SALT LAKE CITY — The Aquila Group of Funds announced Monday that the municipal bond fund formerly known as Tax-Free Fund For Utah is now called Aquila Tax-Free Fund For Utah.
The investment objective, principal investment strategy and locally-based investment management team of the fund remain unchanged.
Launched on Pioneer Day 1992, Aquila Tax-Free Fund For Utah is the oldest and only existing municipal-bond fund in the state. The fund was designed especially for Utah residents.
“Aquila Tax-Free Fund For Utah can now be more readily identified in the wide array of mutual fund information and research services used by investors and their financial advisers,” explained Diana Herrmann, president and CEO of Aquila Investment Management LLC. “We believe that including the Aquila brand in the name of our funds aides investors searching for the funds, and helps them see the depth and the span of our expertise in the municipal bond market.”
Aquila Tax-Free Fund For Utah seeks to provide as high a level of current income exempt from Utah state and regular federal income taxes. Utah municipal bonds help finance schools, highways, airports, hospitals, and water and sewer facilities in the state.
The fund — which included approximately 5,400 local shareholders — has helped finance projects at the University of Utah and Weber State University, charter schools, as well as the Salt Lake City TRAX lines, the Dixie Center in St. George and the Utah Valley University Student Center in Orem.