01/23/2014

2014 Oregon Municipal Market Outlook

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The National Perspective

Over the course of 2014, a number of economic and policy variables are likely to impact the municipal bond market.  Consensus expectations of the Federal Reserve indicate a gradual tapering of the Fed’s asset purchase program.  While the initial market response may be negative, over time more attractive valuations may draw buyers to the market.  The long end of the yield curve has flattened while we’ve seen a steepening on the short end.  Estimates of the 2014 year-end yield on the 10-year Treasury fall near 3.50%.  Municipal bonds remain attractive relative to Treasuries.  In this environment, the...

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01/21/2014

2014 Rhode Island Municipal Market Outlook

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The National Perspective
Over the course of 2014, a number of economic and policy variables are likely to impact the municipal bond market.  Consensus expectations of the Federal Reserve indicate a gradual tapering of the Fed’s asset purchase program.  While the initial market response may be negative, over time more attractive valuations may draw buyers to the market.  The long end of the yield curve has flattened while we’ve seen a steepening on the short end.  Estimates of the 2014 year-end yield on the 10-year Treasury fall near 3.50%.  Municipal bonds remain attractive relative to Treasuries.  In this environment, the...

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01/16/2014

2014 Utah Municipal Market Outlook

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The National Perspective
Over the course of 2014, a number of economic and policy variables are likely to impact the municipal bond market.  Consensus expectations of the Federal Reserve indicate a gradual tapering of the Fed’s asset purchase program.  While the initial market response may be negative, over time more attractive valuations may draw buyers to the market.  The long end of the yield curve has flattened while we’ve seen a steepening on the short end.  Estimates of the 2014 year-end yield on the 10-year Treasury fall near 3.50%.  Municipal bonds remain attractive relative to Treasuries.  In this environment, the...

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01/16/2014

2014 Arizona Municipal Market Outlook

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The National Perspective
Over the course of 2014, a number of economic and policy variables are likely to impact the municipal bond market.  Consensus expectations of the Federal Reserve indicate a gradual tapering of the Fed’s asset purchase program.  While the initial market response may be negative, over time more attractive valuations may draw buyers to the market.  The long end of the yield curve has flattened while we’ve seen a steepening on the short end.  Estimates of the 2014 year-end yield on the 10-year Treasury fall near 3.50%.  Municipal bonds remain attractive relative to Treasuries.  In this environment, the...

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01/16/2014

2014 Hawaii Municipal Market Outlook

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The National Perspective
Over the course of 2014, a number of economic and policy variables are likely to impact the municipal bond market.  Consensus expectations of the Federal Reserve indicate a gradual tapering of the Fed’s asset purchase program.  While the initial market response may be negative, over time more attractive valuations may draw buyers to the market.  The long end of the yield curve has flattened while we’ve seen a steepening on the short end.  Estimates of the 2014 year-end yield on the 10-year Treasury fall near 3.50%.  Municipal bonds remain attractive relative to Treasuries.  In this environment, the...

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01/12/2014

Our Municipal Bond Fund Strategy in 2013

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The bond markets in 2013 were roiled by comments made in April by then Chairman of the Federal Reserve, Ben Bernanke, regarding future tapering of the Fed’s bond buying program.  Market participants responded to those comments, touching off a wave of redemptions and declining prices in the fixed income markets.  The events impacting the bond market in 2013 demonstrated the volatility that may be witnessed from time to time in an asset class often perceived as being relatively conservative.

The investment strategy implemented in managing each of the Aquila Group of Funds single-state municipal bond funds is focused on an...

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12/31/2013

We Express our Appreciation to Three Retiring Trustees

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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...

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11/27/2013

Oregon economic improvement reaching across the state

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Oregon is experiencing stronger growth in employment according to the December 2013 report from the Oregon Office of Economic Analysis released in late November, although the pace of that growth varies across the state.  Bend and Medford were Oregon’s hardest hit housing markets, and both have begun adding jobs again, indicating that an economic recovery is extending across the state.  With continued improvement in the housing market, and related economic activity, it is expected that job growth in the cities and counties of western Oregon will also improve.

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10/20/2013

Welcome to the new Aquila Group of Funds web site

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You will see a number of enhancements and changes as you explore the new site.  Navigation has been simplified so that you can easily find the information you need, along with news and updates on our investment strategies.  We’ve also freshened the appearance of the Aquila Group of Funds brand, implementing the new look across the web site and all documents available on the site.  Be sure to see A Careful Approach for Today’s Markets which describes our overall investment philosophy, and the Aquila Group of Funds Guiding Principles.

Following shareholder approval, five of the seven municipal bond funds...

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