The Aquila Group of Funds - Yield and Distributions

Yield and Distributions - Class Y

as of 05/16/12

Distribution Yield (based on maximum offering price)
Fund	Class Y
Tax-Free Trust of Arizona	3.72%
Tax-Free Fund of Colorado	3.40%
Hawaiian Tax-Free Trust	2.91%
Churchill Tax-Free Fund of Kentucky	3.53%
Tax-Free Trust of Oregon	3.38%
Narragansett Insured Tax-Free Income Fund (RI)	3.58%
Tax-Free Fund For Utah	3.76%
Aquila Three Peaks High Income Fund	4.37%

SEC Yield (based on maximum offering price)
Fund	Class Y
Tax-Free Trust of Arizona	2.32%
Tax-Free Fund of Colorado	2.07%
Hawaiian Tax-Free Trust	1.72%
Churchill Tax-Free Fund of Kentucky	2.18%
Tax-Free Trust of Oregon	1.99%
Narragansett Insured Tax-Free Income Fund (RI)	2.57%
Tax-Free Fund For Utah	3.04%
Aquila Three Peaks High Income Fund	4.27%

Distribution Rate represents the most recent dividend per share (annualized) divided by the fund’s price per share. The 30-day SEC Yield is a standardized measure of the current market yield on the fund’s portfolio which incorporates any amortization of bond premium. Data displayed represents past performance which does not guarantee future results. Due to market conditions, current yields may be higher or lower than the yields shown.

Before investing in one of the Aquila Group of Funds, carefully read about and consider the investment objectives, risks, charges, expenses. For this and other information view a prospectus.

Class Y shares have no initial or contingent deferred sales charge and may be purchased only through a financial intermediary. Other share classes are offered and their performance will vary because of differences in sales charges and fees.
For certain investors in municipal bond funds, some dividends may be subject to Federal and state taxes, including the Alternative Minimum Tax (AMT). Please consult your professional tax advisor.

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE