Aquila Tax-Free Fund of Colorado
SELECT SHARE CLASS
(Y shares available only through financial professionals)
Objective
Aquila Tax-Free Fund of Colorado is a municipal bond mutual fund designed especially for Colorado residents.
The Fund seeks to provide as high a level of current income exempt from Colorado state and regular federal income taxes as is consistent with preservation of capital by investing in municipal obligations which pay interest exempt from Colorado state and federal income taxes. To achieve this objective, the Fund will invest primarily in tax-free municipal obligations of investment grade quality – the kind of securities that finance schools, highways, airports, hospitals, and water and sewer facilities in Colorado. These obligations can be of any maturity, but the Fund’s weighted average maturity has traditionally been between 5 and 15 years.
Aquila Tax-Free Fund of Colorado does not hold Puerto Rico bonds.
Overview
Investor Profile
Colorado taxpayers who can benefit from income that is exempt from federal and state income taxes. For certain investors, some dividends may be subject to federal and state taxes, including Alternative Minimum Tax (AMT). Please consult your professional tax advisor. The Fund is not appropriate for tax-deferred retirement plans, such as IRAs.
How to Invest
You may invest in any of the Aquila Group of Funds through your professional financial advisor at the public offering price as described in the prospectus, or by completing the Fund’s application. The Fund offers both Front-Payment Class Shares (Class A Shares) or Level-Payment Class Shares (Class C Shares). The maximum sales charge included in the offering price of Class A Shares varies by fund. Please see the prospectus for details, or fund-specific information on this site. Class C Shares do not have a sales charge, but do have a contingent deferred sales charge (CDSC) of 1% if a redemption occurs within the first 12 months of purchase. Class F, Class I, Class T and Class Y shares are available to investors only through a professional financial advisor or a financial institution. Before investing, 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 and from your financial professional, or by calling 800-437-1020.
How to Redeem
You may redeem all or part of your investment on any business day at the next-determined Net Asset Value of the Fund’s shares after acceptance of your redemption request. You should be aware that investment returns and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. The prospectus outlines a number of different ways you may redeem your shares. A 1% contingent deferred sales charge (CDSC) applies to Class C Shares redeemed within the first 12 months of purchase.
Board of Trustees
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Patricia L. Moss, Chair – Vice Chairman, Cascade Bancorp and Bank of the Cascades 2012-2017, President and Chief Executive Officer 1997-2012; member, Oregon Investment Council since 2018; active in community and educational organizations; Trustee of various funds in the Aquila Group of Funds 2002-2005 and since 2015. Other Directorships held by Trustee – First Interstate BancSystem, Inc.; MDU Resources Group, Inc. Trustee of The Cascades Trust (Predecessor Fund of Aquila Tax-Free Trust of Oregon) 2015-2020, 2002-2005; Trustee Emerita 2005-2015.
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Thomas A. Christopher, Former Chair (2017-2022) – Retired; previously Principal 2017-April 2022 and Senior Partner 1977-2017, Robinson, Hughes & Christopher, C.P.A.s, P.S.C., Chairman of the Board, A Good Place for Fun, Inc., a sports facility, since 1987, President, 1987-2012; Director, Global Outreach International, 2011-2018; member of the Kentucky Primary Care Technical Advisory Committee, 2017-2019; Director, Sunrise Children’s Services Inc., 2010-2013; currently or formerly active with various professional and community organizations; Trustee of various funds in the Aquila Group of Funds since 1985.
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Diana P. Herrmann, President– Chair (since 2016 and previously Vice Chair since 2004) and Chief Executive Officer (since 2004) of Aquila Management Corporation, Founder and Sponsor of the Aquila Group of Funds and parent of Aquila Investment Management LLC, Manager, President since 1997, Chief Operating Officer, 1997-2008, a Director since 1984, Secretary, 1986-2016, and previously its Executive Vice President, Senior Vice President or Vice President, 1986-1997; Chief Executive Officer (since 2004) and Chair (since 2016 and previously Vice Chair since 2004), President and Manager since 2003, and Chief Operating Officer (2003-2008), of the Manager; Chair, Vice Chair, President, Executive Vice President and/or Senior Vice President of funds in the Aquila Group of Funds since 1986; Manager of the Distributor since 1997; Governor, Investment Company Institute (the U.S. mutual fund industry trade organization dedicated to protecting shareholder interests and educating the public about investing) for various periods since 2004, and Chair of its Small Funds Committee, 2004-2009; active in charitable and volunteer organizations. Other Directorships held by Trustee – Director of ICI Mutual Insurance Company, a Risk Retention Group for various periods since 2006; formerly Vice Chair and Trustee of Pacific Capital Funds of Cash Assets Trust (three money-market funds in the Aquila Group of Funds) 2004-2012. Vice Chair Board of Trustees (2003-2020), President (1998-2020) and Trustee (1994-2020) of The Cascades Trust (Predecessor Fund of Aquila Tax-Free Trust of Oregon).
