Aquila Opportunity Growth Fund

Fund symbol: ATGAX
CUSIP: 03839M102
Inception date: 7/22/1994
Total net assets ($millions) as of 09/30/2021: $216.3
Fund symbol: ATGCX
CUSIP: 03839M201
Inception date:
Fund symbol: ATGYX
CUSIP: 03839M300
Inception date: 5/1/1996
Total net assets ($millions) as of 09/30/2021: $216.3
Fund symbol: ATRIX
CUSIP: 03839M409
Inception date: 12/1/2005
Total net assets ($millions) as of 09/30/2021: $216.3
Fund symbol:
CUSIP:
Inception date:
Total net assets ($millions) as of 09/30/2021: $216.3
Fund symbol: ATGTX
CUSIP: 03839M508
Inception date: 6/12/2017
Total net assets ($millions) as of 09/30/2021: $216.3
See another fund

Objective

Aquila Opportunity Growth Fund is a diversified, open-end mutual fund.  The Fund’s objective is to provide capital appreciation by investing, under normal circumstances, at least 70% of its net assets in equity securities believed to have the potential for capital appreciation, without regard to whether they could be described as “growth” or “value” and investing in a range of market capitalizations that could include small-cap, mid-cap, and large-cap. Equity holdings of the Fund may include common stock, warrants, convertible bonds, preferred stock or a limited allocation to foreign equity.

The Fund may hold significant amounts of cash or other short-term investments in response to market volatility, while seeking to identify investment opportunities for the Fund, or for other reasons. If a significant amount of a Fund’s assets are used for cash management or defensive investing purposes, it will be more difficult for the Fund to achieve its investment objectives.

The investment strategy and process described here was initially made available to shareholders of Aquila Opportunity Growth Fund on October 11, 2010. Prior to that date, the Fund was managed under an investment strategy that differs meaningfully from the strategy pursued by the current Fund. Performance prior to that date reflects the previous investment strategy of the Fund.

Overview
Performance
Distributions
Fees & Expenses
Portfolio Management
Fund Literature
Regulatory Documents

Overview

Investor Profile

Investors seeking the potential for long-term equity returns, and who can tolerate the risks of equity investing.

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

  • 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; Trustee of various funds in the Aquila Group of Funds since 2006. Other Directorships held by Trustee – Formerly 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 – 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 of the Board of Trustees of The Cascades Trust (Predecessor Fund of Aquila Tax-Free Trust of Oregon) 2003-2020, President of The Cascades Trust 1998-2020 and Trustee of the Cascades Trust 1994-2020.

  • John M. Burlingame – Retired effective October 1, 2017; President, Hyatt Vacation Ownership 20142017; Global Head – Residential Development, Hyatt Hotels Corporation 2009-2014, 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 – 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, since 2019, Commissioner, 2013–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; 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.

  • 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.

  • Patricia L. Moss – 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.

  • Nominating Committee charter

Qualified for Sale in:

All 50 U.S. States, DC, GU and VI
All states, DC, GU and VI, except ND
All 50 U.S. States, DC, GU, PR and VI
All states, DC, GU and VI, except ND
MT, NE, NH, OK

Fund-Specific Risks

Consideration should be given to the risks of investing. Please refer to the Fund prospectus for a complete description of risks associated with an investment in the Fund. These include, but are not limited to, potential loss of value, market risk, financial risk, interest rate and credit risk, and investments in highly-leveraged companies, lower-quality debt securities, foreign markets and foreign currencies.

