threepeakshigh

Aquila Three Peaks High Income Fund

Overview
Performance
Distributions
Fees & Expenses
Portfolio Management

Description & Objective

Aquila Three Peaks High Income Fund is a diversified, open-end mutual fund. The fund’s objective is to obtain high current income. Capital appreciation is a secondary objective when consistent with its primary objective.

Investor Profile

Aquila Three Peaks High Income Fund is a mutual fund designed for investors who primarily seek high current income and who also seek capital appreciation, when consistent with the primary objective. Based on the investment strategy of the Fund, a high proportion of the portfolio, perhaps even 100%, will typically be invested in high yield income-producing securities.

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 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 I 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 advisor, 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

  • Glenn P. O’Flaherty, Chair - 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.  Other Directorships held by Trustee - Trustee of Pacific Capital Funds of Cash Assets Trust (three money-market funds in the Aquila Group of Funds) 2009-2012.

     

  • Diana P. Herrmann, President – Vice Chair and Chief Executive Officer of Aquila Management Corporation, Founder and Sponsor of the Aquila Group of Funds and parent of Aquila Investment Management LLC, Manager, since 2004, President since 1997, Chief Operating Officer, 1997-2008, a Director since 1984, Secretary since 1986 and previously its Executive Vice President, Senior Vice President or Vice President, 1986-1997; Chief Executive Officer and 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; Director 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 – ICI Mutual Insurance Company, a Risk Retention Group (2006-2009 and 2010-2013); Vice Chair and Trustee of Pacific Capital Funds of Cash Assets Trust (three money-market funds in the Aquila Group of Funds) 2004-2012.

  • John M. Burlingame - Global Head – Residential Development, Hyatt Hotels Corporation, since 2009, responsible for whole ownership and vacation ownership components of Hyatt branded mixed-use projects and stand-alone projects; Executive Vice President, Hyatt Vacation Ownership (including resort management, homeowner’s association management, sales and marketing, development and consumer financing), 1994-2009; prior to 1994 involved in all phases of hotel development for Hyatt.  Other Directorships held by Trustee – American Resort Development Association.

  • Gary C. Cornia - Professor, Marriott School of Management, Brigham Young University, 1980-present; Dean, Marriott School of Management, 2008-2013; Director, Romney Institute of Public Management, Marriott School of Management, 2004–2008; Past President, National Tax Association; Fellow, Lincoln Institute of Land Policy, 2002-present; Associate Dean, Marriott School of Management, Brigham Young University, 1991-2000; member, Utah Governor’s Tax Review Committee, 1993-2009.   Other Directorships held by Trustee – Utah Foundation, Salt Lake City, UT; formerly director, Lincoln Institute of Land Policy, Cambridge, MA.

  • Grady Gammage, Jr. - Founding partner, Gammage & Burnham, PLC, a law firm, Phoenix, Arizona, since 1983; director, Central Arizona Water Conservation District, 1992-2004; director, Arizona State University Foundation since 1998; Senior Fellow, Morrison Institute for Public Policy; active with Urban Land Institute.

  • Russell K. Okata – Executive Director, Hawaii Government Employees Association AFSCME Local 152, AFL-CIO 1981-2007; International Vice President, American Federation of State, County and Municipal Employees, AFL-CIO 1981-2007; Hawaii Democratic Party National Committeeman; member, State of Hawaii Long-term Care Commission; director of various civic and charitable organizations. Other Directorships held by Trustee: Hawaii Client Services (part of Hawaii Dental Services Group); formerly Trustee and Chairman, Pacific Capital Funds; past Chair of the Royal State Group (insurance); Pacific Capital Funds of Cash Assets Trust (three money-market funds in the Aquila Group of Funds) 1993-2012.

     

  • John J. Partridge - Founding Partner, Partridge Snow & Hahn LLP, a law firm, Providence, Rhode Island, since 1988, Senior Counsel, since January 1, 2007; Assistant Secretary – Advisor to the Board, Aquila Narragansett Tax-Free Income Fund, 2005-2008, Trustee 2002-2005; director or trustee of various educational, civic and charitable organizations, including Ocean State Charities Trust, Memorial Hospital of Rhode Island, and The Pawtucket Foundation.

  • Nominating Committee charter

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.

Fund Facts

  • Fund symbol: ATPAX
  • CUSIP: 03841H109
  • Inception date: 6/1/2006
  • Total net assets ($millions) as of 11/30/2014: $180.5

Qualified for sale in:

All 50 U.S. States, DC, GU, and VI

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. The Fund may invest up to 100% of its assets in high-yield bonds that are rated below investment grade. Lower rated bonds generally offer higher yields, but also involve a greater degree of credit risk and default risk than higher rated bonds. The return of principal for the bond holdings in this fund is not guaranteed.