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Ernest Calderon– Attorney (currently, Partner, CalderĂłn Law Offices, PLC); Regent emeritus and President emeritus Arizona Board of Regents; Adjunct Professor, Northern Arizona University; Doctor of Education in Organizational Change and Educational Leadership, University of Southern California; served six Arizona governors by appointment; Past President, Grand Canyon Council of Boy Scouts of America; Past President, State Bar of Arizona, 2003-2004; member, American Law Institute; Trustee of various funds in the Aquila Group of Funds since 2004.
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Gary C. Cornia – Emeritus Dean and Professor, Marriott School of Management, Brigham Young University 2014-present; Professor, Marriott School of Management, Brigham Young University, 1980-2014; Chair, Utah State Securities Commission, 2019-2021; Commissioner, 2013–2021; Dean, Marriott School of Management, 2008-2013; Past President, National Tax Association; Fellow, Lincoln Institute of Land Policy, 2002-present; Trustee of various funds in the Aquila Group of Funds since 1993. Other Directorships held by Trustee – International Center for Land Policies and Training, Taipei, Taiwan, Director and Chair of Executive Committee. Trustee of The Cascades Trust (Predecessor Fund of Aquila Tax-Free Trust of Oregon) 2002-2020.
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Grady Gammage, Jr. – Founding partner, Gammage & Burnham, PLC, a law firm, Phoenix, Arizona, since 1983; director, Central Arizona Water Conservation District, 1992-2004; Senior Fellow, Morrison Institute for Public Policy and Kyl Institute for Water Policy; Adjunct Professor, Sandra Day O’Connor College of Law; W. P. Carey School of Business; active with Urban Land Institute; Author, “The Future of the Suburban City” Island Press, 2016; Trustee of various funds in the Aquila Group of Funds since 2001.
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Glenn P. O’Flaherty – Chief Financial Officer and Chief Operating Officer of Lizard Investors, LLC, 2008; Co-Founder, Chief Financial Officer and Chief Compliance Officer of Three Peaks Capital Management, LLC, 2003-2005; Vice President – Investment Accounting, Global Trading and Trade Operations, Janus Capital Corporation, and Chief Financial Officer and Treasurer, Janus Funds, 1991-2002; Trustee of various funds in the Aquila Group of Funds since 2006. Other Directorships held by Trustee – Granby Ranch Metropolitan District (quasi-municipal corporation); formerly Trustee of Pacific Capital Funds of Cash Assets Trust (three money-market funds in the Aquila Group of Funds) 2009-2012.
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Heather R. Overby – Vice President, Finance & Accounting/Chief Financial Officer, Kentucky Municipal Energy Agency (wholesale electricity sale – governmental), June 2018 – Present; Chairman, Kentucky School Facilities Construction Commission (state commission), December 2018 – Present; Chief Financial Officer, Kentucky Municipal Power Agency, (wholesale electricity sale – governmental), November 2009 – May 2018.
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Laureen L. White – President, Greater Providence Chamber of Commerce, since 2005, Executive Vice President 2004-2005 and Senior Vice President, 1989-2002; Executive Counselor to the Governor of Rhode Island for Policy and Communications, 2003-2004; Trustee of various funds in the Aquila Group of Funds since 2005.
Nominating Committee charter
Qualified for Sale in:
Fund-Specific Risks
Consideration should be given to the risks of investing. Investments in bonds involve certain risks including a decline in value due to rising interest rates, a real or perceived decline in credit quality of the issuer, borrower, counterparty, or collateral, adverse tax or legislative changes, court decisions, market or economic conditions. Fund performance could be more volatile than that of funds with greater geographic diversification. For certain investors, some dividends may be subject to federal and state taxes, including Alternative Minimum Tax (AMT). Please consult your professional tax advisor.
Disclosures
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 here, from your financial advisor, or by calling 800-437-1020.