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 10/15/21   $51.58 $36.49$N/A$54.51$6/12/2017$57.71

TOTAL RETURNS as of 09/30/21

Monthly Quarterly
Average Annual Returns
Cumulative Returns
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1-year 30.51
3-year 11.08
5-year 10.89
10-year 14.94
Since Inception 8.85
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at MOP
1-year 24.97
3-year 9.48
5-year 9.93
10-year 14.44
Since Inception 8.68
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1 Month -4.11
3 Month -0.17
YTD 12.10
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at MOP
1 Month -8.18
3 Month -4.40
YTD 7.33
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATGAX (At maximum offering price) -8.18 -4.40 7.33 24.97 9.48 9.93 14.44 8.68
ATGAX (At NAV) -4.11 -0.17 12.10 30.51 11.08 10.89 14.94 8.85
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1-year 30.51
3-year 11.08
5-year 10.89
10-year 14.94
Since Inception 8.85
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at MOP
1-year 24.97
3-year 9.48
5-year 9.93
10-year 14.44
Since Inception 8.68
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1 Month -4.11
3 Month -0.17
YTD 12.10
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at MOP
1 Month -8.18
3 Month -4.40
YTD 7.33
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATGAX (At maximum offering price) -8.18 -4.40 7.33 24.97 9.48 9.93 14.44 8.68
ATGAX (At NAV) -4.11 -0.17 12.10 30.51 11.08 10.89 14.94 8.85
Aquila Opportunity Growth FundAquila Opportunity Growth Fund without CDSC
1-year 28.60
3-year 10.30
5-year 10.11
10-year 14.12
Since Inception 7.65
Aquila Opportunity Growth FundAquila Opportunity Growth Fund with CDSC
1-year 29.59
3-year 10.30
5-year 10.11
10-year 14.12
Since Inception 7.65
Aquila Opportunity Growth FundAquila Opportunity Growth Fund without CDSC
1 Month -4.92
3 Month -1.14
YTD 28.60
Aquila Opportunity Growth FundAquila Opportunity Growth Fund with CDSC
1 Month -4.15
3 Month -0.34
YTD 11.49
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATGCX (With CDSC) -4.92 -1.14 10.59 28.60 10.30 10.11 14.12 7.65
ATGCX (Without CDSC) -4.15 -0.34 11.49 29.59 10.30 10.11 14.12 7.65
Aquila Opportunity Growth FundAquila Opportunity Growth Fund without CDSC
1-year 28.60
3-year 10.30
5-year 10.11
10-year 14.12
Since Inception 7.65
Aquila Opportunity Growth FundAquila Opportunity Growth Fund with CDSC
1-year 29.59
3-year 10.30
5-year 10.11
10-year 14.12
Since Inception 7.65
Aquila Opportunity Growth FundAquila Opportunity Growth Fund with CDSC
1 Month -4.92
3 Month -1.14
YTD 10.59
Aquila Opportunity Growth FundAquila Opportunity Growth Fund without CDSC
1 Month -4.15
3 Month -0.34
YTD 11.49
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATGCX (With CDSC) -4.92 -1.14 10.59 28.60 10.30 10.11 14.12 7.65
ATGCX (Without CDSC) -4.15 -0.34 11.49 29.59 10.30 10.11 14.12 7.65
At NAV
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1-year 30.91
3-year 11.40
5-year 11.22
10-year 15.29
Since Inception 8.70
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1 Month -4.07
3 Month -0.09
YTD 12.34
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATGYX -4.07 -0.09 12.34 30.91 11.40 11.22 15.29 8.70
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1-year 30.91
3-year 11.40
5-year 11.22
10-year 15.29
Since Inception 8.70
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1 Month -4.07
3 Month -0.09
YTD 12.34
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATGYX -4.07 -0.09 12.34 30.91 11.40 11.22 15.29 8.70
At NAV
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1-year 30.61
3-year 11.15
5-year 10.96
10-year 15.13
Since Inception 8.20
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1 Month -4.09
3 Month -0.13
YTD 12.15
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATRIX -4.09 -0.13 12.15 30.61 11.15 10.96 15.13 8.20
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1-year 30.61
3-year 11.15
5-year 10.96
10-year 15.13
Since Inception 8.20
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1 Month -4.09
3 Month -0.13
YTD 12.15
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATRIX -4.09 -0.13 12.15 30.61 11.15 10.96 15.13 8.20
At NAV
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1-year N/A
3-year N/A
5-year N/A
10-year N/A
Since Inception N/A
Aquila Opportunity Growth FundAquila Opportunity Growth Fund 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 Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1-year N/A
3-year N/A
5-year N/A
10-year N/A
Since Inception N/A
Aquila Opportunity Growth FundAquila Opportunity Growth Fund 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
At NAV
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1-year 12.00
3-year 13.00
5-year 14.00
10-year 15.00
Since Inception 16.00
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at MOP
1-year 4.00
3-year 5.00
5-year 6.00
10-year 7.00
Since Inception 8.00
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1 Month 10
3 Month 11
YTD 9
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at MOP
1 Month 2.00
3 Month 3.00
YTD 1.00
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATGTX (At maximum offering price) 2.00 3.00 1.00 4.00 5.00 6.00 7.00 8.00
ATGTX (At NAV) 10.00 11.00 9.00 12.00 13.00 14.00 15.00 16.00
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1-year 27.00
3-year 28.00
5-year 29.00
10-year 30.00
Since Inception 31.00
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at MOP
1-year 18.00
3-year N/A
5-year 20.00
10-year 21.00
Since Inception 22.00
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at NAV
1 Month 25
3 Month 26
YTD 23
Aquila Opportunity Growth FundAquila Opportunity Growth Fund at MOP
1 Month 16.1
3 Month 17
YTD 14
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATGTX (At maximum offering price) 16.10 17.00 14.00 18.00 19.00 20.00 21.00 22.00
ATGTX (At NAV) 25.00 26.00 23.00 27.00 28.00 29.00 30.00 31.00

