Morgan, Lewis & Bockius LLP

One Federal Street

Boston, Massachusetts 02110

April 17, 2020

VIA EDGAR

Securities and Exchange Commission

Division of Investment Management

100 F Street, NE

Washington, DC 20549

Re:	Aquila Funds Trust (File Nos. 2-79722 and 811-3578)
	Aquila Municipal Trust (File Nos. 33-1857 and 811-4503)
	Hawaiian Tax-Free Trust (File Nos. 2-92583 and 811-4084)
	The Cascades Trust  (File Nos. 33-4382 and 811-4626)
	(the “Registrants”),
	with respect to the funds listed on Schedule A (each a “Fund”)

Ladies and Gentlemen:

On behalf of the Registrants and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, attached for filing on behalf of each Fund are exhibits containing in interactive data format the risk/return summary information that appears in a supplement dated March 30, 2020 to the summary prospectus and prospectus of the Fund.

Please call the undersigned at (617) 951-8458 or Toby R. Serkin at (617) 951-8760 with any comments or questions relating to the filing.

Sincerely,

/s/ Jeremy B. Kantrowitz

Jeremy B. Kantrowitz

Schedule A

Aquila Funds Trust

Aquila Three Peaks High Income Fund

Aquila Three Peaks Opportunity Growth Fund

Aquila Municipal Trust

Aquila Tax-Free Trust of Arizona

Aquila Tax-Free Fund of Colorado

Aquila Churchill Tax-Free Fund of Kentucky

Aquila Narragansett Tax-Free Income Fund

Aquila Tax-Free Fund For Utah

Hawaiian Tax-Free Trust

Hawaiian Tax-Free Trust

The Cascades Trust

Aquila Tax-Free Trust of Oregon