Final 2018 Capital Gain Distributions


Following are capital gain distributions paid on December 6, 2018.

December 6, 2018 Capital Gail Distributions                        Short-Term           Long-Term

Aquila Three Peaks Opportunity Growth  Fund                    $0.01763                $6.01221


Following are capital gain distributions paid on December 28, 2018.

December 28, 2018 Capital Gail Distributions                      Short-Term           Long-Term

Aquila Tax-Free Trust of Arizona1                                         $0.00                     $0.02566

Aquila Churchill Tax-Free Fund of Kentucky1                       $0.00                     $0.01609

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

Capital gains distributions for Aquila Tax-Free Trust of Arizona and Aquila Churchill Tax-Free Fund of Kentucky 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.

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

The funds listed below made no capital gain distribution for 2018.

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.