associated with Investments in Hawaii and Other Municipal Obligations. The Trust may be affected significantly by adverse economic, political or other events affecting Hawaii and other municipal issuers.  Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support.  Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities.  Issuers often depend on revenues from these projects to make principal and interest payments.  The value of municipal securities also can be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory developments, legislative actions, and by uncertainties and public perceptions concerning these and other factors.

Tax Risk. The income on the Trust’s Hawaiian Obligations and other municipal obligations could become subject to Federal and/or state income taxes due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities.

Liquidity Risk. Some securities held by the Trust may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the Trust is forced to sell an illiquid security to meet redemption requests or other cash needs, the Trust may be forced to sell the security at a loss.

Prepayment or Call Risk. Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right, and the Trust could be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The Trust may also lose any premium it paid on the security.

Portfolio Selection Risk. The value of your investment may decrease if the Adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, or about interest rates, is incorrect.

An investment in the Trust is not a deposit in Bank of Hawaii, any of its bank or non-bank affiliates or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The Trust is classified as a “non-diversified” investment company under the Investment Company Act of 1940 (the “1940 Act”). Thus, compared with “diversified” funds, it may invest a greater percentage of its assets in obligations of a small number of issuers. In general, the more the Trust invests in the securities of specific issuers or issues of a similar project type, the more the Trust is exposed to risks associated with investments in those issuers or types of projects.  Also, the Trust may be more volatile than a more geographically diverse fund.

Loss of money is a risk of investing in the Trust.

These risks are discussed in more detail later in the Prospectus or in the SAI.
Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Trust.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The Trust is classified as a "non-diversified" investment company under the Investment Company Act of 1940 (the "1940 Act"). Thus, compared with "diversified" funds, it may invest a greater percentage of its assets in obligations of a small number of issuers. In general, the more the Trust invests in the securities of specific issuers or issues of a similar project type, the more the Trust is exposed to risks associated with investments in those issuers or types of projects. Also, the Trust may be more volatile than a more geographically diverse fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Trust is not a deposit in Bank of Hawaii, any of its bank or non-bank affiliates or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Trust Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The following bar chart and table provide some indication of the risks of investing in the Trust by showing changes in the Trust’s performance from year to year and by showing how the Trust’s average annual total returns for the designated periods compare with those of a broad measure of market performance. The Trust's past performance (before and after taxes) is not necessarily an indication of how the Trust will perform in the future. Updated performance information is available at www.aquilafunds.com or by calling 800-437-1020 (toll-free).
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Trust by showing changes in the Trust's performance from year to year and by showing how the Trust's average annual total returns for the designated periods compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-437-1020
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.aquilafunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Trust's past performance (before and after taxes) is not necessarily an indication of how the Trust will perform in the future.
Bar Chart [Heading] rr_BarChartHeading ANNUAL TOTAL RETURNS - Class Y Shares 2002 - 2011
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
During the 10-year period shown in the bar chart, the highest return for a quarter was 3.80% (quarter ended September 30, 2002) and the lowest return for a quarter was –2.38% (quarter ended December 31, 2010).