Performance
NAV As of 05/31/23 $9.72 $9.69$N/A$N/A$N/A$9.74
TOTAL RETURNS as of 04/30/23as of 03/31/23
Monthly Quarterly| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1-year | 2.32 |
| 3-year | -0.57 |
| 5-year | 1.03 |
| 10-year | 1.30 |
| Since Inception | 4.35 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at MOP |
|---|---|
| 1-year | -0.73 |
| 3-year | -1.92 |
| 5-year | 0.20 |
| 10-year | 0.89 |
| Since Inception | 4.23 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1 Month | -0.34 |
| 3 Month | -0.62 |
| YTD | 1.28 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at MOP |
|---|---|
| 1 Month | -3.38 |
| 3 Month | -3.63 |
| YTD | -1.74 |
| Fund Symbol | Cumulative | Average Annualized | ||||||
|---|---|---|---|---|---|---|---|---|
| 1-month | 3-month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | |
| COTFX (At maximum offering price) | -3.38 | -3.63 | -1.74 | -0.73 | -1.92 | 0.20 | 0.89 | 4.23 |
| COTFX (At NAV) | -0.34 | -0.62 | 1.28 | 2.32 | -0.57 | 1.03 | 1.30 | 4.35 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1-year | 0.65 |
| 3-year | -0.56 |
| 5-year | 1.02 |
| 10-year | 1.46 |
| Since Inception | 4.37 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at MOP |
|---|---|
| 1-year | -2.38 |
| 3-year | -1.90 |
| 5-year | 0.20 |
| 10-year | 1.04 |
| Since Inception | 4.25 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1 Month | 1.72 |
| 3 Month | 1.62 |
| YTD | 1.62 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at MOP |
|---|---|
| 1 Month | -1.33 |
| 3 Month | -1.41 |
| YTD | -1.41 |
| Fund Symbol | Cumulative | Average Annualized | ||||||
|---|---|---|---|---|---|---|---|---|
| 1-month | 3-month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | |
| COTFX (At maximum offering price) | -1.33 | -1.41 | -1.41 | -2.38 | -1.90 | 0.20 | 1.04 | 4.25 |
| COTFX (At NAV) | 1.72 | 1.62 | 1.62 | 0.65 | -0.56 | 1.02 | 1.46 | 4.37 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado without CDSC |
|---|---|
| 1-year | 0.36 |
| 3-year | -1.47 |
| 5-year | 0.08 |
| 10-year | 0.34 |
| Since Inception | 2.42 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado with CDSC |
|---|---|
| 1-year | 1.36 |
| 3-year | -1.47 |
| 5-year | 0.08 |
| 10-year | 0.34 |
| Since Inception | 2.42 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado without CDSC |
|---|---|
| 1 Month | -1.41 |
| 3 Month | -1.74 |
| YTD | 0.36 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado with CDSC |
|---|---|
| 1 Month | -0.42 |
| 3 Month | -0.75 |
| YTD | 1.07 |
| Fund Symbol | Cumulative | Average Annualized | ||||||
|---|---|---|---|---|---|---|---|---|
| 1-month | 3-month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | |
| COTCX (With CDSC) | -1.41 | -1.74 | 0.07 | 0.36 | -1.47 | 0.08 | 0.34 | 2.42 |
| COTCX (Without CDSC) | -0.42 | -0.75 | 1.07 | 1.36 | -1.47 | 0.08 | 0.34 | 2.42 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado without CDSC |
|---|---|
| 1-year | -1.29 |
| 3-year | -1.50 |
| 5-year | 0.07 |
| 10-year | 0.50 |
| Since Inception | 2.44 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado with CDSC |
|---|---|
| 1-year | -0.30 |
| 3-year | -1.50 |
| 5-year | 0.07 |
| 10-year | 0.50 |
| Since Inception | 2.44 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado with CDSC |
|---|---|
| 1 Month | 0.64 |
| 3 Month | 0.49 |
| YTD | 0.49 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado without CDSC |
|---|---|
| 1 Month | 1.64 |
| 3 Month | 1.49 |
| YTD | 1.49 |
| Fund Symbol | Cumulative | Average Annualized | ||||||
|---|---|---|---|---|---|---|---|---|
| 1-month | 3-month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | |
| COTCX (With CDSC) | 0.64 | 0.49 | 0.49 | -1.29 | -1.50 | 0.07 | 0.50 | 2.44 |
| COTCX (Without CDSC) | 1.64 | 1.49 | 1.49 | -0.30 | -1.50 | 0.07 | 0.50 | 2.44 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1-year | 2.38 |
| 3-year | -0.51 |
| 5-year | 1.07 |
| 10-year | 1.34 |
| Since Inception | 3.52 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1 Month | -0.44 |
| 3 Month | -0.61 |
| YTD | 1.30 |
| Fund Symbol | Cumulative | Average Annualized | ||||||
|---|---|---|---|---|---|---|---|---|
| 1-month | 3-month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | |
| COTYX | -0.44 | -0.61 | 1.30 | 2.38 | -0.51 | 1.07 | 1.34 | 3.52 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1-year | 0.82 |
| 3-year | -0.47 |
| 5-year | 1.08 |
