HAWAIIAN TAX-FREE TRUST
Supplement to the Prospectus
dated July 21, 1998
for Class A Shares and Class C Shares
as previously supplemented May 18, 1999
The material under the caption "Special Dealer Arrangements"
is replaced as follows:
During certain periods determined by the Distributor, the
Distributor (not the Trust) will pay to any dealer effecting a
purchase of Class A shares of the Trust using the proceeds of a
qualified redemption of an investment company (that is not a
member of the Aquila Group of Funds), up to 1% of the proceeds.
The shareholder, however, shall not be subject to any sales
charge. These arrangements will be in effect through May 31,
2000 unless extended or earlier terminated by a supplement of the
Prospectus.
Dealer payments shall be made in up to 4 payments of 0.25 of
1% of the proceeds over a 4 year period. The first payment will
be made subsequent to receipt of the proper documentation
detailed above. Future payments, over the remaining years, will
be made at the end of the quarter of the anniversary month that
the purchase of Class A Shares took place, provided that any
part of the investment remains in the Trust during the entire
time period. No payments will be made with respect to any shares
redeemed during the four-year period.
The date of this supplement is June 2, 1999.
