Tax-Free Trust of Arizona is Renamed Aquila Tax-Free Trust of Arizona

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PHOENIX, Oct. 23, 2013 (GLOBE NEWSWIRE) -- The Aquila Group of Funds has announced that the municipal bond fund formerly known as Tax-Free Trust of Arizona is now called Aquila Tax-Free Trust of Arizona (Fund Symbol: AZTFX). The investment objective, principal investment strategy and locally-based investment management team of the fund remain unchanged. Aquila Tax-Free Trust of Arizona is a municipal bond mutual fund designed especially for Arizona residents.

"Aquila Tax-Free Trust of Arizona can now be more readily identified in the wide array of mutual fund information and research services used by investors and their financial advisers," explained Diana Herrmann, President and CEO of Aquila Investment Management LLC (Aquila). "Aquila has specialized in the management of single-state municipal bond funds since 1985 and is one of the leading providers of such funds. We believe that including the Aquila brand in the name of our funds aids investors searching for the funds, and helps them see the depth and the span of our expertise in the municipal bond market," she added.

Following shareholder approval, Aquila Tax-Free Trust of Arizona is now a series of the new Aquila Municipal Trust. This structure is expected to make operations more efficient and flexible, and simplify compliance monitoring. "Establishing Aquila Municipal Trust will provide efficiencies and enhanced services that we believe will be significant for investors and their advisors," added Herrmann.

Further, the company has updated and streamlined its investor communication tools, including the Aquila Group of Funds web site. The portion of the web site dedicated to Aquila Tax-Free Trust of Arizona incorporates the recently updated Aquila brand and overall improvements in the layout and navigation of the site. It also includes links to the latest fund information and insights from the Fund's investment team.

Aquila Tax-Free Trust of Arizona is the oldest existing municipal bond fund in Arizona. The Fund seeks to provide as high a level of current income exempt from Arizona state and regular federal income taxes as is consistent with preservation of capital by investing primarily in municipal obligations of investment grade quality which pay interest exempt from Arizona state and federal income taxes. Double tax-exempt income can be very attractive to investors in all tax brackets, and characteristics of municipal bonds may make them suitable for conservative investors.

Arizona municipal bonds help finance schools, highways, airports, hospitals, and water and sewer facilities in the state and, through investing in Aquila Tax-Free Trust of Arizona, investors may directly benefit their state, county, and community.

The Fund's portfolio manager since its inception in 1986, Todd Curtis, is based in Phoenix, which provides him with an up-close perspective on the issuers and economy in the state. "Access to multiple local sources of information gives us an important advantage in evaluating the potential risks and return opportunities of a bond issuer or a given security," explained Curtis.

ABOUT AQUILA

As investment managers for over a quarter century, we have always believed that investing successfully depends on knowing what you own and why you own it. We think this is particularly important in today's markets. The Aquila Group of Funds' seven single-state municipal bond funds, high yield bond fund and equity fund are managed to our high standard of quality. We combine a rigorous, hands-on investment approach with a strong commitment to service and approachability. As of September 30, we manage over $3.1 billion in assets. Aquila Management Corporation, the Funds' founder and sponsor, is a family-owned, privately-held firm established in 1984 to serve the needs of investors and financial advisors. Please see the Aquila Group of Funds Guiding Principles at www.aquilafunds.com.

Before investing in any of the funds offered by Aquila Group of Funds, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the fund prospectus. Prospectuses are available from your financial advisor, and when you call 800-437-1020, or visit www.aquilafunds.com.

CONTACT: Victoria Odinotska Tel. 703-534-3735 Kanter & Company Diana Herrmann Tel. 212-697-6666 Aquila Investment Management LLC

Source:Aquila Tax-Free Trust of Arizona