Shareholders of Aquila Tax-Free Fund For Utah are cordially invited to attend their annual shareholder meeting Tuesday, November 19, 2019 at 8:30 a.m. at the Little America Hotel, 500 South Main Street, Salt Lake City, Utah. Breakfast will be served prior to the meeting.
Attendees will have the opportunity to visit with Fund Executives, Trustees, the Portfolio Managers and hear from Brian Butler, CPA and CFO of Salt Lake City Corporation’s Department of Airports. In his role as CFO of the Airport, Brian is responsible for overseeing the construction budget and debt financing of the new Salt Lake City Airport that is scheduled to begin opening in 2020.
Mr. Butler received his bachelors degree in Corporate Finance from Brigham Young University, an additional bachelors degree in Accounting from Utah Valley University, as well as a Masters of Accountancy from the University of Utah. He is a CPA and belongs to both the Utah Association of Certified Public Accounts as well as the American Institute of Certified Public Accountants. Prior to joining the Airport in 2015, Brian worked in public accounting as an auditor for Eide Bailly, as well as a Financial Representative for Fidelity Investments.
We look forward to seeing you in Salt Lake City.
Tony Tanner, CFA®, SVP, of Aquila Investment Management and Lead Portfolio Manager of Aquila Tax-Free Trust of Arizona, recently participated in a Fixed Income Masterclass panel for Asset TV. Co-panelists were Christian Pariseault, Head of Fixed Income and Global Asset Allocation Institutional Portfolio Managers at Fidelity Investments, Colleen Denzler, investor at Smith Capital Investors, and Nolan Anderson, Fixed Income Portfolio Manager at Weitz Investment Management.
Tony discusses current opportunities presented by the inclusion of tax-exempt fixed income in a bond allocation, the localized nature of the municipal bond market, the continuing double tax-free advantage of single-state municipal investing, the primary risk and return characteristics of fixed income that investors should balance, and the benefits of leveraging professional management in accessing the municipal bond market.
In addition to Tony’s comments on the municipal market, Colleen, Nolan and Christian and Tony provide perspective on the global economic environment, current market volatility and conditions in the broader fixed income market.
The full program linked above provides CE Credit. We hope you find the program informative.
You’ll find additional information regarding Aquila Tax-Free Trust of Arizona on this site, along with the Fund prospectus.
Aquila Three Peaks Opportunity Growth Fund, was once again included in a Wall Street Journal Category Kings report for the year-to-date period ending August 31, 2019. The Category Kings report recognizes the top performing funds, based on total return, in 10 Lipper categories for the year-to-date period. Aquila Three Peaks Opportunity Growth Fund Class Y (ATGYX) was listed at #1 in the Lipper Mid Cap Core equity category, out of 392 funds. During this period, the Fund generated a return of 27.3% compared to the Lipper Mid Cap Core category average of 16.2% and the Russell 3000 Index return of 18.02%. The Fund was also listed as a Category King in May and July; falling in second place and third place, respectively, in the Mid Cap Core category based on the year-to-date return through May 31, 2019 and July 31, 2019.
Read more “Recognized as a Wall Street Journal Category King: Aquila Three Peaks Opportunity Growth Fund”
Aquila Three Peaks Opportunity Growth Fund, was included in a Wall Street Journal Category Kings report for the year-to-date period ending July 31, 2019. The Category Kings report recognizes the top performing funds, based on total return, in 10 Lipper categories for the year-to-date period. Aquila Three Peaks Opportunity Growth Fund Class Y (ATGYX) was listed at #3 in the Lipper Mid Cap Core equity category, out of 381 funds. During this period, the Fund generated a return of 26.7% compared to the Lipper Mid Cap Core category average of 19.6% and the Russell 3000 Index return of 20.48%. The Fund was also listed as a Category King in May; falling in second place in the Mid Cap Core category based on the year-to-date return through May 31, 2019.
Read more “Aquila Three Peaks Opportunity Growth Fund Recognized as a Category King”
Shareholders of Hawaiian Tax-Free Trust are cordially invited to attend their Annual Shareholder Meeting on Wednesday, September 25, 2019 at 10:00 a.m. at the Ala Moana Hotel in Honolulu. A continental breakfast will be served prior to the meeting.
Those unable to attend the Honolulu meeting may be interested in attending the special outreach informational meeting in Maui. The meeting will take place at 10:30 a.m. on Tuesday, September 24, 2019 at the Maui Arts & Cultural Center. Lunch will be served at 11:30 a.m.
Attendees at all meetings will have the opportunity to visit with Trust Executives, Trustees, the Portfolio Managers and hear renowned Hawaii economist, Paul H. Brewbaker, Ph.D., Principal of TZ Economics, a Hawai’i economics consultancy. Mr. Brewbaker’s background is in research on the Hawaii economy and financial risk analytics. He has been affiliated with Bank of Hawaii for more than 25 years, concluding as its Chief Economist. Mr. Brewbaker will present an overview of the Hawaii and national economy.
We look forward to seeing you in either Honolulu or Maui.
