10/31/2018

2018 Capital Gain Estimates

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Estimated capital gain distributions as of October 31, 2018

The funds listed below may pay a capital gain distribution in December, 2018.  The amount reflected represents a preliminary estimate as of the date indicated, and is based on information available as of October 31, 2018. Estimates are subject to significant change based on a number of factors, including changes in the number of shares outstanding, certain tax adjustments, market conditions, board approvals, and other circumstances.   These factors may also result in year-end distributions being made by funds which show no estimate as of the date of this report. The amount and character of distributions will be finalized on the record dates.

Aquila Distributors LLC does not provide accounting, tax or legal advice. Shareholders should seek tax advice based upon their particular situation.                                            Printable Version

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXShort-Term          Long-Term

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXEstimate             Estimate

Aquila Three Peaks Opportunity Growth  Fund                  $0.02                    $6.05

Aquila Tax-Free Trust of Arizona1                                       $0.00                    $0.02

Aquila Churchill Tax-Free Fund of Kentucky1                      $0.00                    $0.02

1 Represents undistributed realized gains from fiscal 2018 which must be distributed in 2018 and which cannot be reduced.

Aquila Three Peaks Opportunity Growth Fund:  In the event that capital gains distributions are declared, the fund is anticipated to have a record date of December 4, 2018, an ex-date of December 5, 2018, a payable date of December 5, 2018, and a reinvestment date of December 5, 2018.

All Other Funds:  In the event that capital gains distributions are declared, the funds are anticipated to have a record date of December 27, 2018, an ex-date of December 28, 2018, a payable date of December 28, 2018, and a reinvestment date of December 28, 2018.

Although the funds listed below could pay capital gains distributions in December, 2018, as of the date of this report, a capital gain distribution is not anticipated.

Aquila Tax-Free Fund of Colorado

Hawaiian Tax-Free Trust

Aquila Tax-Free Trust of Oregon

Aquila Narragansett Tax-Free Income Fund (RI)

Aquila Tax-Free Fund for Utah

Aquila Three Peaks High Income Fund

 

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.