2011 Estimated Capital Gains Distributions

FOR INFORMATIONAL PURPOSES ONLY

The figures below are ESTIMATES.

During February your clients should be receiving their annual 1099 DIV Form under a separate cover that will report all taxable income distributions from their fund(s) 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.

TAX-FREE TRUST OF ARIZONA
Schedule: December
Per Share Amounts
Record Date: -- Ex date: -- Pay date: -- Long-term None
Reinvestment Price: TBD
Short-term
None

TAX-FREE FUND OF COLORADO
Schedule: December
Per Share Amounts
Record Date: -- Ex date: -- Pay date: -- Long-term None
Reinvestment Price: TBD
Short-term
None

HAWAIIAN TAX-FREE TRUST
Schedule: December
Per Share Amounts
Record Date: -- Ex date: -- Pay date: -- Long-term None
Reinvestment Price: TBD
Short-term
None

CHURCHILL TAX-FREE FUND OF KENTUCKY
Schedule: December
Per Share Amounts
Record Date: -- Ex date: -- Pay date: -- Long-term None
Reinvestment Price: TBD
Short-term
None

TAX-FREE TRUST OF OREGON
Schedule: December
Per Share Amounts
Record Date: -- Ex date: -- Pay date: -- Long-term None
Reinvestment Price: --
Short-term
None

NARRAGANSETT INSURED
TAX-FREE INCOME FUND
Schedule: December
Per Share Amounts
Record Date: -- Ex date: -- Pay date: -- Long-term None
Reinvestment Price: --
Short-term
None

TAX-FREE FUND FOR UTAH
Schedule: December
Per Share Amounts
Record Date: -- Ex date: -- Pay date: -- Long-term None
Reinvestment Price: --
Short-term
None

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

AQUILA THREE PEAKS
OPPORTUNITY GROWTH FUND
Schedule: December
Per Share Amounts
Record Date: 12-29 Ex date: 12-30 Pay date: 12-30 Long-term $2.57
Reinvestment Price: TBD
Short-term
$0.01



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