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Trending ETFs

Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.93

$157 M

2.61%

$0.26

0.61%

Vitals

YTD Return

0.0%

1 yr return

2.9%

3 Yr Avg Return

-0.9%

5 Yr Avg Return

0.5%

Net Assets

$157 M

Holdings in Top 10

24.9%

52 WEEK LOW AND HIGH

$9.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.61%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 7.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.93

$157 M

2.61%

$0.26

0.61%

CHKYX - Profile

Distributions

  • YTD Total Return 0.0%
  • 3 Yr Annualized Total Return -0.9%
  • 5 Yr Annualized Total Return 0.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.14%
DIVIDENDS
  • Dividend Yield 2.6%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Aquila Churchill Tax-Free Fund of Kentucky
  • Fund Family Name
    Aquila Group of Funds
  • Inception Date
    Jul 25, 2014
  • Shares Outstanding
    N/A
  • Share Class
    Y
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Royden Durham

Fund Description

Under normal circumstances, at least 80% of the Fund’s net assets will be invested in municipal obligations that pay interest exempt, in the opinion of bond counsel, from Kentucky income and regular Federal income taxes, the income paid upon which will not be subject to the Federal alternative minimum tax on individuals. In general, almost all of these obligations are issued by the Commonwealth of Kentucky, its counties and various other local authorities; these obligations may also include certain other governmental issuers. We call these “Kentucky Obligations.” These securities may include participation or other interests in municipal securities and variable rate demand notes. A significant portion of the Kentucky Obligations in which the Fund invests consist of revenue bonds, which are backed only by revenues from certain facilities or other sources and not by the issuer itself. These obligations can be of any maturity, but the Fund’s weighted average maturity has traditionally been between 5 and 15 years. The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940 (the “1940 Act”), which means it may invest a greater percentage of its assets in a smaller number of issuers than a diversified fund.

At the time of purchase, the Fund’s Kentucky Obligations must be of investment grade quality. This means that they must either

· be rated within the four highest credit ratings assigned by nationally recognized statistical rating organizations or,
· if unrated, be determined to be of comparable quality by the Fund’s Manager, Aquila Investment Management LLC.

The Manager selects obligations for the Fund’s portfolio in order to achieve the Fund’s objective by considering various characteristics including quality, maturity and coupon rate.

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CHKYX - Performance

Return Ranking - Trailing

Period CHKYX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% -2.9% 17.0% 83.69%
1 Yr 2.9% -1.4% 29.0% 83.22%
3 Yr -0.9%* -11.1% 2.9% 40.28%
5 Yr 0.5%* -6.3% 1102.2% 66.32%
10 Yr N/A* -0.6% 248.4% 52.32%

* Annualized

Return Ranking - Calendar

Period CHKYX Return Category Return Low Category Return High Rank in Category (%)
2023 1.7% -1.4% 41.0% 81.17%
2022 -8.8% -39.7% 0.3% 25.69%
2021 -1.0% -5.6% 6.9% 75.20%
2020 1.3% -2.6% 310.0% 70.90%
2019 3.1% 0.0% 26.0% 75.00%

Total Return Ranking - Trailing

Period CHKYX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% -2.9% 17.0% 83.69%
1 Yr 2.9% -1.4% 29.0% 83.22%
3 Yr -0.9%* -11.1% 2.9% 40.28%
5 Yr 0.5%* -6.3% 1102.2% 66.32%
10 Yr N/A* -0.6% 248.4% 49.11%

* Annualized

Total Return Ranking - Calendar

Period CHKYX Return Category Return Low Category Return High Rank in Category (%)
2023 4.3% -1.3% 41.0% 78.50%
2022 -6.5% -39.7% 1.1% 21.93%
2021 1.4% -4.8% 23761504.0% 53.46%
2020 3.7% -1.5% 17057.9% 54.45%
2019 4.4% 0.2% 3514.6% 84.22%

NAV & Total Return History


CHKYX - Holdings

Concentration Analysis

CHKYX Category Low Category High CHKYX % Rank
Net Assets 157 M 3.22 M 71.9 B 77.31%
Number of Holdings 127 2 13067 76.48%
Net Assets in Top 10 39.1 M -317 M 3.56 B 70.96%
Weighting of Top 10 24.95% 2.0% 100.2% 22.89%

Top 10 Holdings

  1. Dreyfus Treasury Obligations Cash Management Fund 4.57%
  2. Kentucky State Property Building Commission 3.24%
  3. Kentucky Turnpike Authority 2.62%
  4. Jefferson County School District Finance Corp 2.56%
  5. Lexington-Fayette Urban County Government 2.14%
  6. Shelby County School District Finance Corp 2.09%
  7. Kentucky State Property Building Commission 1.94%
  8. Fayette County School District Finance Corp 1.94%
  9. Kentucky Turnpike Authority 1.94%
  10. Kentucky Housing Corp 1.92%

