We would like to express our appreciation to three trustees who have recently retired from fund boards after having served shareholders for many years.
Tucker Hart Adams joined the board of Aquila Tax-Free Fund of Colorado in 1989, and in 1993 joined the board of the equity fund, which is now Aquila Three Peaks Opportunity Growth Fund, serving as Chair of that board since 2005. She also served on the boards of Aquila Tax-Free Trust of Arizona, Aquila Tax-Free Fund For Utah, and Aquila Three Peaks High Income Fund. Colorado residents are familiar with her career as a local economist, and she frequently shared her economic outlook during annual shareholder meetings of Aquila Tax-Free Fund of Colorado. Mrs. Hart Adams was the Chief Economist of United Banks of Colorado and later launched her own economic consulting firm, The Adams Group, in 1989. She also served as a Director of a number of firms in the financial, energy, housing, and telecommunications industries. Mrs. Hart Adams nurtures her adventurous spirit traveling the world, and has taken each of her grandchildren along on her journeys.
Stanley Hong served as a trustee of Hawaiian Tax-Free Trust beginning in 1992 and as trustee of several money market funds previously included in the Aquila Group of Funds product line. Mr. Hong’s knowledge of Hawaii and wise counsel have been highly valued by all of us. Mr. Hong also served as trustee of a number of Hawaiian community organizations including the King William Charles Lunalilo Trust Estate, the Nature Conservancy of Hawaii, Child and Family Service, and the East West Center Foundation. He is a past President of Waste Management of Hawaii Inc., past Corporate Vice President of Hawaii Area for Waste Management, Inc., and past President and CEO of The Chamber of Commerce of Hawaii.
Ted Mason has been the longest serving trustee of our funds. He served as a trustee of funds sponsored by Aquila’s predecessor companies as well as funds currently among the Aquila Group of Funds. Mr. Mason joined the board of Hawaiian Tax-Free Trust in 1984 and served as Chair of the Trust beginning in 2004. He also served on the boards of Aquila Churchill Tax-Free Fund of Kentucky, Aquila Narragansett Tax-Free Income Fund and Aquila Three Peaks High Income Fund. In addition, he was the Chair of the Compliance, Risk & Insurance Oversight Committee and a member of the Financial Review Committee. Mr. Mason is currently Executive Director, East Wind Power Partners Ltd. He has served as director or officer of Maritime and Naval organizations including Fort Schuyler Maritime Alumni Association, Inc., The Fort Schuyler Maritime Foundation, Inc., The Navy League of the United States New York Council, and the Association of the United States Navy. He also served as Commanding Officer of four naval reserve units, and Captain, USNR (Ret.).
Each of these individuals has, over their tenure as trustee, brought a high level of dedication and professionalism to their role as a fiduciary on behalf of fund shareholders. We are very proud to have worked with them, appreciative of their years of service, and we wish them well in all of their future endeavors.