Please note the following update:
A definitive agreement has been reached between Aquila Investment Management LLC (“Aquila”) and Cantor Fitzgerald Investment Advisors, LP (“Cantor”) to sell assets used in its investment advisory business relating to the Aquila Funds Trust (the “Funds” or each a “Fund”) (the “transaction”). Under the terms of the agreement, subject to Fund shareholder approval, each Fund is expected to be reorganized into a newly created series of Cantor Select Portfolios Trust (each a “Reorganization” or collectively, the “Reorganizations”), and subsequently will be advised by Cantor and subadvised by Smith Group Asset Management, LLC.
The proposed Reorganizations are listed below:
| Acquired Aquila Funds | Acquiring Cantor Funds |
| Aquila High Income Fund | Cantor Fitzgerald High Income Fund |
| Aquila Opportunity Growth Fund | Cantor Fitzgerald Equity Opportunity Fund |
At a Special Meeting of Shareholders held on November 13, 2024, shareholders of each Fund approved each Fund’s Reorganization. Each Fund expects to complete the Fund’s Reorganization in the fourth quarter of 2024.
Click here to learn more about the proposed Reorganizations and cast your vote today.
In anticipation of the completion of each Reorganization, the Board of Trustees of the Funds has unanimously approved for each Fund an Interim Management Agreement with Cantor, an Interim Subadvisory Agreement with Smith Group, and an Interim Administrative Services Agreement with Cantor, which became effective as of the close of business on October 18, 2024 (the “Interim Agreements”). Aquila no longer serve as each Fund’s investment adviser.
In addition, Aquila Distributors LLC no longer serves as the Funds’ distributor, effective as of the close of business on October 31, 2024. As such, each Fund no longer accepts requests from existing accounts or new investors to purchase shares or process exchanges into the Fund, and no longer processes shares purchases through any dividend or capital gain reinvestment or automatic investment plan, until the completion of the Fund’s Reorganization. Shareholders can redeem their shares of a Fund at any time prior to the completion of the Fund’s Reorganization, and receive the net asset value of their shares, less any applicable contingent deferred sales charge (“CDSC”), in accordance with the terms set forth in each Fund’s Prospectus.
Shareholders and financial professionals should call 800-437-1000 to make shareholder account inquiries.
Aquila High Income Fund Summary Prospectus
Aquila Opportunity Growth Fund Summary Prospectus
Statement of Additional Information
To receive a free copy of a Proxy Statement/Prospectus relating to a Reorganization, please call Cantor Fitzgerald Asset Management toll-free at (855) 9-CANTOR. This communication 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 is also be available for free on the U.S. Securities and Exchange Commission’s website (www.sec.gov). Please read any Proxy Statement/Prospectus carefully before making any decision to invest or to approve a Reorganization.
Mutual fund investing involves risk; loss of principal is possible. Investment risks include, but are not limited to, potential loss of value, market risk, financial risk, interest rate and credit rate risk, and investments in highly-leveraged companies, lower-quality debt securities, foreign markets and foreign currencies. High-yield bonds are subject to greater credit risk, default risk, and liquidity risk.