Company Press Release

AQUILA HARMONIZES ITS FUNDS’ NAMES AND REFRESHES ITS BRAND AND WEB SITE

New Aquila Municipal Trust and Aquila Funds Trust seek to improve efficiency and enhance fund operations

New York, NY – 21 October, 2013 – The Aquila Group of Funds (Aquila) is pleased to introduce the results of a series of initiatives designed to increase efficiencies in the administration and oversight of its funds, enhance investor access to its fund line-up, provide investors with new fund resources, and boost its brand awareness. 

  Following shareholder approval, five of its seven municipal bond funds are now organized as a series of Aquila Municipal Trust.  This structure is expected to make operations more efficient and flexible, and simplify compliance monitoring. The Aquila brand name is now included in the name of each fund in the series.  The investment objectives, principal investment strategies and investment management teams of each fund remain unchanged. The funds within AquilaMunicipal Trust are now known as:

  ·         Aquila Tax-Free Trust of Arizona

·         Aquila Tax-Free Fund of Colorado

·         Aquila Churchill Tax-Free Fund of Kentucky

·         Aquila Narragansett Tax-Free Income Fund

·         Aquila Tax-Free Fund For Utah

Aquila Tax-Free Trust of Oregon (previously Tax-Free Trust of Oregon) now also carries the Aquila brand name, although it is not a series of AquilaMunicipal Trust. And, Hawaiian Tax-Free Trust, the largest and oldest municipal bond fund in the Aquila Group of Funds, continues to operate under its same name and structure.

  Aquila Three Peaks Opportunity Growth Fund and Aquila Three Peaks High Income Fund are now series of Aquila Funds Trust. While the funds now operate under a new structure, their respective investment objectives, strategies and investment management teams remain unchanged.

  “First and foremost we want investors and their financial advisors to readily recognize the full range of funds we offer and the opportunity, within our product line, to meet a range of investment objectives.  Adding the Aquila brand name to our municipal bond funds is an essential step in that direction,“ explained Diana Herrmann, CEO of Aquila Investment Management LLC, advisor to the Aquila Group of Funds. “Establishing the new Aquila Municipal Trust andAquila Funds Trust series structures, should provide efficiencies and enhanced services that we believe will be significant for investors and their advisors.”

  Further, the company has updated and streamlined its investor communication tools, including the Aquila Group of Funds web site along with corporate and fund-related print communication. Both mediums incorporate a clarified statement of the company’s identity, highlighting its distinguishing attributes, capabilities and investment strategies, and integrate a fresh design of its brand, which has been implemented across the fund family.

  Aquila’s new web site, a major new element in the company’s efforts, features improvements in the layout and navigation, gives greater visibility to the latest fund information, and provides a platform for future communication enhancements.

  “We believe our investors and their advisors will appreciate the re-design of our web site.  While the appearance is fresh, they will instantly recognize theAquila brand, and the improvements will make it easier for visitors to navigate the site and find valuable information on our funds and insights from our investment managers,” said Marie Aro, co-president of Aquila Distributors, Inc.  “The enhancements to our web site and print materials more effectively represent our firm and our investment capabilities. They will help us better interact with our existing investors as well as establish new investor relationships,” she added.

  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 visitwww.aquilafunds.com.