The year-to-date (from January 1, 2012 to June 30, 2012) total return for Class Y Shares was 2.17%.
Year to Date Return, Label rr_YearToDateReturnLabel The year-to-date (from January 1, 2012 to June 30, 2012) total return for Class Y Shares was
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jun. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 2.17%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return for a quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2002
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.80%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return for a quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.38%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes This index of municipal bonds of issuers throughout the U.S. is unmanaged and does not reflect deductions for fund operating expenses, taxes or sales charges.
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate These returns are calculated using the highest individual Federal marginal income and capital gains tax rates in effect at the time of each distribution and redemption, but do not reflect state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns will depend on your specific situation and may differ from those shown.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class Y Shares. After-tax returns for other classes of shares will vary.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
These returns are calculated using the highest individual Federal marginal income and capital gains tax rates in effect at the time of each distribution and redemption, but do not reflect state and local taxes.  Actual after-tax returns will depend on your specific situation and may differ from those shown.  The total returns reflect reinvestment of dividends and distributions.  After-tax returns are shown only for Class Y Shares.  After-tax returns for other classes of shares will vary.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for the Periods Ended December 31, 2011
Barclays Capital Quality Intermediate Municipal Bond Index (This index of municipal bonds of issuers throughout the U.S. is unmanaged and does not reflect deductions for fund operating expenses, taxes or sales charges.)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.55%
5 Years rr_AverageAnnualReturnYear05 5.68%
10 Years rr_AverageAnnualReturnYear10 5.06%
HAWAIIAN TAX-FREE TRUST CLASS A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.00%
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of redemption value or purchase price) rr_MaximumDeferredSalesChargeOverOther none [1]
Investment Advisory Fee rr_ManagementFeesOverAssets 0.23% [2]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.20%
Other Expenses rr_OtherExpensesOverAssets 0.39% [2]
Total Annual Trust Operating Expenses rr_ExpensesOverAssets 0.82%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Purchases of $1 million or more have no sales charge but a contingent deferred sales charge of up to 1% for redemptions within two years of purchase and up to 0.50 of 1% for redemptions during the third and fourth years after purchase.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 480
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 651
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 837
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,373
1 Year rr_AverageAnnualReturnYear01 3.06%
5 Years rr_AverageAnnualReturnYear05 3.21%
10 Years rr_AverageAnnualReturnYear10 3.76%
HAWAIIAN TAX-FREE TRUST CLASS C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of redemption value or purchase price) rr_MaximumDeferredSalesChargeOverOther 1.00%
Investment Advisory Fee rr_ManagementFeesOverAssets 0.23% [2]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.75%
Other Expenses rr_OtherExpensesOverAssets 0.64% [2]
Total Annual Trust Operating Expenses rr_ExpensesOverAssets 1.62%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 265
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 511
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 881
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,511
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 165
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 511
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 881
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,511
1 Year rr_AverageAnnualReturnYear01 5.52%
5 Years rr_AverageAnnualReturnYear05 3.22%
10 Years rr_AverageAnnualReturnYear10 3.36%
HAWAIIAN TAX-FREE TRUST CLASS I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of redemption value or purchase price) rr_MaximumDeferredSalesChargeOverOther none
Investment Advisory Fee rr_ManagementFeesOverAssets 0.23% [2]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets 0.15%
Other Expenses rr_OtherExpensesOverAssets 0.59% [2],[3]
Total Annual Trust Operating Expenses rr_ExpensesOverAssets 0.97%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other Expenses of Class I Shares are based on estimated amounts for the current fiscal year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 99
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 309
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 536
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,190
HAWAIIAN TAX-FREE TRUST CLASS Y
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of redemption value or purchase price) rr_MaximumDeferredSalesChargeOverOther none
Investment Advisory Fee rr_ManagementFeesOverAssets 0.23% [2]
Distribution (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.39% [2]
Total Annual Trust Operating Expenses rr_ExpensesOverAssets 0.62%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 63
