Following are changes to the Contingent Deferred Sales Charge (CDSC) for Aquila Group of Funds’ Municipal Bond Fund Class A Shares.

Effective July 25, 2019, the CDSC time period for Class A Shares will be reduced for single purchases over $250,000, and also reduced when the value of a Class A Shares purchase, combined with the value (based on purchase cost or current net asset value, whichever is higher) of shares of the Fund, or any other Fund in the Aquila Group of Funds, owned by the purchaser, is $250,000 or more.

Aquila Tax-Free Trust of Oregon, Hawaiian Tax-Free Trust, Aquila Tax-Free Fund of Colorado and Aquila Narragansett Tax-Free Income Fund (RI)


Aquila Tax-Free Trust of Arizona, Aquila Churchill Tax-Free Income Fund, and Aquila Tax-Free Fund For Utah

If you have any questions about this change, please contact 800-437-1020.