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 4.25%; 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 and Class Y shares have no initial or contingent deferred sales charge. Class A MOP (maximum offering price) returns reflect deduction of the maximum 4.25% 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.  The Manager and Sub-Adviser have contractually undertaken to waive fees and/or reimburse Fund expenses so that total Fund expenses will not exceed 1.55% for Class A Shares, 2.25% for Class C Shares, 1.46% for Class I Shares and 1.25% for Class Y Shares.  These expense limitations are in effect until April 30, 2016.  To the extent, if any, that total expenses exceeded these limitations, returns would have been less if total 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

Distributions as of 10/15/21
Fund Symbol Distribution Yield SEC Yield
at NAV at Maximum offering price at Maximum offering price
ATGAX 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.

Annual Tax Information

Dividend History

Dividend Schedule as of 2021

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

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 professional, or by calling 800-437-1020.

Distributions as of 10/15/21
Fund Symbol Distribution Yield SEC Yield
ATGCX 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.

Annual Tax Information

Dividend History

Dividend Schedule as of 2021

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

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 professional, or by calling 800-437-1020.

Distributions as of 10/15/21
Fund Symbol Distribution Yield SEC Yield
ATGYX 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.

Annual Tax Information

Dividend History

Dividend Schedule as of 2021

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

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 professional, or by calling 800-437-1020.

Distributions as of 10/15/21
Fund Symbol Distribution Yield SEC Yield
ATRIX 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.

Annual Tax Information

Dividend History

Dividend Schedule as of 2021

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

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 professional, or by calling 800-437-1020.

Distributions as of 10/15/21
Fund Symbol Distribution Yield SEC Yield
at NAV at Maximum offering price at Maximum offering price
ATGTX 32.00 33.00 34.00

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.

Annual Tax Information

Dividend History

Dividend Schedule as of 2021

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 professional, or by calling 800-437-1020.

Distributions as of 10/15/21
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.

Annual Tax Information

Dividend History

Dividend Schedule as of 2021

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 professional, or by calling 800-437-1020.

