HAWAIIAN TAX-FREE TRUST
Supplement to the Prospectus
dated July 21, 1998
for Class A Shares and Class C Shares
A second paragraph is added after the first paragraph
appearing under the caption Special Dealer Arrangements on
page 23 of the Prospectus, as follows:
The foregoing special dealer arrangements will be in
effect from May 18, 1999 until May 31, 2000 unless extended
or earlier terminated by a supplement to the Prospectus.
The following supplements the information in the
Prospectus regarding purchase and redemption of shares:
The Trust generally permits "transfer on death"
registration of shares, so that on the death of the
shareholder the shares are transferred to a designated
beneficiary or beneficiaries. Ask the Transfer Agent or
your broker-dealer for the Transfer on Death Registration
Request Form. With it you will receive a copy of the TOD
Rules of the Aquilasm Group of Funds, which specify how the
registration becomes effective and operates. By opening a
TOD Account, you agree to be bound by the TOD rules.
The date of this supplement is May 18, 1999.
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HAWAIIAN TAX-FREE TRUST
Supplement to the Prospectus dated July 21, 1998
for Class Y Shares and Class I Shares
as previously supplemented November 12, 1998
The following supplements the information in the Prospectus
regarding purchase and redemption of shares:
If you own Class Y Shares, the Trust generally permits
"transfer on death" registration of shares, so that on the
death of the shareholder the shares are transferred to a
designated beneficiary or beneficiaries. Ask the Transfer
Agent or your broker-dealer for the Transfer on Death
Registration Request Form. With it you will receive a copy
of the TOD Rules of the Aquilasm Group of Funds, which
specify how the registration becomes effective and
operates. By opening a TOD Account, you agree to be bound
by the TOD rules. This service is not available for Class I
Shares.
The date of this supplement is May 18, 1999.
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HAWAIIAN TAX-FREE TRUST
Supplement
to the Statement of Additional
Information dated July 21, 1998
The following supplements the information in the Statement
of Additional Information regarding purchase and redemption
of shares:
Each of the funds in the Aquilasm Group of Funds now
permits registration of its shares in beneficiary form,
subject to the funds' rules governing Transfer on Death
("TOD") registration, if the investor resides in a state
that has adopted the Uniform Transfer on Death Security
Registration Act (a "TOD State"; for these purposes,
Missouri is deemed to be a TOD State). This form of
registration allows you to provide that, on your death,
your shares are to be transferred to the one or more
persons (to a maximum of three) that you specify as
beneficiaries. To register shares of the Trust in TOD form,
complete the special TOD Registration Request Form and
review the Rules Governing TOD Registration; both are
available from the Transfer Agent. The Rules, which are
subject to amendment upon 60 days' notice to TOD account
owners, contain important information regarding TOD
accounts with the Trust; by opening such an account you
agree to be bound by them, and failure to comply with them
may result in your shares' not being transferred to your
designated beneficiaries. If you open a TOD account with
the Trust that is otherwise acceptable but, for whatever
reason, neither the Trust nor the Transfer Agent receives a
properly completed TOD Registration Request Form from you
prior to your death, the Trust reserves the right not to
honor your TOD designation, in which case your account will
become part of your estate.
You are eligible for TOD registration only if, and as
long as, you reside in a TOD State. If you open a TOD
account and your account address indicates that you do not
reside in a TOD State, your TOD registration will be
ineffective and the Trust may, in its discretion, either
open the account as a regular (non-TOD) account or redeem
your shares. Such a redemption may result in a loss to you
and may have tax consequences. Similarly, if you open a TOD
account while residing in a TOD State and later move to a
non-TOD State, your TOD registration will no longer be
effective. In both cases, should you die while residing in
a non-TOD State the Trust reserves the right not to honor
your TOD designation. At the date of this Supplement, most
states are TOD States.
The date of this supplement is May 18, 1999.