| 10-year | 1.51 |
| Since Inception | 3.55 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1 Month | 1.82 |
| 3 Month | 1.74 |
| YTD | 1.74 |
| Fund Symbol | Cumulative | Average Annualized | ||||||
|---|---|---|---|---|---|---|---|---|
| 1-month | 3-month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | |
| COTYX | 1.82 | 1.74 | 1.74 | 0.82 | -0.47 | 1.08 | 1.51 | 3.55 |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1-year | |
| 3-year | N/A |
| 5-year | N/A |
| 10-year | N/A |
| Since Inception | N/A |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1 Month | |
| 3 Month | |
| YTD |
| Fund Symbol | Cumulative | Average Annualized | ||||||
|---|---|---|---|---|---|---|---|---|
| 1-month | 3-month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | |
| (At NAV) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1-year | |
| 3-year | N/A |
| 5-year | N/A |
| 10-year | N/A |
| Since Inception | N/A |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1 Month | |
| 3 Month | |
| YTD |
| Fund Symbol | Cumulative | Average Annualized | ||||||
|---|---|---|---|---|---|---|---|---|
| 1-month | 3-month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | |
| (At NAV) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1-year | N/A |
| 3-year | N/A |
| 5-year | N/A |
| 10-year | N/A |
| Since Inception | N/A |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at MOP |
|---|---|
| 1-year | N/A |
| 3-year | N/A |
| 5-year | N/A |
| 10-year | N/A |
| Since Inception | N/A |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1 Month | |
| 3 Month | |
| YTD |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at MOP |
|---|---|
| 1 Month | |
| 3 Month | |
| YTD |
| Fund Symbol | Cumulative | Average Annualized | ||||||
|---|---|---|---|---|---|---|---|---|
| 1-month | 3-month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | |
| COFTX (At maximum offering price) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| COFTX (At NAV) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1-year | N/A |
| 3-year | N/A |
| 5-year | N/A |
| 10-year | N/A |
| Since Inception | N/A |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at MOP |
|---|---|
| 1-year | N/A |
| 3-year | N/A |
| 5-year | N/A |
| 10-year | N/A |
| Since Inception | N/A |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at NAV |
|---|---|
| 1 Month | |
| 3 Month | |
| YTD |
| Aquila Tax-Free Fund of Colorado | Aquila Tax-Free Fund of Colorado at MOP |
|---|---|
| 1 Month | |
| 3 Month | |
| YTD |
| Fund Symbol | Cumulative | Average Annualized | ||||||
|---|---|---|---|---|---|---|---|---|
| 1-month | 3-month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | |
| COFTX (At maximum offering price) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| COFTX (At NAV) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Disclosures
Performance data represents past performance, but does not guarantee future results. Investment return and principal value will fluctuate; shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the data presented. Class A shares have a maximum sales charge of 3.00%; Class C shares have no initial sales charge, but a 1.00% contingent deferred sales charge applies to Class C shares redeemed within 12 months of their purchase date. Class Y shares have no initial or contingent deferred sales charge. Class A MOP (maximum offering price) returns reflect deduction of the maximum 3.00% sales charge; Class A NAV returns do not reflect deduction of the sales charge and would be lower if that charge were reflected. Class C returns without CDSC do not reflect deduction of the 1% CDSC applicable in the first 12 months; if applied, the CDSC would reduce the performance quoted. Management has contractually undertaken to waive fees and/or reimburse Fund expenses through September 30, 2022. Management has also undertaken to voluntarily waive additional fees and/or expenses. Returns would be less if full management fees and expenses were applied.
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 here, from your financial advisor, or by calling 800-437-1020.
Distributions
| Fund Symbol | Distribution Yield | SEC Yield | |
|---|---|---|---|
| at NAV | at Maximum offering price | at Maximum offering price | |
| COTFX | 2.16 | 2.10 | 2.86 |
For the latest 30-day SEC yield, call 1-800-437-1020 between 9:00 A.M. and 5:00 P.M. ET on any business day.
