Diana Herrmann�s Aquila Investment Management has hired Craig DiRuzzo as regional sales manager covering Colorado. He will focus on the Tax-Free Fund of Colorado, a municipal bond fund that invests in Colorado�s municipal and state projects, and Aquila�s two nationally distributed mutual funds � Aquila Three Peaks High Income Fund and Aquila Three Peaks Opportunity Growth Fund.

�Craig will follow a consultative sales strategy as we continue to expand our access to financial professionals around the country,� stated Diana Herrmann, president and chief executive of Aquila. �From his base in Colorado, he will maintain our long-term commitment to the Colorado-based shareholders of Tax-Free Fund of Colorado, which was launched over 25 years ago, and will be strategically positioned to work with financial professionals throughout the state,� she explained.

Prior to joining Aquila, DiRuzzo was employed as a regional vice president with B I C Group, LLC covering multiple channels in five Rocky Mountain States. Previously, he held sales positions with several firms, including Wellesley Investment Advisors, UBS Global Asset Management, and AIG Sun America Mutual Funds.

Company Press Release

AQUILA GROUP OF FUNDS HIRES REGIONAL SALES MANAGER

New York, NY 1- 29-2013 � The Aquila Group of Funds has announced the appointment of Craig DiRuzzo as Regional Sales Manager covering Colorado. Mr. DiRuzzo will work with financial professionals to inform and advise them on the investment strategies offered within the Aquila Group of Funds and how those may align with investor objectives. The focus will be on the Tax-Free Fund of Colorado, a municipal bond fund that invests in Colorado�s municipal and state projects, and Aquila�s two nationally distributed mutual funds � Aquila Three Peaks High Income Fund and Aquila Three Peaks Opportunity Growth Fund.

�Craig will follow a consultative sales strategy as we continue to expand our access to financial professionals around the country,� said Diana Herrmann, President and CEO of Aquila Investment Management LLC. �From his base in Colorado, he will maintain our long-term commitment to the Colorado-based shareholders of Tax-Free Fund of Colorado, which was launched over 25 years ago, and will be strategically positioned to work with financial professionals throughout the state,� she explained.

Mr. DiRuzzo, who is based in Denver, has over 13 years of experience in the financial services industry. Prior to joining Aquila, he was employed as a regional vice president with B I C Group, LLC covering multiple channels in five Rocky Mountain States. Previously, he held sales positions with several firms, including Wellesley Investment Advisors, UBS Global Asset Management, and AIG Sun America Mutual Funds. He received a BA in Economics from the University of Richmond.

The Aquila Group of Funds occupies a niche market in the fund industry, offering a selection of seven single-state municipal bond funds, along with a high yield corporate bond fund, and an equity fund. Aquila�s seven municipal bond funds serve investors beyond the most heavily-populated states, including Arizona, Colorado, Hawaii, Kentucky, Oregon, Rhode Island, and Utah, and provide the benefits of income exempt from regular Federal income tax and State income tax. Aquila Three Peaks High Income Fund focuses on higher-rated issuers in the high yield corporate bond market. Aquila Three Peaks Opportunity Growth Fund invests in the equity of select high yield corporate bond issuers, searching for those that may experience improved equity performance.

Before investing in any of the 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.

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