The Kentucky Legislature ended their July special session Wednesday with a pension bill signed into law, effectively taking small steps toward solving the state’s hefty pension crisis. The bill narrowly passed in the house earlier in the week, but won by a wide margin in the senate on Wednesday. The bill’s objective is to relieve regional universities and quasi-governmental entities from large increases in pension costs that were handed down July 1, 2019.
As Governor Bevin stated in his press conference, the measure will not eliminate pension benefits for workers. It is designed to encourage agencies that exit the system to cap employees’ benefits and move them into 401k-type plans going forward. Although small, we see this as a positive step that will likely lead to more successful legislative solutions down the road.
With the Churchill Tax-Free Fund of Kentucky, we maintain our objective of managing interest rate risk and credit risk while keeping over 90% of the portfolio rated A or higher. We believe that one of the benefits of owning shares in the Fund is having the resources of local portfolio management and credit analysis. We will be monitoring the progress of pension reform in the state, along with the local economic and political environment.
Before investing in one of the Aquila Group of Funds, 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 advisor, or by calling 800-437-1020.
On June 6, 2019, Sandy Rufenacht, co-portfolio manager of Aquila Three Peaks High Income Fund and Aquila Three Peaks Opportunity Growth Fund, was interviewed on Money Life by Chuck Jaffe.
During their conversation, Sandy touched on the impact politics can have on bond markets particularly during an election cycle, changes in the rate environment, shifting valuations along the credit-quality curve, and much more.
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. The prospectus is available from your financial advisor, and when you call 800-437-1020 or visit www.aquilafunds.com.
Timothy Iltz is Co-Portfolio Manager of Aquila Tax-Free Trust of Oregon
Vice President and Municipal Bond Analyst, Kirkpatrick Pettis Capital Management
The Volcker Alliance, a think tank headed by former Federal Reserve Chairman Paul Volcker, recently released its report, Truth and Integrity in State Budgeting: Preventing the Next Fiscal Crisis. The report covers fiscal years 2016 through 2018 and measures all 50 states in five key budgeting areas: budget forecasting, budget maneuvers, legacy costs, reserve funds, and budget transparency. Each state was given a grade between A and D- for each category and the grades reflect each state’s three-year average for the critical budgeting areas. The report ranked Oregon as one of the top states for managing legacy costs, a measure that evaluates how well states are funding promises made to public employees, including pension funding and health care.
Over the past three years, Oregon has earned an A average for its ability to manage post-employment benefit (OPEB) funding and pension liabilities. The Volcker Alliance reports that Oregon has a public employee pension funded ratio of 83% for 2018, placing the state in the top 6 plans in the nation. Oregon also earned an A average for budget maneuvers, which evaluates whether the state used one-time revenues, borrowings, asset sales, and other measures to achieve short-term budgetary balance. Budget forecasting was the only area where Oregon fell short, with an overall grade of C, which was partially due to the fact that the state does not use consensus revenue forecasts. However, Oregon was noted for its use of multi-year revenue forecasts and revenue growth projections.
In managing the Aquila Tax-Free Trust of Oregon, we maintain a close watch on Oregon’s economy, budget and liabilities, and we are pleased with the results of the Volcker Alliance’s assessment of Oregon’s fiscal health.
Shareholders of Aquila Tax-Free Fund of Colorado are cordially invited to attend their 32nd annual shareholder meeting Thursday, May 16, 2019 at 2:00 p.m. at the Wellshire Event Center, Cambridge Room, 3333 S. Colorado Blvd., Denver, Colorado. Light refreshments will be served prior to the meeting.
Attendees will have the opportunity to visit with Fund Executives, Trustees, the Portfolio Manager and hear from our guest speaker, Dr. Angie Paccione, Executive Director of the Colorado Department of Higher Education. Dr. Paccione was appointed as Executive Director and unanimously confirmed by the Senate Education Committee in January, 2019. She has more than 20 years of experience in secondary and postsecondary education, has co-authored two books on leadership, and was elected to two terms in the Colorado House of Representatives, where she served as the house majority caucus chair. Dr. Paccione will speak about the Colorado Department of Higher Education’s goals and accomplishments.
We look forward to seeing you on May 16th.
Shareholders of Aquila Tax-Free Trust of Oregon are cordially invited to attend their annual shareholder meeting Wednesday, April 24th, 2019 at 11:00 a.m. at the Oregon Convention Center, Meeting Rooms F150-151, 777 NE Martin Luther King Jr. Blvd., Portland, Oregon. Light refreshments will be served prior to the meeting and parking will be validated at the end of the meeting.
Attendees will have the opportunity to visit with Fund Executives, Trustees, the Portfolio Manager and hear renowned Oregon economist and Trustee, John Mitchell, speak about the Oregon and national economy. Mr. Mitchell is principal of M & H Economic Consultants of Portland. He is a past chairman of the Oregon Council of Economic Advisors, and former chief economist of U.S. Bancorp.
Please plan to attend. We look forward to seeing you on April 24th.