Fund Description

Incepted in July 1992, the fund is managed by Aquila Management Corporation. The objective of this fund is to provide high level of current income exempt from Utah personal and regular Federal income taxes as is consistent with preservation of capital. The fund invests primarily in tax-free municipal obligations that finance schools, highways, airports, hospitals and water and sewer facilities in Utah. The fund declares dividends daily and pays them every month. Net capital gains, if any, is paid annually. The fund may also pay supplemental distributions after the end of its fiscal year.