Aquila Management Corporation, Aquila investment Management LLC and Aquila Distributors are very proud to have been the founder, sponsor, adviser, administrator and distributor of the Aquila Group of Funds over the past 40 years, including most recently:
Aquila Tax-Free Trust of Arizona
Aquila Tax-Free Fund of Colorado
Aquila Churchill Tax-Free Fund of Kentucky
Aquila Tax-Free Trust of Oregon
Aquila Narragansett Tax-Free Income Fund
Aquila Opportunity Growth Fund
We would like to thank all of our shareholders and their financial professionals for the support and confidence you have shown in the Aquila Group of Funds over the many years. It has been a pleasure to serve you all.
With our state-specific municipal bond funds, it has been a pleasure getting to know many of you through the Aquila Group of Funds’ locally-based shareholder meetings. Moreover, I am so proud that investments in our funds have helped support your local communities through the funds’ investments in vital municipal projects, such as airports, hospitals, schools and roadways.
On behalf of the entire Aquila Team, thank you, one and all.
Sincerely,
Diana P. Herrmann President and Chief Executive Officer Daughter of Lacy B. Herrmann, Founder (1929-2012)
Mutual fund investing involves risk; loss of principal is possible. Investment risks include, but are not limited to, potential loss of value, market risk, financial risk, interest rate and credit rate risk, and investments in highly-leveraged companies, lower-quality debt securities, foreign markets and foreign currencies. High-yield bonds are subject to greater credit risk, default risk, and liquidity risk. State-specific fund performance could be more volatile than that of funds with greater geographic diversification.
Before investing in any mutual fund offered by Aquila Group of Funds, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the fund’s prospectus. The prospectus is available from your financial professional, by clicking here, and by calling 800-437-1020.