11/30/2017

Updated 2017 Capital Gain Information

by

UPDATED:  Aquila Three Peaks Opportunity Growth Fund paid a capital gain distribution on December 1, 2017 in the amounts indicated below.                         Printable Version

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXShort-Term          Long-Term

Aquila Three Peaks Opportunity Growth Fund                            $0.42                    $2.29

Aquila Three Peaks Opportunity Growth Fund:  The fund had a record date of November 30, 2017, an ex-date of December 1, 2017, a payable date of December 1, 2017, and a reinvestment date of December 1, 2017.

 

The funds listed below may pay a capital gain distribution in December, 2017.  The amount reflected represents an estimate, per share, as of the date indicated.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXShort-Term          Long-Term

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXEstimate               Estimate

Aquila Three Peaks High Income Fund1                             $0.00                    $0.01

Aquila Tax-Free Trust of Arizona2                                       $0.00                    $0.02

Aquila Churchill Tax-Free Fund of Kentucky2                      $0.00                    $0.01

1 The total amount of the capital gain above cannot be reduced by any losses taken in November, 2017.

Represents undistributed gains from fiscal year 2017 which must be distributed in 2017 and which cannot be reduced.

All Other Funds:  In the event that capital gains distributions are declared, the funds are anticipated to have a record date of December 27, 2017, an ex-date of December 28, 2017, a payable date of December 28, 2017, and a reinvestment date of December 28, 2017.

Estimates are subject to change depending on market conditions, board approvals, and other circumstances.  This report is the result of estimates and is based on information available as of October 31, 2017.  The amount and character of distributions will be finalized on the record dates.

Although the funds listed below could pay capital gains distributions in December, 2017, at this time, a capital gain distribution is not anticipated.

Aquila Tax-Free Fund of Colorado

Hawaiian Tax-Free Trust

Aquila Narragansett Tax-Free Income Fund (RI)

Aquila Tax-Free Trust of Oregon

Aquila Tax-Free Fund For Utah

Shares of the Funds may only be sold by offering the Funds’ Prospectus. Before investing in a Fund, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus.  The prospectus is available from your financial advisor, and when you call 800-437-1020 or visit www.aquilafunds.com.