02/04/2021

Chris Johns Covered Munis on CNBC’s The Exchange

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Aquila’s municipal bond fund portfolio manager, Chris Johns, was a recent guest on CNBC’s The Exchange with Brian Sullivan. Chris and Brian discussed the growing size of outstanding municipal bond debt and the importance of in-depth credit research in an environment where demand is high and credit spreads are narrow. Chris also shared his thoughts on current credit trends and the risk profile of municipals.

You can watch Chris’ segment on CNBC’s website, under The Exchange’s Muni Money section, or listen to the segment on The Exchange’s January 29th podcast; available on all podcast platforms.

Chris has managed Aquila Tax-Free Fund of Colorado for over 30 years and Aquila Tax-Free Trust of Oregon, which he co-manages with Tim Iltz, since 2011.

Shares of the Funds may only be sold by offering the Funds’ Prospectus. Before investing in a Fund, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. The prospectus is available on this site, from your financial adviser, and when you call 800-437-1020.

01/14/2021

The Wall Street Journal Quotes PM Chris Johns on Muni Issuance Boom

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Chris Johns

Municipal bond issuance is at a 10-year high, reports The Wall Street Journal earlier this week. And Wall Street’s paper of record reached out to Aquila portfolio manager Chris Johns for his insights on the boom.

Muni bond issuance totaled $474 billion in 2020 as state and local governments took advantage of low interest rates to raise capital while revenue streams continued to decline due to pandemic pressures. Taxable issuance was up for the year as governments took advantage of the ability to fill budget gaps with those funds, and lower-rated borrowers caught a break as risk tolerance shifted with the search for yield.

“Alongside the drop in yields, another factor driving the borrowing was that yield-hungry investors were willing to accept less interest from lower-rated borrowers relative to what they demanded from higher-rated ones”  – Chris Johns

 

Mr. Johns has managed Aquila Tax-Free Fund of Colorado for over 30 years and is a co-portfolio manager, along with Tim Iltz, of Aquila Tax-Free Trust of Oregon.

 

Shares of the Funds may only be sold by offering the Funds’ Prospectus. Before investing in a Fund, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. The prospectus is available on this site, from your financial adviser, and when you call 800-437-1020.

01/08/2021

A Distinctive Midcap Fund Celebrates 10 Years

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The Aquila Three Peaks Opportunity Growth Fund strategy celebrated its 10-year anniversary in the fourth quarter of 2020. In October 2010, the management team at Three Peaks Capital Management brought a new approach to Aquila’s equity fund, which was launched as a rocky mountain regional investment strategy in 1994. Through detailed research of the corporate debt market for the management of Aquila Three Peaks High Income Fund, industry veteran, Sandy Rufenacht, and his team noticed that prudent corporate actions taken to improve balance sheets, reduce debt and create free cash flow often laid the groundwork for potentially strong equity returns.

Over the past decade the Fund has been recognized by Barron’s, Lipper, the Wall Street Journal, Investor’s Business Daily, and a number of other publications. We credit the Fund’s success to the distinctive management process that is rooted in intense research and built on extensive experience in the high-yield market.

A conservative approach

We attempt to mitigate risk by looking for companies in industries with relatively consistent revenue generation (non-cyclical industries), that have demonstrated the ability to grow even in a low-growth economy. Our strategy is to maintain a broadly diversified, well researched, well balanced portfolio to reduce volatility. We implement this strategy through a fundamental, bottom-up analysis of each company in which we invest.

If you are looking for an equity fund with a management strategy unlike many of its peers, take a closer look at Aquila Three Peaks Opportunity Growth Fund.
Read more “A Distinctive Midcap Fund Celebrates 10 Years”

12/30/2020

Actual 2020 Capital Gain Distributions

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Following are capital gain distributions paid on December 3, 2020, and December 30, 2020.

Aquila Three Peaks Opportunity Growth Fund paid a short-term capital gain distribution of $1.70172, and a long-term capital gain distribution of $0.70763 on December 3, 2020 with a record date of December 2, 2020.

Hawaiian Tax-Free Trust paid a long-term capital gain distribution of $0.02283 on December 30, 2020 with a record date of December 29, 2020.

The following funds did not capital gains distributions in December, 2020.

 

Aquila Tax-Free Trust of Arizona
Aquila Tax-Free Fund of Colorado
Aquila Churchill Tax-Free Fund of Kentucky
Aquila Narragansett Tax-Free Income Fund (RI)
Aquila Tax-Free Trust of Oregon
Aquila Tax-Free Fund For Utah
Aquila Three Peaks High Income Fund

Printable Version

1 Represents undistributed realized gains from fiscal year 2020 which must be distributed in 2020 and cannot be reduced.

Aquila Distributors LLC does not provide accounting, tax or legal advice. Shareholders should seek tax advice based upon their particular situation.

Shares of the Funds may only be sold by offering the Funds’ Prospectus. Before investing in a 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 advisor, and when you call 800-437-1020 or visit www.aquilafunds.com.

12/09/2020

Tony Tanner, CFA® Discusses the Muni Market on Asset TV Masterclass

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Tony Tanner, CFA®, Portfolio Manager of Aquila Tax-Free Trust of Arizona, was among a panel of municipal experts on Asset TV’s November 2020 Municipal Bond Masterclass. The full program, which offers one hour of CE credit, covers municipal credit, the impact of the coronavirus pandemic, macro considerations for investors, and much more.

Watch Tony’s portion of the program for his thoughts on the municipal bond market, finding credit opportunities and which sectors he is watching closely.

 

Mr. Tanner is Senior Vice President of Aquila Investment Management. He is the Lead Portfolio Manager for Aquila Tax-Free Trust of Arizona and also co-manages Aquila Tax-Free Fund for Utah and Aquila Churchill Tax-Free Fund of Kentucky. Joining Mr. Tanner on the panel were Grant Dewey, Head of Municipal Capital Markets at Build America Mutual, and David Hammer, Head of Municipal Bond Portfolio Management at PIMCO.

We hope you find the program informative.

Shares of the Funds may only be sold by offering the Funds’ Prospectus. Before investing in a Fund, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. The prospectus is available on this site, from your financial adviser, and when you call 800-437-1020.

10/29/2020

Estimated Capital Gain Distributions as of October 31, 2020

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The funds listed below may pay a capital gain distribution in December, 2020. The amount reflected represents a preliminary estimate as of the date indicated, and is based on information available as of October 31, 2020. Estimates are subject to change based on a number of factors, including changes in the number of shares outstanding, certain tax adjustments, market conditions, board approvals, and other circumstances. These factors may also result in year-end distributions being made by funds which show no estimate as of the date of this report. The amount and character of distributions will be finalized on the record dates.

Aquila Distributors LLC does not provide accounting, tax or legal advice. Shareholders should seek tax advice based upon their particular situation.

Aquila Three Peaks Opportunity Growth Fund: In the event that capital gains distributions are declared, the Fund is anticipated to have a record date of December 2, 2020, an ex-date of December 3, 2020, a payable date of December 3, 2020, and a reinvestment date of December 3, 2020.

Hawaiian Tax-Free Trust and all other Funds: In the event that capital gains distributions are declared, the funds are anticipated to have a record date of December 29, 2020, an ex-date of December 30, 2020, a payable date of December 30, 2020, and a reinvestment date of December 30, 2020.

Although the following funds could pay capital gains distributions in December, 2020, as of the date of this report, a capital gain distribution is not anticipated.

Aquila Tax-Free Trust of Arizona
Aquila Tax-Free Fund of Colorado
Aquila Churchill Tax-Free Fund of Kentucky
Aquila Narragansett Tax-Free Income Fund (RI)
Aquila Tax-Free Trust of Oregon
Aquila Tax-Free Fund For Utah
Aquila Three Peaks High Income Fund

Printable Version

1 Represents undistributed realized gains from fiscal year 2020 which must be distributed in 2020 and cannot be reduced.

Shares of the Funds may only be sold by offering the Funds’ Prospectus. Before investing in a 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 advisor, and when you call 800-437-1020 or visit www.aquilafunds.com.

06/10/2020

Tony Tanner, CFA® on Money Life with Chuck Jaffe

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Tony Tanner

Tony Tanner

Tony Tanner, CFA®, Municipal Bond Fund Portfolio Manager with Aquila Group of Funds, was recently interviewed on Money Life with Chuck Jaffe.

During their conversation, Tony discussed how the troubled economy and lower interest rates will impact the bond market and may lead investors to diversify their fixed-income holdings. He notes that while he doesn’t anticipate a big wave of municipal defaults, credit-quality will be challenged.

Chuck Jaffe is a veteran financial journalist and nationally syndicated financial columnist whose work appears in newspapers from coast to coast. He started the Money Life podcast in 2012, and previously hosted Your Money and various podcasts for MarketWatch, where he was a senior columnist.

We hope you enjoy the interview.

Before investing in a Fund, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. All prospectuses are available on this site, from your financial advisor, and when you call 800-437-1020.

05/28/2020

We recognize recently retired Trustee, B. J. Kobayashi

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B. J. Kobayashi retired from the board of Hawaiian Tax-Free Trust on March 31, 2020. He served as a member of the Aquila Group of Funds Compliance, Risk and Insurance Oversight Committee through December 31, 2019 and formerly served as Trustee of Pacific Capital Funds of Cash Assets Trust (three money-market funds in the Aquila Group of Funds) from 2009-2012. His fellow Trustees, the Aquila Group of Funds and the staff of Aquila Investment Management LLC have benefited greatly from his personal integrity, considerable experience and valuable business insight, and we recognize and appreciate Mr. Kobayashi’s judgment, perseverance and skill throughout his service as an independent Trustee.

On behalf of Aquila Group of Funds, we express our sincere appreciation and gratitude for Mr. Kobayashi’s contributions and for his dedication to the interests of the Trust’s shareholders.

05/08/2020

Chris Johns Covers the Current Municipal Bond Market in Asset TV Masterclass

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Chris Johns, portfolio manager of Aquila Tax-Free Fund of Colorado and Aquila Tax-Free Trust of Oregon, was a panelist in the May 2020 Asset TV Municipal Bond Masterclass. The discussion covered how the coronavirus pandemic, historic volatility and the Fed’s response is creating a unique market environment for municipal bonds. The panelists examined the impact on local and state issuers, different municipal sectors and credit strength.

 

Chris Johns is Senior Vice President, Managing Director and Portfolio Manager with Davidson Fixed Income Management, sub-adviser to Aquila Tax-Free Fund of Colorado and Aquila Tax-Free Trust of Oregon. Joining Mr. Johns on the panel were JR Reiger, Owner of the Reiger Report, and Grant Dewey, Head of Municipal Capital Markets at Build America Mutual.

The full program linked above provides CE Credit. We hope you find the program informative.

Shares of the Funds may only be sold by offering the Funds’ Prospectus. Before investing in a Fund, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. The prospectus is available on this site, from your financial adviser, and when you call 800-437-1020.

04/24/2020

Aquila Tax-Free Trust of Oregon Special Shareholder Meeting to be held Virtually

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In light of public health concerns regarding the ongoing COVID-19 pandemic, Aquila Tax-Free Trust of Oregon announced on April 24, 2020 that the Fund’s Special Meeting of Shareholders, to be held on May 29, 2020, will be held as a virtual meeting. Shareholders will not be able to attend the meeting in person. This change has been made out of an abundance of caution and is intended to support the health and well-being of shareholders. The March 2, 2020 record date for determining shareholders entitled to vote at the meeting remains unchanged. For more information, please review the Press Release and Proxy, which is available on this website.