Tax-Free Fund for Utah plans merge into new Aquila Municipal series

By Toni Weeks

San Luis Obispo, Calif., April 25 - Shareholders of the Tax-Free Fund for Utah will be asked to approve at a meeting on July 24 the reorganization of the fund into a newly organized series of Aquila Municipal Trust, according to a 497 filing with the Securities and Exchange Commission.

The reorganization was unanimously approved by the fund's board of directors on March 2.

The proposed reorganization, which is expected to qualify as a tax-free reorganization, would achieve efficiencies in the administration and oversight of the fund by, among other things, reducing the number of separate legal entities in the Aquila Group of Funds, simplifying compliance monitoring and providing additional flexibility for the fund, the filing said.

There will be no changes to the fund's investment objective, principal investment strategies or investment management teams as a result of the reorganization.

New York-based Aquila Investment Management LLC will continue to serve as the manager of the successor fund following the reorganization.

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