Draft of Financial Intermediary Communication
AMT Shareholder Meeting
Filed by MainStay Funds Trust (SEC File Nos.: 333-277907, 333-277908,
333-277909, and 333-277910, 333-277911 and 333-234099; 811-22321)
pursuant to Rule 425 under
the Securities Act of 1933, as amended, and deemed filed pursuant to Rule 14a-6 under
the Securities Exchange Act of 1934, as amended.
Subject Company: Aquila Municipal Trust
Subject Company SEC File Numbers: 033-01857 and 811-4503
Thank you for your continued support of Aquila Group of Funds. To follow-up from the communication sent to your firm in March 2024, we would like to provide an update on the upcoming Special Meeting of Shareholders of certain Aquila Municipal Trust Funds, scheduled to be held on June 17, 2024.
In March 2024, the Board of Trustees of Aquila Municipal Trust (the “Board”) unanimously approved the reorganization (each, a “Reorganization”) of each of Aquila Tax-Free Trust of Arizona, Aquila Tax-Free Fund of Colorado, Aquila Churchill Tax-Free Fund of Kentucky, Aquila Tax-Free Trust of Oregon, Aquila Narragansett Tax-Free Income Fund, and Aquila Tax-Free Trust For Utah (each, an “Aquila Fund” or a “Current Aquila Fund”) into either an existing series or newly created series of MainStay Funds Trust (each, an “Acquiring MainStay Fund”).
At the June 17, 2024 Shareholder Meeting, shareholders are being asked to approve an Agreement and Plan of Reorganization relating to their Aquila Fund. The proposed Reorganizations are listed below:
Current Aquila Fund | Current CUSIP | Current Ticker | Acquiring MainStay Fund Effective Date: On or around July 19, 2024 (Close of Business) | Target CUSIP | Target Ticker | |||||
Aquila Tax-Free Trust of Arizona A | 03842A103 | AZTFX | MainStay MacKay Arizona Muni Fund Class Z | 56064R402 | AZTFX | |||||
Aquila Tax-Free Trust of Arizona C | 03842A202 | AZTCX | MainStay MacKay Arizona Muni Fund Class C | 56064R204 | AZTCX | |||||
Aquila Tax-Free Trust of Arizona Y | 03842A301 | AZTYX | MainStay MacKay Arizona Muni Fund Class I | 56064R303 | AZTYX | |||||
Aquila Tax-Free Fund of Colorado A | 03842A400 | COTFX | MainStay MacKay Colorado Muni Fund Class Z | 56064R808 | COTFX | |||||
Aquila Tax-Free Fund of Colorado C | 03842A509 | COTCX | MainStay MacKay Colorado Muni Fund Class C | 56064R600 | COTCX | |||||
Aquila Tax-Free Fund of Colorado Y | 03842A608 | COTYX | MainStay MacKay Colorado Muni Fund Class I | 56064R709 | COTYX | |||||
Aquila Churchill Tax-Free Fund of Kentucky A | 03842A707 | CHTFX | MainStay MacKay Strategic Municipal Allocation Fund Class Z | 56064R790 | MTFZX | |||||
Aquila Churchill Tax-Free Fund of Kentucky C | 03842A806 | CHKCX | MainStay MacKay Strategic Municipal Allocation Fund Class C | 56064L363 | MTFFX | |||||
Aquila Churchill Tax-Free Fund of Kentucky F | 03842A699 | CHKFX | MainStay MacKay Strategic Municipal Allocation Fund Class I | 56064L355 | MTFGX | |||||
Aquila Churchill Tax-Free Fund of Kentucky I | 03842A889 | CHKIX | MainStay MacKay Strategic Municipal Allocation Fund Class A | 56064L389 | MTFDX | |||||
Aquila Churchill Tax-Free Fund of Kentucky Y | 03842A871 | CHKYX | MainStay MacKay Strategic Municipal Allocation Fund Class I | 56064L355 | MTFGX | |||||
Aquila Tax-Free Trust of Oregon A | 03842N105 | ORTFX | MainStay MacKay Oregon Muni Fund Class Z | 56064R857 | ORTFX | |||||
Aquila Tax-Free Trust of Oregon C | 03842N204 | ORTCX | MainStay MacKay Oregon Muni Fund Class C | 56064R873 | ORTCX | |||||
Aquila Tax-Free Trust of Oregon F | 03842N501 | ORFFX | MainStay MacKay Oregon Muni Fund Class I | 56064R865 | ORTYX | |||||
Aquila Tax-Free Trust of Oregon Y | 03842N303 | ORTYX | MainStay MacKay Oregon Muni Fund Class I | 56064R865 | ORTYX | |||||
Aquila Narragansett Tax-Free Income Fund A | 03842A863 | NITFX | MainStay MacKay Strategic Municipal Allocation Fund Class Z | 56064R790 | MTFZX | |||||
Aquila Narragansett Tax-Free Income Fund C | 03842A855 | NITCX | MainStay MacKay Strategic Municipal Allocation Fund Class C | 56064L363 | MTFFX | |||||
Aquila Narragansett Tax-Free Income Fund F | 03842A673 | NIFFX | MainStay MacKay Strategic Municipal Allocation Fund Class I | 56064L355 | MTFGX | |||||