Tax-Equivalent Yield Annual Tax InformationDividend History
- Class A 2023
- Class A 2022
- Class A 2021
- Class A 2020
- Class A 2019
- Class A 2018
- Class A 2017
- Class A 2016
- Class A 2015
- Class A 2014
- Class A 2013
- Class A 2012
- Class A 2011
- Class A 2010
- Class A 2009
- Class A 2008
- Class A 2007
- Class A 2006
- Class A 2005
- Class A 2004
- Class A 2003
- Class A 2002
- Class A 2001
- Class A 2000
Dividend Schedule as of 2023
| Dividend Cut-Off Date | # of Days Covered by Dividend |
|---|---|
| January 31 | 31 |
| February 28 | 28 |
| March 31 | 31 |
| April 30 | 30 |
| May 31 | 31 |
| June 30 | 30 |
| July 31 | 31 |
| August 31 | 31 |
| September 30 | 30 |
| October 31 | 31 |
| November 30 | 30 |
| December 31 | 31 |
Disclosures
Data displayed represents past performance which does not guarantee future results. Due to market conditions, current yields may be higher or lower than the yields shown. The 30-Day SEC yield is a mutual fund’s yield, calculated as required by the SEC, based on the earnings of the fund’s portfolio during a 30-day period, divided by the offering price per share at the end of the period. This calculation reflects an estimated yield to maturity. It should be regarded as an estimate of the fund’s rate of investment income, and it may not equal the fund’s actual income distribution rate. The fund’s Distribution Rate is the percentage at which a mutual fund has distributed income to its shareholders. It is calculated by dividing a fund’s annualized dividend amount by its current offering price.
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 here, from your financial advisor, or by calling 800-437-1020.
Dividends for all bond funds (tax-free municipal and corporate) in the Aquila Group of Funds are declared daily and paid monthly. For shareholders who receive monthly dividends by check from BNY Mellon, the funds’ shareholder servicing agent, rather than having them reinvested in additional shares or directly deposited into a bank account, we make every attempt to have monthly checks consistently arrive by the first of each month. In order to facilitate this, payments are processed and mailed prior to month-end, with the exception of December, when the dividend is declared on the 31st for tax reporting purposes. If your needs have changed and you wish to alter your investment directive from cash to reinvest, or to receive your cash dividends more efficiently through direct deposit, please call your financial professional or the fund’s shareholder servicing agent at 1-800-437-1000.
| Fund Symbol | Distribution Yield | SEC Yield |
|---|---|---|
| COTCX | 1.21 | 2.00 |
For the latest 30-day SEC yield, call 1-800-437-1020 between 9:00 A.M. and 5:00 P.M. ET on any business day.
Tax-Equivalent Yield Annual Tax InformationDividend History
- Class C 2023
- Class C 2022
- Class C 2021
- Class C 2020
- Class C 2019
- Class C 2018
- Class C 2017
- Class C 2016
- Class C 2015
- Class C 2014
- Class C 2013
- Class C 2012
- Class C 2011
- Class C 2010
- Class C 2009
- Class C 2008
- Class C 2007
- Class C 2006
- Class C 2005
- Class C 2004
- Class C 2003
- Class C 2002
- Class C 2001
- Class C 2000
Dividend Schedule as of 2023
| Dividend Cut-Off Date | # of Days Covered by Dividend |
|---|---|
| January 31 | 31 |
| February 28 | 28 |
| March 31 | 31 |
| April 30 | 30 |
| May 31 | 31 |
| June 30 | 30 |
| July 31 | 31 |
| August 31 | 31 |
| September 30 | 30 |
| October 31 | 31 |
| November 30 | 30 |
| December 31 | 31 |
Disclosures
Data displayed represents past performance which does not guarantee future results. Due to market conditions, current yields may be higher or lower than the yields shown. The 30-Day SEC yield is a mutual fund’s yield, calculated as required by the SEC, based on the earnings of the fund’s portfolio during a 30-day period, divided by the offering price per share at the end of the period. This calculation reflects an estimated yield to maturity. It should be regarded as an estimate of the fund’s rate of investment income, and it may not equal the fund’s actual income distribution rate. The fund’s Distribution Rate is the percentage at which a mutual fund has distributed income to its shareholders. It is calculated by dividing a fund’s annualized dividend amount by its current offering price.
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 here, from your financial advisor, or by calling 800-437-1020.
Dividends for all bond funds (tax-free municipal and corporate) in the Aquila Group of Funds are declared daily and paid monthly. For shareholders who receive monthly dividends by check from BNY Mellon, the funds’ shareholder servicing agent, rather than having them reinvested in additional shares or directly deposited into a bank account, we make every attempt to have monthly checks consistently arrive by the first of each month. In order to facilitate this, payments are processed and mailed prior to month-end, with the exception of December, when the dividend is declared on the 31st for tax reporting purposes. If your needs have changed and you wish to alter your investment directive from cash to reinvest, or to receive your cash dividends more efficiently through direct deposit, please call your financial professional or the fund’s shareholder servicing agent at 1-800-437-1000.
| Fund Symbol | Distribution Yield | SEC Yield |
|---|---|---|
| COTYX | 2.22 | 3.00 |
For the latest 30-day SEC yield, call 1-800-437-1020 between 9:00 A.M. and 5:00 P.M. ET on any business day.
