04/04/2019

We recognize retiring Trustee, Edmund P. Jensen

by

Edmund P. Jensen retired from the board of Aquila Tax-Free Trust of Oregon, effective March 31, 2019, after having served as Trustee since 2003.

His fellow Trustees, the Aquila Group of Funds and the staff of Aquila Investment Management LLC have benefited greatly from his personal integrity, considerable experience and valuable business insight, and we recognize and appreciate Mr. Jensen’s judgment, perseverance and skill throughout his long service as an independent Trustee.

On behalf of the Funds, we express our sincere appreciation and gratitude for Mr. Jensen’s contributions and for his dedication to the interests of Aquila Tax-Free Trust of Oregon shareholders.