Aquila Expands its Investment Team and Adds Portfolio Managers to Colorado and Oregon Municipal Bond Funds

NEW YORK (GLOBE NEWSWIRE), February 23, 2023 -- Aquila Investment Management LLC (‘Aquila’), Investment Adviser to Aquila Group of Funds has announced that Tim Iltz (‘Aquila’), and Vasilios Gerasiopoulos (‘Aquila’) will be joining the company as employees and portfolio managers. Iltz was a portfolio manager for Aquila Tax-Free Fund of Colorado, and Aquila Tax-Free Trust of Oregon. He also worked as a sub-advisor to the Funds at Davidson Fixed Income Management, Inc.

Aquila Investment Management LLC will continue to serve as each Funds' Investment Adviser. Davidson Fixed Income Management, Inc., will cease to be a Sub-Adviser effective March 6, 2023. On that date, Mr. Iltz was appointed portfolio manager of Aquila Tax-Free Fund of Colorado (or Aquila Tax-Free Trust of Oregon). The change will not affect either Funds' investment objectives or principal investment strategies. There will also be no fees or expenses.

After serving as a Credit Analyst at Davidson Fixed Income Management, Inc., since 2015, Mr. Gerasopoulos will join Aquila as a portfolio manger. He will be joining Mr. Iltz in the role of portfolio manager of Aquila Tax-Free Fund of Colorado. Royden Durham, who was previously the lead portfolio manager of Aquila Churchill Tax-Free Fund of Kentucky, will be part of the Fund's portfolio management.

Aquila has also added Anthony Tanner to the Aquila Tax-Free Trust of Oregon portfolio management team, and James Thompson will serve as co-portfolio manager alongside Mr. Iltz. Mr. Tanner, Mr. Thompson and Aquila Tax-Free Trust of Arizona's lead portfolio managers are Mr. Tanner & Mr. Thompson respectively.

We are thrilled to welcome Tim Iltz, Vasilios Gerasopoulos, as portfolio managers and employees at Aquila. We have worked with them for many years and know that their transition to Aquila is seamless. The management of the Colorado municipal bond funds and Oregon municipal bonds funds will continue smoothly, which will strengthen our locally-based investment focus. Diana Herrmann, President & CEO of Aquila Investment Management, said. "The addition of experienced managers Royden Durham and Anthony Tanner to the Funds will bring their expertise in fixed income investing and will strengthen Aquila’s investment management team," said Diana Herrmann.

Aquila Tax-Free Fund of Colorado, and Aquila Tax-Free Trust of Oregon is a municipal bond fund that was specifically designed for those residents. They are designed to provide a high level of income that is exempted from federal and state income taxes.

Since 2018, Timothy Iltz was a portfolio manger at Aquila Tax-Free Trust of Oregon. In December 2022, he became a portfolio director of Aquila Tax-Free Fund of Colorado. Chris Johns will be retiring as co-portfolio managers. Over 20 years experience in fixed income has seen Mr. Iltz serve clients as a portfolio manager, financial advisor and investment banker, as well as an analyst, consultant, and analyst. Since 2011, he has been with Davidson Fixed Income Management, Inc., where he is currently a Vice President, Municipal Bond Credit Analyst. He was previously a Vice President in Fixed income Banking at Wedbush Securities, Portland, and has more than 11 years of experience in public finance investment banking, including all the available bond issues.

Since 2015, Vasilios Gerasopoulos is a Credit Analyst at Davidson Fixed Income Management, Inc. He was previously a Senior Financial Analyst for Bond and Debt in Jefferson County, Colorado, from 2012 to 2015. He has more than 10 years experience in the public financial industry, having worked for local governments and in public finance investment banking.

AQUILA GROUP of FUNDS

We have been investment managers for over 35 years and we believe that knowing your assets and why is key to investing. This is especially important today in the current market. Each Fund within the Aquila Group is managed according to our high standards for quality and care. This applies when we implement our high-yield corporate bonds strategies, including municipal bond, equity, and high-yield corporate bonds. Our investment research is rigorous and hands-on. We also have a strong commitment towards service and accessibility. We have approximately $2.4 billion of assets as of January 31, 2023. Aquila Management Corporation is the Funds' sponsor and founder. It is a privately owned family business that was established in 1984 to meet the needs of financial advisors and investors. You can find the Aquila Group of Funds Guiding Principles here.

Aquila Group Funds offers a variety of Funds. Before you invest in any Funds, make sure to carefully review and evaluate the prospectus. Prospectuses can be obtained from your financial advisor by calling 800-437-1000, or visiting URL.

Contact: Victoria Odinotska KANTER Tel. 703/685-9232

Diana HerrmannAquila Group of Funds Tel. 212/697-6666