Aquila Three Peaks High Income Fund

TAX-FREE MUNICIPAL BOND FUNDS

EQUITY FUND

CORPORATE BOND FUND

Tax-Free Trust of Arizona Tax-Free Fund of Colorado Hawaiian Tax-Free Trust Churchill Tax-Free Fund of Kentucky Tax-Free Trust of Oregon Narragansett Insured Tax-Free Income Fund (RI) Tax-Free Fund For Utah

Aquila Three Peaks Opportunity Growth Fund

Aquila Three Peaks High Income Fund

Prospectus/Reports/More Forms Articles/Announcements

Class A Shares Class C Shares Class I Shares Class Y Shares

2011 Estimated Capital Gains Distributions

FOR INFORMATIONAL PURPOSES ONLY

The figures below are ESTIMATES.

During February you should be receiving your annual 1099 DIV Form under a separate cover that will report all taxable income distributions from your fund for the tax year 2011. Aquila encourages all shareholders to seek the advice of a licensed tax professional and to refrain from filing any tax return until their actual 1099 DIV Form is received.

AQUILA THREE PEAKS HIGH INCOME FUND			Schedule: December
Per Share Amounts
Record Date: 12-29	Ex date: 12-30	Pay date: 12-30	Long-term	$0.07
Reinvestment Price: TBD			Short-term	$0.02