LOUISVILLE, Ky., Oct. 29, 2013 (GLOBE NEWSWIRE) -- The Aquila Group of Funds has announced that the municipal bond fund formerly known as Churchill Tax-Free Fund of Kentucky is now called Aquila Churchill Tax-Free Fund of Kentucky (Fund Symbol: CHTFX). The investment objective, principal investment strategy and locally-based investment management team of the fund remain unchanged. Aquila Churchill Tax-Free Fund of Kentucky is a 26 year-old municipal bond mutual fund designed especially for Kentucky residents.
"Aquila Churchill Tax-Free Fund of Kentucky 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 aides 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 Churchill Tax-Free Fund of Kentucky 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 Churchill Tax-Free Fund of Kentucky incorporates the recently refreshed 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 Churchill Tax-Free Fund of Kentucky seeks to provide as high a level of current income exempt from Kentucky 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 Kentucky 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.
Kentucky municipal bonds help finance schools, highways, airports, hospitals, and water and sewer facilities in the state and through investing in Aquila Churchill Tax-Free Fund of Kentucky investors may directly benefit their state, county, and community.
Royden Durham, co-portfolio manager of the Fund, is based in Louisville which provides him with an up-close perspective on the issuers and economy in the state. "Ensuring access to multiple local sources of information has been a hallmark of the Aquila investment process. It gives our fund an important advantage in evaluating the potential risks and return opportunities of a bond issuer or a given security," explained Durham.
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 Churchill Tax-Free Fund of Kentucky