  • Fund symbol: ATPCX
  • CUSIP: 03841H208
  • Inception date: 6/8/2006
  • Total net assets ($millions) as of 11/30/2014: $180.5

Qualified for sale in:

All 50 U.S. States, DC, GU and VI

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. The Fund may invest up to 100% of its assets in high-yield bonds that are rated below investment grade. Lower rated bonds generally offer higher yields, but also involve a greater degree of credit risk and default risk than higher rated bonds. The return of principal for the bond holdings in this fund is not guaranteed.

  • Fund symbol: ATPYX
  • CUSIP: 03841H307
  • Inception date: 6/1/2006
  • Total net assets ($millions) as of 11/30/2014: $180.5

Qualified for sale in:

All 50 U.S. States, DC, GU, PR and VI

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. The Fund may invest up to 100% of its assets in high-yield bonds that are rated below investment grade. Lower rated bonds generally offer higher yields, but also involve a greater degree of credit risk and default risk than higher rated bonds. The return of principal for the bond holdings in this fund is not guaranteed.

  • Fund symbol: ATIPX
  • CUSIP: 03841H406
  • Inception date: 6/29/2006
  • Total net assets ($millions) as of 11/30/2014: $180.5

Qualified for sale in:

All 50 U.S. States, DC, GU and VI

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. The Fund may invest up to 100% of its assets in high-yield bonds that are rated below investment grade. Lower rated bonds generally offer higher yields, but also involve a greater degree of credit risk and default risk than higher rated bonds. The return of principal for the bond holdings in this fund is not guaranteed.

NAV As of 12/19/14   $8.53

TOTAL RETURNS as of 11/30/2014as of 09/30/2014

Monthly Quarterly
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATPAX (At maximum offering price) (4.61) (4.69) (0.76) (0.43) 4.19 5.56 N/A 4.68
ATPAX (At NAV) (0.58) (0.70) 3.34 3.71 5.60 6.43 N/A 5.19
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATPAX (At maximum offering price) (5.34) (5.11) (1.44) 0.98 4.54 5.73 N/A 4.69
ATPAX (At NAV) (1.38) (1.16) 2.64 5.25 5.98 6.60 N/A 5.21
Lipper Ranking (as of 09/30/2014), High Yield - Class A
Lipper Ranking 786 of 1278 1109 of 1142 1046 of 1064
Lipper Percentile 62 97 98

NAV As of 12/19/14   $8.53

TOTAL RETURNS as of 11/30/2014as of 09/30/2014

Monthly Quarterly
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATPCX (With CDSC) (1.64) (1.88) 1.57 1.86 4.77 5.58 N/A 4.36
ATPCX (Without CDSC) (0.64) (0.89) 2.59 2.89 4.77 5.58 N/A 4.36
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATPCX (With CDSC) (2.43) (2.34) 1.01 3.37 5.14 5.75 N/A 4.38
ATPCX (Without CDSC) (1.44) (1.36) 2.03 4.41 5.14 5.75 N/A 4.38
Lipper Ranking (as of 09/30/2014), High Yield - Class A
Lipper Ranking 786 of 1278 1109 of 1142 1046 of 1064
Lipper Percentile 62 97 98

NAV As of 12/19/14   $8.54

TOTAL RETURNS as of 11/30/2014as of 09/30/2014

Monthly Quarterly
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATPYX (0.56) (0.53) 3.53 4.04 5.85 6.66 N/A 5.42
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATPYX (1.36) (1.22) 2.67 5.34 6.19 6.81 N/A 5.43
Lipper Ranking (as of 09/30/2014), High Yield - Class A
Lipper Ranking 786 of 1278 1109 of 1142 1046 of 1064
Lipper Percentile 62 97 98

NAV As of 12/19/14   $8.53

TOTAL RETURNS as of 11/30/2014as of 09/30/2014

Monthly Quarterly
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATIPX (0.59) (0.72) 3.20 3.58 5.58 6.40 N/A 5.31
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATIPX (1.38) (1.28) 2.52 5.14 5.92 6.60 N/A 5.33
Lipper Ranking (as of 09/30/2014), High Yield - Class A
Lipper Ranking 786 of 1278 1109 of 1142 1046 of 1064
Lipper Percentile 62 97 98

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 4.00%; 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 I shares have no initial or contingent deferred sales charge.  Class Y shares have no initial or contingent deferred sales charge.  Class I and Class Y shares may only be purchased through an investment professional or financial institution.  Class A MOP (maximum offering price) returns reflect deduction of the maximum 4.00% 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.  An explanation of the share classes appears in the Fund prospectus.

