A Locally-Based Approach to Tax-Exempt Investing

Since 1984, Aquila Group of Funds has been an innovative leader in municipal bond investing, providing investors with as high a level of current income exempt from federal and state income taxes, as is consistent with preservation of capital. We seek to manage interest rate and credit risk by consistently maintaining broadly-diversified, high-quality portfolios of municipal bonds with an intermediate average maturity.

The Aquila Advantage

Aquila manages seven single-state municipal bond funds, each employing our locally-based approach to municipal bond investing. Our portfolio management teams have an up-close perspective on the issuers and economy in their states. We believe this helps deliver valuable insights regarding the economic and political climate of the state, the financing needs and capabilities of individual issuers, and ready access to multiple sources of information when evaluating the potential risk and return opportunities of a given security.

The Aquila municipal bond funds also benefit from locally-based trustees who provide governance and oversight of investment management, distribution, and administrative services. Our locally-based representatives provide financial professionals and investors with dependable, responsive access to current information on the funds. And our locally-based shareholder meetings provide attendees with the opportunity to visit with fund executives, trustees, portfolio management, and special guest speakers.

Single-State Municipal Bond Funds from Aquila:

Why Municipal Bonds

A key benefit of investing in municipal bonds is earning tax-exempt income. Interest on municipal bonds is typically free from regular federal income tax, as well as from income tax of the state in which the bonds are issued. Tax-exempt income can be beneficial to investors in all tax brackets, and characteristics of municipal bonds generally make them suitable for conservative investors.

Why Now

Tax-free income is particularly appealing in today’s low yield environment. Municipal bonds offer attractive tax-equivalent yields compared to other fixed income asset classes, contributing to strong demand and favorable relative valuations.

Discover how Aquila’s municipal bond funds can help you earn attractive income exempt from federal and state income taxes.
Speak with your financial professional to learn more.


Mutual fund investing involves risk; loss of principal is possible. Investments in bonds may decline in value due to rising interest rates, a real or perceived decline in credit quality of the issuer, borrower, counterparty, or collateral, adverse tax or legislative changes, court decisions, market or economic conditions. State-specific fund performance could be more volatile than that of funds with greater geographic diversification.

Before investing in the Fund, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. The prospectus is available from your financial professional, by clicking here, and by calling 800-437-1020.