Re:
|
Aquila Funds Trust (File Nos. 2-79722 and 811-3578)
|
|
Aquila Municipal Trust (File Nos. 33-1857 and 811-4503)
|
||
The Cascades Trust (File Nos. 33-4382 and 811-4626)
|
||
Hawaiian Tax-Free Trust (File Nos. 2-92583 and 811-4084)
|
1.
|
Comment:
|
The Staff asked that the Registrants provide a letter to the Commission that includes certain “Tandy” acknowledgments with the Registrants’ response to the Staff’s comments.
|
Response:
|
A Tandy representation letter executed in connection with the filing of this response is attached hereto as Exhibit A.
|
|
2.
|
Comment:
|
The Staff requested that each Registrant include in future shareholder reports the disclosure required by Item 27(b)(7)(ii)(B) of Form N-1A to accompany the Growth of $10,000 Graph and Average Annual Total Return Chart in the Management Discussion of Fund Performance stating that the graph and chart do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
|
Response:
|
Each Registrant confirms that it will include the disclosure referenced by the Staff in future shareholder reports.
|
Re:
|
Aquila Funds Trust (File Nos. 2-79722 and 811-3578)
|
|
Aquila Municipal Trust (File Nos. 33-1857 and 811-4503)
|
||
The Cascades Trust (File Nos. 33-4382 and 811-4626)
|
||
Hawaiian Tax-Free Trust (File Nos. 2-92583 and 811-4084)
|
(a)
|
the Registrant is responsible for the adequacy and accuracy of the disclosure in the filings;
|
(b)
|
Staff comments or changes to disclosure in response to Staff comments in the filings reviewed by the Staff do not foreclose the Commission from taking any action with respect to the filings; and
|
(c)
|
the Registrant may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
|