Please note the following update:
Effective as of the close of trading on the New York Stock Exchange on July 19, 2024, and following shareholder approval, the following series of Aquila Municipal Trust (each, an “Aquila Municipal Fund”) were reorganized into either an existing series or newly created series of MainStay Funds Trust (each, an “Acquiring MainStay Fund”):
| Acquired Aquila Municipal Funds | Acquiring MainStay Funds |
| Aquila Tax-Free Trust of Arizona | MainStay MacKay Arizona Muni Fund |
| Aquila Tax-Free Fund of Colorado | MainStay MacKay Colorado Muni Fund |
| Aquila Churchill Tax-Free Fund of Kentucky | MainStay MacKay Strategic Municipal Allocation Fund |
| Aquila Narragansett Tax-Free Income Fund | MainStay MacKay Strategic Municipal Allocation Fund |
| Aquila Tax-Free Trust of Oregon | MainStay MacKay Oregon Muni Fund |
| Aquila Tax-Free Fund For Utah | MainStay MacKay Utah Muni Fund |
For addition information about the Acquiring MainStay Funds referenced above, please visit New York Life Investments’ website by clicking here.