Tax-Free Trust of Arizona

TAX-FREE MUNICIPAL BOND FUNDS

EQUITY FUND

CORPORATE BOND FUND

MONEY-MARKET FUNDS

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Aquila Rocky Mountain Equity Fund

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Performance


		Tax-Free Trust of Arizona Receives Lipper Award

Performance data represents past performance, but does not guarantee future results. Investment return & principal value will fluctuate; shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the data presented. Class A shares have a maximum sales charge of 4.00%; Class C shares have no initial sales charge but a 1% contingent deferred sales charge applies to Class C shares redeemed within 12 months of their purchase date. The load or non-recurring fees would have reduced the performance figures shown without those expenses. Before investing, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Prospectus.

Net Asset Value - 09/03/10
CLASS A	CLASS C	CLASS I	CLASS Y
$10.75	$10.75	NA	$10.77

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Average Annual Total Returns as of 8/31/10

TATAX-FREE TRUST OF ARIZONA *Inception Date: 3/14/86 (A Shares); 4/1/96 (C and Y Shares) Not annualized**
Share Class	YTD*	1 month*	3 month*	1 year	3 year	5 year	10 year	Since Inception
Class A (POP)	1.57%	(1.95%)	(0.76%)	4.41%	4.31%	3.45%	4.45%	5.87%
Class A (NAV)	5.84%	2.13%	3.39%	8.77%	5.74%	4.29%	4.88%	6.04%
Class C (CDSC)	4.23%	1.05%	2.16%	6.81%	4.84%	3.41%	3.99%	4.09%
Class C (w/o CDSC)	5.25%	2.06%	3.17%	7.85%	4.84%	3.41%	3.99%	4.09%
Class Y (no Load or CDSC)	5.94%	2.14%	3.43%	8.92%	5.90%	4.43%	5.02%	5.27%
Total Annual Operating Expenses**: 0.75% (A Shares); 1.60% (C Shares); 0.60% (Y shares) **Does not reflect an offset in Trust expenses received in the year ended June 30, 2009 for uninvested cash balances. Reflecting this offset for that year, total annual Trust operating expenses were 0.74% for Class A Shares, 1.59% for Class C Shares and 0.59% for Class Y Shares.