Tax-Equivalent Yield Annual Tax InformationDividend History
- Class Y 2023
- Class Y 2022
- Class Y 2021
- Class Y 2020
- Class Y 2019
- Class Y 2018
- Class Y 2017
- Class Y 2016
- Class Y 2015
- Class Y 2014
- Class Y 2013
- Class Y 2012
- Class Y 2011
- Class Y 2010
- Class Y 2009
- Class Y 2008
- Class Y 2007
- Class Y 2006
- Class Y 2005
- Class Y 2004
- Class Y 2003
- Class Y 2002
- Class Y 2001
- Class Y 2000
Dividend Schedule as of 2023
| Dividend Cut-Off Date | # of Days Covered by Dividend |
|---|---|
| January 31 | 31 |
| February 28 | 28 |
| March 31 | 31 |
| April 30 | 30 |
| May 31 | 31 |
| June 30 | 30 |
| July 31 | 31 |
| August 31 | 31 |
| September 30 | 30 |
| October 31 | 31 |
| November 30 | 30 |
| December 31 | 31 |
Disclosures
Data displayed represents past performance which does not guarantee future results. Due to market conditions, current yields may be higher or lower than the yields shown. The 30-Day SEC yield is a mutual fund’s yield, calculated as required by the SEC, based on the earnings of the fund’s portfolio during a 30-day period, divided by the offering price per share at the end of the period. This calculation reflects an estimated yield to maturity. It should be regarded as an estimate of the fund’s rate of investment income, and it may not equal the fund’s actual income distribution rate. The fund’s Distribution Rate is the percentage at which a mutual fund has distributed income to its shareholders. It is calculated by dividing a fund’s annualized dividend amount by its current offering price.
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 here, from your financial advisor, or by calling 800-437-1020.
Dividends for all bond funds (tax-free municipal and corporate) in the Aquila Group of Funds are declared daily and paid monthly. For shareholders who receive monthly dividends by check from BNY Mellon, the funds’ shareholder servicing agent, rather than having them reinvested in additional shares or directly deposited into a bank account, we make every attempt to have monthly checks consistently arrive by the first of each month. In order to facilitate this, payments are processed and mailed prior to month-end, with the exception of December, when the dividend is declared on the 31st for tax reporting purposes. If your needs have changed and you wish to alter your investment directive from cash to reinvest, or to receive your cash dividends more efficiently through direct deposit, please call your financial professional or the fund’s shareholder servicing agent at 1-800-437-1000.
| Fund Symbol | Distribution Yield | SEC Yield | |
|---|---|---|---|
| at NAV | at Maximum offering price | at Maximum offering price | |
| COFTX | N/A | N/A | N/A |
For the latest 30-day SEC yield, call 1-800-437-1020 between 9:00 A.M. and 5:00 P.M. ET on any business day.
Tax-Equivalent Yield Annual Tax InformationDividend History
Dividend Schedule as of 2023
Disclosures
Data displayed represents past performance which does not guarantee future results. Due to market conditions, current yields may be higher or lower than the yields shown. The 30-Day SEC yield is a mutual fund’s yield, calculated as required by the SEC, based on the earnings of the fund’s portfolio during a 30-day period, divided by the offering price per share at the end of the period. This calculation reflects an estimated yield to maturity. It should be regarded as an estimate of the fund’s rate of investment income, and it may not equal the fund’s actual income distribution rate. The fund’s Distribution Rate is the percentage at which a mutual fund has distributed income to its shareholders. It is calculated by dividing a fund’s annualized dividend amount by its current offering price.
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 here, from your financial advisor, or by calling 800-437-1020.
Dividends for all bond funds (tax-free municipal and corporate) in the Aquila Group of Funds are declared daily and paid monthly. For shareholders who receive monthly dividends by check from BNY Mellon, the funds’ shareholder servicing agent, rather than having them reinvested in additional shares or directly deposited into a bank account, we make every attempt to have monthly checks consistently arrive by the first of each month. In order to facilitate this, payments are processed and mailed prior to month-end, with the exception of December, when the dividend is declared on the 31st for tax reporting purposes. If your needs have changed and you wish to alter your investment directive from cash to reinvest, or to receive your cash dividends more efficiently through direct deposit, please call your financial professional or the fund’s shareholder servicing agent at 1-800-437-1000.
| Fund Symbol | Distribution Yield | SEC Yield |
|---|---|---|
| N/A | N/A |
For the latest 30-day SEC yield, call 1-800-437-1020 between 9:00 A.M. and 5:00 P.M. ET on any business day.
