TODD CURTIS has been the Portfolio Manager of Tax-Free Trust of Arizona since its inception in 1986. Todd joined Aquila Management as Senior Vice President and Fund Manager in August, 2004. Prior to joining Aquila, Mr. Curtis was a Vice President and fixed income manager with Banc One Investment Advisors, the Trust’s previous Sub-Advisor. He held various portfolio management and trading positions at Bank One, Arizona N.A. (formerly Valley National Bank of Arizona) since 1982, where he managed individual accounts, the bank’s single-state municipal bond fund, as well as the Tax-Free Trust of Arizona. Mr. Curtis was a member of Banc One ’s Fixed Income Funds Sub-Committee.

Previously, Mr. Curtis worked for seven years in the insurance industry with Arthur J. Gallagher & Company in Rolling Meadows Illinois, Marsh & McLennan in Chicago, Illinois and The Travelers Insurance Company in Hartford, Connecticut. Mr. Curtis is CFA charterholder. He is a member of the Phoenix Society of Financial Analysts, the Institute of Chartered Financial Analyst, and the Phoenix Stock and Bond Club (past president). He received a B.A. in Economics from Cornell College in 1971 and a M.B.A. from Arizona State University in 1981.

Mr.Curtis is based in Phoenix, Arizona, which enables him to maintain a careful watch over the Trust’s portfolio investments. He frequently travels throughout the state to conduct research on current and prospective investments. An Iowa native, Mr. Curtis has been an Arizona resident since 1979.