TAX-FREE FUND FOR UTAH
Supplement to the Prospectus dated October 30, 1998
for Class A Shares and Class C Shares
as previously supplemented
December 24, 1998, January 22, 1999 and May 12, 1999
On June 7, 1999 the Zions Bancorp, parent
corporation of the Fund's Sub-Adviser, announced that
it would merge with First Security Corporation in a
transaction expected to take place in the 4th quarter
of 1999. The transaction is subject to regulatory
approval.
The following replaces the information in the
Prospectuses regarding the Fund's portfolio manager:
Mr. Richard K. Baird, CFA, has become portfolio
manager of the Fund. He is a Vice President and Senior
Portfolio Manager of the Sub-Adviser and has been
employed by the Sub-Adviser since February, 1999. From
1996-1999 he was employed by First Security Investment
Management as a Senior Portfolio Manager and manager of
the Achievement Municipal Bond Fund. From 1987-1996 he
was a portfolio manager for Seafirst Bank in Seattle,
Washington. He has earned the professional designation
of Chartered Financial Analyst (CFA) from the
Association for Investment Management and Research and
has 17 years of discretionary investment management
experience. He received his B.S. degree in Finance from
Brigham Young University and took post-graduate
business courses at the University of Colorado.
The following supplements the information in the
Prospectus regarding purchase and redemption of shares:
The Fund 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 two paragraphs beginning "Special Dealer
Arrangements:" on page 21 are replaced by a single
paragraph which reads in its entirety as follows:
Special Dealer Arrangements: During certain periods
determined by the Distributor, the Distributor (not the
Fund) will pay any dealer effecting a purchase of Class
A Shares of the Fund using the proceeds of a Qualified
Redemption 1% of such proceeds payable over a one year
period.
The date of this supplement is June 8, 1999.
<PAGE>
TAX-FREE FUND FOR UTAH
Supplement to the Prospectus dated October 30, 1998
for Class Y Shares and Class I Shares
as previously supplemented
December 24, 1998 and May 12, 1999
On June 7, 1999 the Zions Bancorp, parent
corporation of the Fund's Sub-Adviser, announced that
it would merge with First Security Corporation in a
transaction expected to take place in the 4th quarter
of 1999. The transaction is subject to regulatory
approval.
The following replaces the information in the
Prospectuses regarding the Fund's portfolio manager:
Mr. Richard K. Baird, CFA, has become portfolio
manager of the Fund. He is a Vice President and Senior
Portfolio Manager of the Sub-Adviser and has been
employed by the Sub-Adviser since February, 1999. From
1996-1999 he was employed by First Security Investment
Management as a Senior Portfolio Manager and manager of
the Achievement Municipal Bond Fund. From 1987-1996 he
was a portfolio manager for Seafirst Bank in Seattle,
Washington. He has earned the professional designation
of Chartered Financial Analyst (CFA) from the
Association for Investment Management and Research and
has 17 years of discretionary investment management
experience. He received his B.S. degree in Finance from
Brigham Young University and took post-graduate
business courses at the University of Colorado.
The following supplements the information in the
Prospectus regarding purchase and redemption of shares:
If you own Class Y Shares, the Fund 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 June 8, 1999.