Tax-Equivalent Yield Annual Tax InformationDividend History
Dividend Schedule as of 2023
Disclosures
Data displayed represents past performance which does not guarantee future results. Due to market conditions, current yields may be higher or lower than the yields shown. The 30-Day SEC yield is a mutual fund’s yield, calculated as required by the SEC, based on the earnings of the fund’s portfolio during a 30-day period, divided by the offering price per share at the end of the period. This calculation reflects an estimated yield to maturity. It should be regarded as an estimate of the fund’s rate of investment income, and it may not equal the fund’s actual income distribution rate. The fund’s Distribution Rate is the percentage at which a mutual fund has distributed income to its shareholders. It is calculated by dividing a fund’s annualized dividend amount by its current offering price.
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 here, from your financial advisor, or by calling 800-437-1020.
Dividends for all bond funds (tax-free municipal and corporate) in the Aquila Group of Funds are declared daily and paid monthly. For shareholders who receive monthly dividends by check from BNY Mellon, the funds’ shareholder servicing agent, rather than having them reinvested in additional shares or directly deposited into a bank account, we make every attempt to have monthly checks consistently arrive by the first of each month. In order to facilitate this, payments are processed and mailed prior to month-end, with the exception of December, when the dividend is declared on the 31st for tax reporting purposes. If your needs have changed and you wish to alter your investment directive from cash to reinvest, or to receive your cash dividends more efficiently through direct deposit, please call your financial professional or the fund’s shareholder servicing agent at 1-800-437-1000.
Fees & Expenses
| Annual Expenses (as of 07/26/2022) | |
|---|---|
| Total Operating Expense | 0.735% |
| Net Expense ratio | 0.715% |
Alternative Purchase Plans & Sales Charge Breakpoints
The fund provides individuals with alternative ways to purchase shares through four separate classes of shares (Classes A, C, I and Y). Although the classes have different sales charge structures and ongoing expenses, they all represent interests in the same portfolio of securities an investor should choose the class that best suits the investor’s circumstances and needs. You are entitled to substantial reductions in sales charges based on aggregate holdings of all shares of any class of any of the funds in the Aquila Group of Funds that you or other members of your immediate family already own at the time of your purchase. Before investing, 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 and from your financial advisor, or by calling 800-437-1020.
| Front-End Sales Charge Schedule | ||
|---|---|---|
| Investment | Front-end Sales Charges | |
| Less than $50,000 | 3.00% | |
| $50,000 but less than $100,000 | 2.50% | |
| $100,000 but less than $250,000 | 2.00% | |
| $250,000 but less than $2,500,000 | 0.00% | |
| $2,500,000 and up to $5,000,000 | 0.00% | |
| $5,000,000 or more | 0.00% | |
| 12b-1 Fees | 0.075% |
|---|
| Contingent Deferred Sales Charges (CDSC) | |||
|---|---|---|---|
| Investment | CDSC Rate | ||
| Year 1 | 13-18 Months | ||
| $250,000 and up to $2,500,000 | 0.75% | 0.50% | |
| $2,500,000 and up to $5,000,000 | 0.50% | 0.00% | |
| $5,000,000 or more | 0.25% | 0.00% | |
| Annual Expenses (as of 07/26/2022) | |
|---|---|
| Total Operating Expense | 1.65% |
| Net Expense ratio | 1.63% |
Alternative Purchase Plans & Sales Charge Breakpoints
The fund provides individuals with alternative ways to purchase shares through four separate classes of shares (Classes A, C, I and Y). Although the classes have different sales charge structures and ongoing expenses, they all represent interests in the same portfolio of securities an investor should choose the class that best suits the investor’s circumstances and needs. You are entitled to substantial reductions in sales charges based on aggregate holdings of all shares of any class of any of the funds in the Aquila Group of Funds that you or other members of your immediate family already own at the time of your purchase. Before investing, 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 and from your financial advisor, or by calling 800-437-1020.
CONTINGENT DEFERRED SALES CHARGES (CDSC)
A CDSC of 1% is applied to the redemption of Class C Shares held for less than 12 months. No CDSC applies to Class C Shares acquired through the reinvestment of dividends or distributions.
| 12b-1 Fees | 1.00% |
|---|
| Annual Expenses (as of 07/26/2022) | |
|---|---|
| Total Operating Expense | 0.65% |
| Net Expense ratio | 0.63% |
Alternative Purchase Plans & Sales Charge Breakpoints
The fund provides individuals with alternative ways to purchase shares through four separate classes of shares (Classes A, C, I and Y). Although the classes have different sales charge structures and ongoing expenses, they all represent interests in the same portfolio of securities an investor should choose the class that best suits the investor’s circumstances and needs. You are entitled to substantial reductions in sales charges based on aggregate holdings of all shares of any class of any of the funds in the Aquila Group of Funds that you or other members of your immediate family already own at the time of your purchase. Before investing, 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 and from your financial advisor, or by calling 800-437-1020.
