Aquila's 7 Municipal bond funds serve investors in states with smaller populations, relatively high income tax rates and interesting long-term economic growth potential - Arizona, Colorado, Hawaii, Kentucky, Oregon, Rhode Island and Utah . Aquila is unique in four local aspects of these funds:

• locally-based portfolio management
• locally-based Trustees
• locally-based Officers providing dedicated service to the financial professional community and individual investors and
• locally-based annual shareholder meetings. We have always stressed to shareholders that, "it is your money, invested in your state, invested in projects in your communities."

The Aquila tax-free bond funds offer investments that are free from Federal and their respective state income taxes. Each fund invests in vital public purpose projects such as hospitals, roads, schools throughout the communities.