Aquila High Income Fund

Fund symbol: ATPAX
CUSIP: 03841H109
Inception date: 6/1/2006
Total net assets ($millions) as of 02/29/2024: $88.5
Fund symbol: ATPCX
CUSIP: 03841H208
Inception date:
Fund symbol: ATPYX
CUSIP: 03841H307
Inception date: 6/1/2006
Total net assets ($millions) as of 02/29/2024: $88.5
Fund symbol: ATIPX
CUSIP: 03841H406
Inception date: 6/29/2006
Total net assets ($millions) as of 02/29/2024: $88.5
Fund symbol:
CUSIP:
Inception date:
Total net assets ($millions) as of 02/29/2024: $88.5
Fund symbol: ATPTX
CUSIP: 03841H505
Inception date: 6/12/2017
Total net assets ($millions) as of 02/29/2024: $88.5
See another fund

Objective

Aquila 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.

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes in income-producing securities. Such securities may be rated at any level by nationally recognized statistical rating organizations or they may be unrated. It is anticipated that the Fund’s portfolio will typically include a high proportion, perhaps even 100%, of high-yield/high-risk securities rated below investment grade. Such securities are sometimes called “junk bonds.” 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.

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

Overview

Investor Profile

Aquila 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 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 – 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.

     

  • 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.

  • John M. Burlingame – Senior Vice President, Spottswood Management, Inc., 2019-present; private investor, 2017-2019; President, Hyatt Vacation Ownership 2014-2017; 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 – Formerly 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, 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.

  • 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.

  • Nominating Committee charter

Qualified for Sale in:

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

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.

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 03/18/24   $8.10 $8.10$N/A$8.08$N/A$8.10

TOTAL RETURNS as of 02/29/24

Monthly Quarterly
Average Annual Returns
Cumulative Returns
Aquila High Income FundAquila High Income Fund at NAV
1-year 8.53
3-year 2.08
5-year 3.69
10-year 3.42
Since Inception 4.35
Aquila High Income FundAquila High Income Fund at MOP
1-year 4.13
3-year 0.71
5-year 2.83
10-year 3.00
Since Inception 4.11
Aquila High Income FundAquila High Income Fund at NAV
1 Month 0.15
3 Month 2.75
YTD 0.32
Aquila High Income FundAquila High Income Fund at MOP
1 Month -3.88
3 Month -1.33
YTD -3.71
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) -3.88 -1.33 -3.71 4.13 0.71 2.83 3.00 4.11
ATPAX (At NAV) 0.15 2.75 0.32 8.53 2.08 3.69 3.42 4.35
Aquila High Income FundAquila High Income Fund at NAV
1-year 8.94
3-year 2.17
5-year 4.25
10-year 3.61
Since Inception 4.37
Aquila High Income FundAquila High Income Fund at MOP
1-year 4.52
3-year 0.79
5-year 3.39
10-year 3.19
Since Inception 4.13
Aquila High Income FundAquila High Income Fund at NAV
1 Month 2.43
3 Month 4.98
YTD 8.94
Aquila High Income FundAquila High Income Fund at MOP
1 Month -1.65
3 Month 0.74
YTD 4.52
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) -1.65 0.74 4.52 4.52 0.79 3.39 3.19 4.13
ATPAX (At NAV) 2.43 4.98 8.94 8.94 2.17 4.25 3.61 4.37
Aquila High Income FundAquila High Income Fund without CDSC
1-year 6.67
3-year 1.27
5-year 2.86
10-year 2.60
Since Inception 3.52
Aquila High Income FundAquila High Income Fund with CDSC
1-year 7.67
3-year 1.27
5-year 2.86
10-year 2.60
Since Inception 3.52
Aquila High Income FundAquila High Income Fund without CDSC
1 Month -1.03
3 Month 1.55
YTD 6.67
Aquila High Income FundAquila High Income Fund with CDSC
1 Month -0.04
3 Month 2.55
YTD 0.19
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATPCX (With CDSC) -1.03 1.55 -0.81 6.67 1.27 2.86 2.60 3.52
ATPCX (Without CDSC) -0.04 2.55 0.19 7.67 1.27 2.86 2.60 3.52
Aquila High Income FundAquila High Income Fund without CDSC
1-year 7.08
3-year 1.31
5-year 3.42
10-year 2.79
Since Inception 3.54
Aquila High Income FundAquila High Income Fund with CDSC
1-year 8.08
3-year 1.31
5-year 3.42
10-year 2.79
Since Inception 3.54
Aquila High Income FundAquila High Income Fund with CDSC
1 Month 1.36
3 Month 3.77
YTD 7.08
Aquila High Income FundAquila High Income Fund without CDSC
1 Month 2.36
3 Month 4.77
YTD 8.08
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATPCX (With CDSC) 1.36 3.77 7.08 7.08 1.31 3.42 2.79 3.54
ATPCX (Without CDSC) 2.36 4.77 8.08 8.08 1.31 3.42 2.79 3.54
At NAV
Aquila High Income FundAquila High Income Fund at NAV
1-year 8.61
3-year 2.32
5-year 3.89
10-year 3.62
Since Inception 4.56
Aquila High Income FundAquila High Income Fund at NAV
1 Month 0.04
3 Month 2.67
YTD 0.23
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATPYX 0.04 2.67 0.23 8.61 2.32 3.89 3.62 4.56
Aquila High Income FundAquila High Income Fund at NAV
1-year 9.29
3-year 2.41
5-year 4.45
10-year 3.82
Since Inception 4.58
Aquila High Income FundAquila High Income Fund at NAV
1 Month 2.44
3 Month 5.03
YTD 9.29
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATPYX 2.44 5.03 9.29 9.29 2.41 4.45 3.82 4.58
At NAV
Aquila High Income FundAquila High Income Fund at NAV
1-year 8.33
3-year 1.92
5-year 3.55
10-year 3.30
Since Inception 4.34
Aquila High Income FundAquila High Income Fund at NAV
1 Month 0.02
3 Month 2.61
YTD 0.18
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATIPX 0.02 2.61 0.18 8.33 1.92 3.55 3.30 4.34
Aquila High Income FundAquila High Income Fund at NAV
1-year 8.87
3-year 2.00
5-year 4.14
10-year 3.51
Since Inception 4.37
Aquila High Income FundAquila High Income Fund at NAV
1 Month 2.43
3 Month 4.97
YTD 8.87
Fund Symbol Cumulative Average Annualized
1-month 3-month YTD 1-year 3-year 5-year 10-year Since inception
ATIPX 2.43 4.97 8.87 8.87 2.00 4.14 3.51 4.37
At NAV
Aquila High Income FundAquila High Income Fund at NAV
1-year
3-year N/A
5-year N/A
10-year N/A
Since Inception N/A
Aquila High Income FundAquila High Income 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 High Income FundAquila High Income Fund at NAV
1-year
3-year N/A
5-year N/A
10-year N/A
Since Inception N/A
Aquila High Income FundAquila High Income 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 High Income FundAquila High Income Fund at NAV
1-year N/A
3-year N/A
5-year N/A
10-year N/A
Since Inception N/A
Aquila High Income FundAquila High Income Fund at MOP
1-year N/A
3-year N/A
5-year N/A
10-year N/A
Since Inception N/A
Aquila High Income FundAquila High Income Fund at NAV
1 Month
3 Month
YTD
Aquila High Income FundAquila High Income Fund 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
ATPTX (At maximum offering price) N/A N/A N/A N/A N/A N/A N/A N/A
ATPTX (At NAV) N/A N/A N/A N/A N/A N/A N/A N/A
Aquila High Income FundAquila High Income Fund at NAV
1-year N/A
3-year N/A
5-year N/A
10-year N/A
Since Inception N/A
Aquila High Income FundAquila High Income Fund at MOP
1-year N/A
3-year N/A
5-year N/A
10-year N/A
Since Inception N/A
Aquila High Income FundAquila High Income Fund at NAV
1 Month
3 Month
YTD
Aquila High Income FundAquila High Income Fund 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
ATPTX (At maximum offering price) N/A N/A N/A N/A N/A N/A N/A N/A
ATPTX (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 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