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 as of 12/18/14
Fund Symbol Distribution Yield SEC Yield i
NAV i Maximum offering price Maximum offering price
ATPAX 3.76 3.61 3.91

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.

Annual Tax Information

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 on this site and 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.

Dividend History

Dividend Schedule as of 2014

Dividend Cut-Off Date # of Days Covered by Dividend
January 28 28
February 26 29
March 27 29
April 24 28
May 22 28
June 24 33
July 24 30
August 26 33
September 25 30
October 28 33
November 26 29
December 31 35
Distributions as of 12/18/14
Fund Symbol Distribution Yield SEC Yieldi
ATPCX 2.95 3.27

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.

Annual Tax Information

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 on this site and 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.

Dividend History

Dividend Schedule as of 2014

Dividend Cut-Off Date # of Days Covered by Dividend
January 28 28
February 26 29
March 27 29
April 24 28
May 22 28
June 24 33
July 24 30
August 26 33
September 25 30
October 28 33
November 26 29
December 31 35
Distributions as of 12/18/14
Fund Symbol Distribution Yield SEC Yieldi
ATPYX 3.96 4.28

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.

Annual Tax Information

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 on this site and 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.

Dividend History

Dividend Schedule as of 2014

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
Distributions as of 12/18/14
Fund Symbol Distribution Yield SEC Yieldi
ATIPX 3.59 3.91

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.

Annual Tax Information

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 on this site and 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.

Dividend History

Dividend Schedule as of 2014

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
Annual Expenses (as of 04/25/2014)
Total Operating Expense 1.20%
Net Expense ratio 1.20%

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 $25,000 4.00%
$25,000 but less than $50,000 3.75%
$50,000 but less than $100,000 3.50%
$100,000 but less than $250,000 3.25%
$250,000 but less than $500,000 3.00%
$500,000 but less than $1,000,000 2.50%
$1,000,000 but less than $2,500,000 0.00%
$2,500,000 but less than $5,000,000 0.00%
$5,000,000 or more 0.00%
12b-1 Fees 0.20%
Contingent Deferred Sales Charges (CDSC)
Investment Applies to Purchases
over $1 million
Year 1 Year 2 Year 3&4
$1,000,000 but less than $2,500,000 1.00% 1.00% 0.50%
$2,500,000 but less than $5,000,000 0.50% 0.25% 0.00%
$5,000,000 or more 0.00% 0.00% 0.00%
Annual Expenses (as of 04/25/2014)
Total Operating Expense 1.99%
Net Expense ratio 1.99%

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 0.75%
Annual Expenses (as of 04/25/2014)
Total Operating Expense 0.98%
Net Expense ratio 0.98%

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 04/25/2014)
Total Operating Expense 1.22%
Net Expense ratio 1.22%

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 0.15%

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.

Portfolio Managers

  • Three Peaks Capital Management, LLC (TPCM), a SEC-registered investment adviser located in Colorado, serves as sub-adviser to the Fund.  TPCM manages over $1 billion in assets including Aquila Three Peaks High Income Fund and Aquila Three Peaks Opportunity Growth Fund.

    SANDY RUFENACHT, a 20-year industry veteran, is Founder, Chief Executive Officer and Chief Investment Officer of Three Peaks Capital Management, LLC, Sub-Adviser to the Fund. Previously, Mr. Rufenacht was Executive Vice President and Portfolio Manager of Janus High-Yield Fund from January, 1996 until June, 2003. With the support and resources of a dedicated team of experienced high yield specialists, Three Peaks Capital Management, LLC also manages assets for institutions and high net worth individuals.

  • DAVE BATTILEGA is the Co-Portfolio Manager of the Aquila Three Peaks High Income Fund.  Mr. Battilega was named Co-Portfolio Manager of the High Income Fund as of October, 2013.  Since January, 2012, Mr. Battilega has been Assistant Portfolio Manager of both the Aquila Three Peaks High Income Fund and the Aquila Three Peaks Opportunity Growth Fund, as well as, Director of Trading for the Sub-Adviser.  Mr. Battilega joined the Sub-Adviser in 2004 as a research analyst, and later transitioned to trading and portfolio analytics.  Mr. Battilega is a graduate of the University of Northern Colorado, holding degrees in both Finance and Accounting.