Aquila Narragansett Tax-Free Income Fund I | 03842A848 | NITIX | MainStay MacKay Strategic Municipal Allocation Fund Class A | 56064L389 | MTFDX | |||||
Aquila Narragansett Tax-Free Income Fund Y | 03842A830 | NITYX | MainStay MacKay Strategic Municipal Allocation Fund Class I | 56064L355 | MTFGX | |||||
Aquila Tax-Free Trust For Utah A | 03842A822 | UTAHX | MainStay MacKay Utah Muni Fund Class Z | 56064R816 | UTAHX | |||||
Aquila Tax-Free Trust For Utah C | 03842A814 | UTACX | MainStay MacKay Utah Muni Fund Class C | 56064R832 | UTACX | |||||
Aquila Tax-Free Trust For Utah F | 03842A657 | UTAFX | MainStay MacKay Utah Muni Fund Class I | 56064R824 | UTAYX | |||||
Aquila Tax-Free Trust For Utah Y | 03842A798 | UTAYX | MainStay MacKay Utah Muni Fund Class I | 56064R824 | UTAYX |
Draft of Financial Intermediary Communication
AMT Shareholder Meeting
Important Information Concerning the Reorganizations and Shareholder Meeting
• | Each Acquiring MainStay Fund is managed by New York Life Investment Management LLC and subadvised by MacKay Shields LLC, a subsidiary of New York Life. |
• | Shareholders who own shares of an Aquila Funds as of March 28, 2024 are entitled to vote at the Shareholder Meeting. |
• | The Aquila Funds’ shareholders were sent a Proxy Statement/Prospectus and proxy card relating to the Reorganization of their Aquila Fund on or around May 8, 2024 and can vote their shares by phone, internet or mail. |
• | The Aquila Fund(s) may conduct follow-up mailing(s) in connection with the solicitation of shareholder votes. Certain shareholders may receive phone call(s) and/or additional mailing(s) if their shares are not yet voted. |
• | Shareholder votes are very important. The Board of Trustees of Aquila Municipal Trust believes that each Reorganization is in the best interests of the applicable Aquila Fund and its shareholders and recommends shareholders vote “FOR” the Reorganization of their Aquila Fund. |
• | The Shareholder Meeting may be adjourned if the necessary voting results/quorum are not reached by the June 17, 2024 date of the Shareholder Meeting. If the Shareholder Meeting is adjourned from June 17, 2024 to a later date, follow-up communications may be sent to shareholders and to your firm to solicit additional votes. |
• | If the Reorganizations are not approved by shareholders, such Aquila Fund(s) will continue to be advised by Aquila Investment Management LLC, the investment adviser for the Aquila Funds, and the Board will determine what additional action, if any, should be taken. |
• | Neither the Funds nor their shareholders are expected to recognize any gain or loss for U.S. federal income tax purposes as a direct result of the Reorganizations. |
• | If shareholders approve the Reorganizations and all other conditions are satisfied or waived, shareholders of an Aquila Fund will become shareholders of the corresponding Acquiring MainStay Fund, and receive shares of a class of the Acquiring MainStay Fund equal in net asset value to the shares of the Aquila Fund that the shareholders held on the closing day of the Reorganization of their Fund. |
We will continue to keep your firm apprised of any new developments. If you have any questions or require additional information, please contact Dina Hoeske at dhoeske@aquilafunds.com.
Thank you.
Draft of Financial Intermediary Communication
AMT Shareholder Meeting
To receive a free copy of a Proxy Statement/Prospectus relating to a Reorganization, please call New York Life Investments toll free at 1-800-624-6782. This document is qualified in its entirety by reference to the Proxy Statement/Prospectus and supersedes any prior document. The Proxy Statement/Prospectus contains important information about fund objectives, strategies, fees, expenses and risk considerations, and therefore you are advised to read it. The Proxy Statement/Prospectus and shareholder reports and other information are or will also be available for free on the SEC’s website (www.sec.gov). Please read any Proxy Statement/Prospectus carefully before making any decision to invest or to approve a Reorganization.