Distributions as of 03/18/24
Fund Symbol Distribution Yield SEC Yield
at NAV at Maximum offering price at Maximum offering price
ATPAX 5.04 4.84 5.32

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 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 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.

Distributions as of 03/18/24
Fund Symbol Distribution Yield SEC Yield
ATPCX 4.24 4.74

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 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 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.

Distributions as of 03/18/24
Fund Symbol Distribution Yield SEC Yield
ATPYX 5.24 5.74

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 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 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.

Distributions as of 03/18/24
Fund Symbol Distribution Yield SEC Yield
ATIPX 4.97 5.47

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 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 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.

Distributions as of 03/18/24
Fund Symbol Distribution Yield SEC Yield
at NAV at Maximum offering price at Maximum offering price
ATPTX 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 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 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.

Distributions as of 03/18/24
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 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 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.

Fees & Expenses

Annual Expenses (as of 4/27/23)
Total Operating Expense 1.41%
Net Expense ratio 1.21%*

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 CDSC Rate
$1,000,000 but less than $2,500,000 18 Months: 1.00%
$2,500,000 but less than $5,000,000 Year 1: 0.50%; Next 6 months: 0.25%
$5,000,000 or more 0.00%
Annual Expenses (as of 4/27/23)
Total Operating Expense 2.21%
Net Expense ratio 2.01%*

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 4/27/23)
Total Operating Expense 1.21%
Net Expense ratio 1.01%

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 4/27/23)
Total Operating Expense 1.51%
Net Expense ratio 1.31%*

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 4/27/23)
Total Operating Expense 1.15%
Net Expense ratio 1.15%

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 4/27/23)
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

Shareholders who purchase $1 million or more of Class A Shares do not pay an initial sales charge but may pay a contingent deferred sales charge of up to 1% for redemptions within 18 months of purchase.

* The Manager has contractually undertaken to waive fees and/or reimburse Fund expenses (other than portfolio transaction and other investment related costs, prime broker fees and expenses, interest expense, dividend expenses related to short sales if any, and acquired fund fees and expenses) so that total Fund expenses will not exceed 1.20% for Class A Shares, 2.00% for Class C Shares, 0.93% for Class F Shares, 1.30% for Class I Shares and 1.00% for Class Y Shares. These expense limitations are in effect until April 30, 2024. Prior to April 30, 2024, the arrangement may not be terminated without the approval of the Board of Trustees. If total annual Fund operating expenses of any class in a fiscal year are less than the respective expense caps described above, as well as below the expense cap which was in place at the time of such reimbursed expenses or waived fees, the Manager may recover the difference between the total annual Fund operating expenses of the class and the respective expense cap, up to, but not more than, the amount, if any, by which reimbursed expenses and waived fees over the preceding rolling three year period have not been paid by the Fund to 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

  • DAVID SCHIFFMAN is Lead Portfolio Manager for Aquila High Income 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.

  • PEDRO MARCAL, Director of Equities and High Yield, is Co-Portfolio Manager for Aquila High Income 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 a Research Analyst for Aquila High Income 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.

  • STEVEN YANG, CFA®, CPA is a Research Analyst for Aquila High Income 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.