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 199
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 346
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 774
Annual Return 2002 rr_AnnualReturn2002 8.78%
Annual Return 2003 rr_AnnualReturn2003 4.92%
Annual Return 2004 rr_AnnualReturn2004 3.31%
Annual Return 2005 rr_AnnualReturn2005 1.99%
Annual Return 2006 rr_AnnualReturn2006 3.79%
Annual Return 2007 rr_AnnualReturn2007 3.16%
Annual Return 2008 rr_AnnualReturn2008 1.31%
Annual Return 2009 rr_AnnualReturn2009 7.54%
Annual Return 2010 rr_AnnualReturn2010 1.85%
Annual Return 2011 rr_AnnualReturn2011 7.60%
1 Year rr_AverageAnnualReturnYear01 7.60%
5 Years rr_AverageAnnualReturnYear05 4.26%
10 Years rr_AverageAnnualReturnYear10 4.39%
HAWAIIAN TAX-FREE TRUST CLASS Y | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.60%
5 Years rr_AverageAnnualReturnYear05 4.25%
10 Years rr_AverageAnnualReturnYear10 4.38%
HAWAIIAN TAX-FREE TRUST CLASS Y | After Taxes on Distributions and Redemption
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.13%
5 Years rr_AverageAnnualReturnYear05 4.17%
10 Years rr_AverageAnnualReturnYear10 4.34%
[1] Purchases of $1 million or more have no sales charge but a contingent deferred sales charge of up to 1% for redemptions within two years of purchase and up to 0.50 of 1% for redemptions during the third and fourth years after purchase.
[2] Restated to reflect current fees.
[3] Other Expenses of Class I Shares are based on estimated amounts for the current fiscal year.
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HAWAIIAN TAX-FREE TRUST
HAWAIIAN TAX-FREE TRUST
Investment Objective
The Trust’s objective is to provide you as high a level of current income exempt from Hawaiian state and regular Federal income taxes as is consistent with preservation of capital.
Fees and Expenses of the Trust
This table describes the fees and expenses that you may pay if you buy and hold shares of the Trust. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $25,000 in the Trust or in other funds in the Aquila Group of Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in "Alternative Purchase Plans” on page 22 of the Trust's Prospectus, "What are the sales charges for purchases of Class A Shares” on page 24 of the Prospectus, "Reduced Sales Charges for Certain Purchases of Class A Shares” on page 26 of the Prospectus, and “Purchase, Redemption, and Pricing of Shares” on page 45 of the Statement of Additional Information (the “SAI”). No Class I Shares are currently outstanding.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees HAWAIIAN TAX-FREE TRUST
HAWAIIAN TAX-FREE TRUST CLASS A
HAWAIIAN TAX-FREE TRUST CLASS C
HAWAIIAN TAX-FREE TRUST CLASS I
HAWAIIAN TAX-FREE TRUST CLASS Y
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 4.00% none none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of redemption value or purchase price) none [1] 1.00% none none
[1] Purchases of $1 million or more have no sales charge but a contingent deferred sales charge of up to 1% for redemptions within two years of purchase and up to 0.50 of 1% for redemptions during the third and fourth years after purchase.
Annual Trust Operating Expenses (Expenses that you pay each year as a percentage of your investment)
Operating Expenses HAWAIIAN TAX-FREE TRUST
HAWAIIAN TAX-FREE TRUST CLASS A
HAWAIIAN TAX-FREE TRUST CLASS C
HAWAIIAN TAX-FREE TRUST CLASS I
HAWAIIAN TAX-FREE TRUST CLASS Y
Investment Advisory Fee [1] 0.23% 0.23% 0.23% 0.23%
Distribution (12b-1) Fee 0.20% 0.75% 0.15% none
Other Expenses [1] 0.39% 0.64% 0.59% [2] 0.39%
Total Annual Trust Operating Expenses 0.82% 1.62% 0.97% 0.62%
[1] Restated to reflect current fees.
[2] Other Expenses of Class I Shares are based on estimated amounts for the current fiscal year.
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 and that the Trust’s operating expenses remain the same. Six years after the date of purchase, Class C Shares automatically convert to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example HAWAIIAN TAX-FREE TRUST (USD $)
1 year
3 years
5 years
10 years
HAWAIIAN TAX-FREE TRUST CLASS A
480 651 837 1,373
HAWAIIAN TAX-FREE TRUST CLASS C
265 511 881 1,511
HAWAIIAN TAX-FREE TRUST CLASS I
99 309 536 1,190
HAWAIIAN TAX-FREE TRUST CLASS Y
63 199 346 774
You would pay the following expenses if you did not redeem your Class C Shares:
Expense Example No Redemption (USD $)
1 year
3 years
5 years
10 years
HAWAIIAN TAX-FREE TRUST HAWAIIAN TAX-FREE TRUST CLASS C
165 511 881 1,511
Portfolio Turnover
The Trust pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Trust shares are held in a taxable account. These costs, which are not reflected in annual Trust operating expenses or in the example, affect the Trust's performance. During the most recent fiscal year, the Trust's portfolio turnover rate was 20% of the average value of its portfolio.
Principal Investment Strategies
The Trust invests primarily in tax-free municipal obligations that pay interest exempt in the opinion of bond counsel from Hawaii state and regular Federal income taxes.  In general, almost all of these obligations are issued by the State of Hawaii, its counties and various other local authorities. We call these “Hawaiian Obligations.” These securities may include participation or other interests in municipal securities and variable rate demand notes.  Some Hawaiian Obligations, such as general obligation issues, are backed by the issuer’s taxing authority, while other Hawaiian Obligations, such as revenue bonds, are backed only by revenues from certain facilities or other sources and not by the issuer itself.