Asset Allocation

Weighting Return Low Return High CHKYX % Rank
Bonds
94.63% 0.00% 150.86% 88.44%
Cash
5.37% -50.86% 46.80% 9.10%
Stocks
0.00% 0.00% 99.81% 40.00%
Preferred Stocks
0.00% 0.00% 0.56% 33.07%
Other
0.00% -3.18% 33.35% 40.48%
Convertible Bonds
0.00% 0.00% 0.93% 33.01%

Bond Sector Breakdown

Weighting Return Low Return High CHKYX % Rank
Municipal
97.48% 44.39% 100.00% 61.71%
Cash & Equivalents
4.57% 0.00% 46.24% 9.29%
Corporate
0.66% 0.00% 9.41% 4.11%
Derivative
0.00% -3.18% 19.67% 36.65%
Securitized
0.00% 0.00% 5.93% 34.12%
Government
0.00% 0.00% 52.02% 39.40%

Bond Geographic Breakdown

Weighting Return Low Return High CHKYX % Rank
US
94.63% 0.00% 142.23% 86.81%
Non US
0.00% 0.00% 23.89% 37.49%

CHKYX - Expenses

Operational Fees

CHKYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.61% 0.01% 20.65% 66.12%
Management Fee 0.40% 0.00% 1.20% 39.61%
12b-1 Fee N/A 0.00% 1.00% 23.91%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

CHKYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

CHKYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

CHKYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 7.00% 0.00% 283.00% 10.39%

CHKYX - Distributions

Dividend Yield Analysis

CHKYX Category Low Category High CHKYX % Rank
Dividend Yield 2.61% 0.00% 14.51% 66.49%

Dividend Distribution Analysis

CHKYX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

CHKYX Category Low Category High CHKYX % Rank
Net Income Ratio 2.14% -0.53% 5.33% 38.99%

Capital Gain Distribution Analysis

CHKYX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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CHKYX - Fund Manager Analysis

Managers

Royden Durham


Start Date

Tenure

Tenure Rank

Oct 28, 2011

10.6

10.6%

Mr. Durham has served as a portfolio manager since 2017. He also serves as a member of the portfolio management teams of Aquila Churchill Tax-Free Fund of Kentucky and Aquila Tax-Free Fund For Utah. Mr. Durham has over forty years of experience in the financial services industry. Most recently Mr. Durham served in a trust capacity for JP Morgan Chase. Prior to that, he was a portfolio manager for Regions Morgan Keegan Trust and the Louisville Trust Company. He is a graduate of Heidelberg College with a B.A. in Economics and German.

James Thompson


Start Date

Tenure

Tenure Rank

Apr 03, 2017

5.16

5.2%

Mr. Thompson has served as a portfolio manager for Aquila Investment Management LLC since 2009. Prior to joining the Aquila Group of Funds, Thompson was a Senior Vice President, underwriter and municipal bond trader with Wells Fargo Brokerage Services and First Security Bank in Salt Lake City. He was also a member of the municipal credit committee of each firm. From 1987 to 1991, Mr. Thompson was employed with Wedbush Morgan Securities in Los Angeles where he helped establish the municipal unit investment trust sales desk. Prior to that, he was a financial and operations principal, municipal trader and manager of the municipal underwriting desk for Financial Market Securities, based in Orange, CA. Thompson is a native of Utah and attended California State University, Fullerton.

Anthony Tanner


Start Date

Tenure

Tenure Rank

Mar 07, 2018

4.24

4.2%

Mr. Tanner joined the Aquila Investment Management LLC portfolio management team on March 2018. Prior to joining Aquila, Mr. Tanner was a Senior Wealth Manager at BNY Mellon Wealth Management from 2016 to 2018, a Senior Client Advisor at BMO Private Bank from 2014 to 2015, and a Senior Fixed Income Manager at Wells Fargo Private Bank from 2010 to 2014.Mr. Tanner has over 30 years of experience in the financial services industry. Before that, Mr. Tanner was a vice president of OppenheimerFunds' Rochester Division from 1991-2003. Previously, he served as a municipal bond trader and underwriter with Stifel, Nicolaus & Co. from 1986 to 1988. From 1984 to 1986, he was an investment banking officer at Centerre Bank in St. Louis, Mo. Mr. Tanner received an MBA in finance from the University of Rochester, Simon Business School, and a Bachelor’s degree in business from St. Louis University. He is a CFA Charterholder and a member of the CFA Institute and the Phoenix CFA Society.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58