| 12b-1 Fees | 0.00% |
|---|
| Annual Expenses (as of 07/26/2022) | |
|---|---|
| Total Operating Expense | 0.88% |
| Net Expense ratio | 0.88% |
Alternative Purchase Plans & Sales Charge Breakpoints
The fund provides individuals with alternative ways to purchase shares through four separate classes of shares (Classes A, C, I and Y). Although the classes have different sales charge structures and ongoing expenses, they all represent interests in the same portfolio of securities an investor should choose the class that best suits the investor’s circumstances and needs. You are entitled to substantial reductions in sales charges based on aggregate holdings of all shares of any class of any of the funds in the Aquila Group of Funds that you or other members of your immediate family already own at the time of your purchase. Before investing, 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 and from your financial advisor, or by calling 800-437-1020.
| 12b-1 Fees | 0.25% |
|---|
| Annual Expenses (as of 07/26/2022) | |
|---|---|
| Total Operating Expense | N/A |
| Net Expense ratio | N/A |
Alternative Purchase Plans & Sales Charge Breakpoints
The fund provides individuals with alternative ways to purchase shares through four separate classes of shares (Classes A, C, I and Y). Although the classes have different sales charge structures and ongoing expenses, they all represent interests in the same portfolio of securities an investor should choose the class that best suits the investor’s circumstances and needs. You are entitled to substantial reductions in sales charges based on aggregate holdings of all shares of any class of any of the funds in the Aquila Group of Funds that you or other members of your immediate family already own at the time of your purchase. Before investing, 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 and from your financial advisor, or by calling 800-437-1020.
Disclosures
The Manager has contractually undertaken to waive its fees so that management fees are equivalent to 0.48 of 1% of net assets of the Fund up to $400,000,000; 0.46 of 1% of net assets above $400,000,000 up to $1,000,000,000; and 0.44 of 1% of net assets above $1,000,000,000. This contractual undertaking is in effect until September 30, 2023. Prior to September 30, 2023, the Manager may not terminate the arrangement without the approval of the Board of Trustees.
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 here, from your financial advisor, or by calling 800-437-1020.
Portfolio Managers
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TIMOTHY ILTZ has served as a portfolio manager of Aquila Tax-Free Fund of Colorado since December 2022. He is also the lead portfolio manager of Aquila Tax-Free Trust of Oregon and has served as a portfolio manager of the Fund and the Predecessor Fund since 2018. Mr. Iltz has over 20 years of experience in the fixed income industry, serving clients as portfolio manager, financial advisor, investment banker, analyst and consultant. Mr. Iltz was a Vice President and Municipal Bond Credit Analyst at Davidson Fixed Income Management, Inc., doing business as Kirkpatrick Pettis Capital Management, from 2011 to 2023. He previously worked as a Vice President in Fixed Income Banking for Wedbush Securities in Portland and has over 11 years of public finance investment banking experience, including the full spectrum of bond issues available to local governments. Mr. Iltz earned his B.S. in Finance and Business Administration, with a minor in Economics, from the University of Oregon.
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VASILIOS GERASOPOULOS has served as a portfolio manager of Aquila Tax-Free Fund of Colorado since March 2023, based in the State of Colorado. He also serves as a Credit Analyst for Aquila Tax-Free Trust of Oregon. Mr. Gerasopoulos was a Credit Analyst at Davidson Fixed Income Management, Inc., doing business as Kirkpatrick Pettis Capital Management, from 2015 to 2023. Previously, Mr. Gerasopoulos was a Senior Financial Analyst, Bond and Debt, for Jefferson County, Colorado from December 2012 to 2015. Mr. Gerasopoulos has over 10 years of experience in the public finance industry, working for local government entities and in public finance investment banking. Mr. Gerasopoulos holds a B.S. in Business Administration and Economics from Carroll College, an M.S. in Finance from the University of Colorado and an MBA from Marquette University.
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ROYDEN DURHAM has served as a portfolio manager of Aquila Tax-Free Fund of Colorado since March 2023. He also serves as a member of the portfolio management teams of Aquila Tax-Free Trust of Arizona, Aquila Churchill Tax-Free Fund of Kentucky and Aquila Tax-Free Fund For Utah. Mr. Durham has over 40 years of experience in the financial services industry. Prior to joining Aquila Group of Funds in 2011, Mr. Durham served in a trust capacity for J.P.Morgan Chase. Prior to that, he was a portfolio manager for Regions Morgan Keegan Trust and the Louisville Trust Company. Mr. Durham is a graduate of Heidelberg University with a B.A. in Economics and German.