Under normal circumstances, at least 80% of the Trust’s assets will consist of Hawaiian Obligations.  These obligations can be of any maturity, but the Trust’s average portfolio maturity has traditionally been between 8 and 12 years.

At the time of purchase, the Trust’s Hawaiian Obligations must be of investment grade quality. This means that they must either

·  
be rated within the four highest credit ratings assigned by nationally recognized statistical rating organizations or,

·  
if unrated, be determined to be of comparable quality by the Trust’s investment adviser, Asset Management Group of Bank of Hawaii (the “Adviser”).

The Adviser selects obligations for the Trust’s portfolio to best achieve the Trust’s objective by considering various characteristics including quality, maturity and coupon rate.
Principal Risks
Market and Interest Rate Risk. The market prices of the Trust’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. When market prices fall, the value of your investment may go down. The value of your investment may also go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term securities.

Credit Risk.If an issuer or obligor of a security held by the Trust or a counterparty to a financial contract with the Trust defaults or is downgraded, or if the value of the assets underlying a security declines, the value of your investment will typically decline.

Rating Agency Risk: Investment grade debt securities may be downgraded by a major rating agency to below investment grade status, which would increase the risk of holding these securities. In addition, a rating may become stale in that it fails to reflect changes to an issuer’s financial condition. Ratings represent the rating agency’s opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies may fail to make timely credit ratings in response to subsequent events. In addition, ratings agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.

Risks Associated with Investments in Hawaii and Other Municipal Obligations. The Trust may be affected significantly by adverse economic, political or other events affecting Hawaii and other municipal issuers.  Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support.  Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities.  Issuers often depend on revenues from these projects to make principal and interest payments.  The value of municipal securities also can be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory developments, legislative actions, and by uncertainties and public perceptions concerning these and other factors.

Tax Risk. The income on the Trust’s Hawaiian Obligations and other municipal obligations could become subject to Federal and/or state income taxes due to noncompliant conduct by issuers, unfavorable legislation or litigation or adverse interpretations by regulatory authorities.

Liquidity Risk. Some securities held by the Trust may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the Trust is forced to sell an illiquid security to meet redemption requests or other cash needs, the Trust may be forced to sell the security at a loss.

Prepayment or Call Risk. Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right, and the Trust could be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The Trust may also lose any premium it paid on the security.

Portfolio Selection Risk. The value of your investment may decrease if the Adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, or about interest rates, is incorrect.

An investment in the Trust is not a deposit in Bank of Hawaii, any of its bank or non-bank affiliates or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The Trust is classified as a “non-diversified” investment company under the Investment Company Act of 1940 (the “1940 Act”). Thus, compared with “diversified” funds, it may invest a greater percentage of its assets in obligations of a small number of issuers. In general, the more the Trust invests in the securities of specific issuers or issues of a similar project type, the more the Trust is exposed to risks associated with investments in those issuers or types of projects.  Also, the Trust may be more volatile than a more geographically diverse fund.

Loss of money is a risk of investing in the Trust.

These risks are discussed in more detail later in the Prospectus or in the SAI.
Trust Performance
The following bar chart and table provide some indication of the risks of investing in the Trust by showing changes in the Trust’s performance from year to year and by showing how the Trust’s average annual total returns for the designated periods compare with those of a broad measure of market performance. The Trust's past performance (before and after taxes) is not necessarily an indication of how the Trust will perform in the future. Updated performance information is available at www.aquilafunds.com or by calling 800-437-1020 (toll-free).
ANNUAL TOTAL RETURNS - Class Y Shares 2002 - 2011
Bar Chart
During the 10-year period shown in the bar chart, the highest return for a quarter was 3.80% (quarter ended September 30, 2002) and the lowest return for a quarter was –2.38% (quarter ended December 31, 2010).

The year-to-date (from January 1, 2012 to June 30, 2012) total return for Class Y Shares was 2.17%.
Average Annual Total Returns for the Periods Ended December 31, 2011
Average Annual Returns HAWAIIAN TAX-FREE TRUST
1 Year
5 Years
10 Years
HAWAIIAN TAX-FREE TRUST CLASS A
3.06% 3.21% 3.76%
HAWAIIAN TAX-FREE TRUST CLASS C
5.52% 3.22% 3.36%
HAWAIIAN TAX-FREE TRUST CLASS Y
7.60% 4.26% 4.39%
HAWAIIAN TAX-FREE TRUST CLASS Y After Taxes on Distributions
7.60% 4.25% 4.38%
HAWAIIAN TAX-FREE TRUST CLASS Y After Taxes on Distributions and Redemption
6.13% 4.17% 4.34%
Barclays Capital Quality Intermediate Municipal Bond Index (This index of municipal bonds of issuers throughout the U.S. is unmanaged and does not reflect deductions for fund operating expenses, taxes or sales charges.)
8.55% 5.68% 5.06%
These returns are calculated using the highest individual Federal marginal income and capital gains tax rates in effect at the time of each distribution and redemption, but do not reflect state and local taxes.  Actual after-tax returns will depend on your specific situation and may differ from those shown.  The total returns reflect reinvestment of dividends and distributions.  After-tax returns are shown only for Class Y Shares.  After-tax returns for other classes of shares will vary.