Fees & Expenses

Annual Expenses (as of 04/26/2021)
Total Operating Expense 1.55%
Net Expense ratio 1.55%

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 4.25%
$50,000 but less than $100,000 3.75%
$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 2.00%
$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 0.30%
Contingent Deferred Sales Charges (CDSC)
Investment Applies to Purchases
over $250,000
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 04/26/2021)
Total Operating Expense 2.25%
Net Expense ratio 2.25%

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 04/26/2021)
Total Operating Expense 1.24%
Net Expense ratio 1.24%

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 04/26/2021)
Total Operating Expense 1.52%
Net Expense ratio 1.52%

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 0.40%
Annual Expenses (as of 04/26/2021)
Total Operating Expense 1.36%
Net Expense ratio 1.36%

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 04/26/2021)
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

Class A purchases of $1 million or more have no sales charge but a contingent deferred sales charge of up to 1% for redemptions within two years of purchase and up to 0.50 of 1% for redemptions during the third and fourth years after purchase.

For the fiscal year ended December 31, 2015, the Manager recovered a portion of fees and expenses previously waived equal to 0.12% of Class A Shares, 0.15% of Class C Shares and 0.15% of Class Y Shares, in accordance with the terms of the contractual expense limitation agreement then in effect. The Fund is not subject to further recovery of previously waived fees and Fund expenses paid by the Manager.

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

  • PEDRO MARCAL, Director of Equities and High Yield, is Lead Portfolio Manager for Aquila Opportunity Growth Fund. Mr. Marcal has more than 27 years of investment industry experience. Previously, he was founder and owner with Maccabee, LLC from 2012 to September 2021. Mr. Marcal was also a Director in the Equities Group and mutual fund portfolio manager at Foresters Investment Management Co. from 2018 to 2019, where he managed Foresters’ global equities mutual fund and co-managed its U.S. equity analyst and trading teams. He also held portfolio management responsibilities with Fred Alger Management, Inc. and Allianz Global Investors. Mr. Marcal has a Bachelor of Arts in economics from University of California, San Diego and an MBA from University of California at Los Angeles, Anderson School of Business.

  • JOHN MCPEAKE is Co-Portfolio Manager for Aquila Opportunity Growth Fund. He has approximately 25 years of investment industry experience. Previously, he was a senior analyst at Rosenblatt Securities from March 2021 to September 2021 and prior to that held portfolio management and analyst roles with a focus on technology sector research and investing at 7Park Data, Foresters Investment Management Co., Devi Asset Management, and with Fred Alger Management. Mr. McPeake has a Bachelor of Arts in Geology from Hamilton College and an MBA in Finance from New York University, Stern School of Business.

  • DAVID SCHIFFMAN is a Research Analyst for Aquila Opportunity Growth Fund. Mr. Schiffman has more than 30 years of industry experience.Prior to joining Aquila, he was Chief Investment Officer and Senior Portfolio Manager of The Terra Group from 2020 to September 2021. Mr. Schiffman was Director of Insurance Investing at Foresters Investment Management Co. from 2017 to 2019, where he was responsible for the management and credit research of all investment-grade and high-yield fixed income for insurance-related assets. He previously held roles at First Empire Asset Management and UBS International, The Pension Boards – United Church of Christ, and GRE Insurance Group. Mr. Schiffman is a graduate of the State University of New York at Binghamton where he earned a Bachelor of Arts in Economics, as well as an MBA in Finance. Mr. Schiffman is a member of the Fixed Income Analysts Society and the Bond Club of New York.

  • STEVEN YANG, CFA®, CPA is a Research Analyst for Aquila Opportunity Growth Fund. Mr. Yang has more than 15 years of investment research experience. Prior to joining Aquila, he covered a broad range of industry sectors at Schroders Investment Management and Fred Alger Management, Inc. Leveraging deep sector and company knowledge, he has authored detailed industry and company reports to support investment decisions. He began his career with the assurance practice at KPMG. Mr. Yang earned a Bachelor of Arts degree from Yale University and an MBA from New York University, Stern School of Business. He holds a Chartered Financial Analyst® designation and is a member of CFA Society New York. Mr. Yang is also a member of the American Institute of Certified Public Accountants and has served as an Investor Advisory Committee member at the Financial Accounting Standard Board.