The investment seeks capital appreciation. The fund invests, under normal circumstances, at least 70% of its net assets in equity securities believed to have the potential for capital appreciation. In addition to common stocks, exchange traded funds that invest primarily in equity securities, warrants, convertible bonds and preferred stock are considered equity securities for purposes of the fund's 70% policy.

Nasdaq

ATGAX

The fund normally invests at least 80% of its net assets plus any borrowings for investment purposes in income-producing securities. Its portfolio will typically include a high proportion, perhaps even 100%, of high-yield/high-risk securities rated below investment grade. The bonds the fund purchases can be of any maturity but the average effective weighted maturity of the fund's portfolio will normally be within one year of the average maturity of the Bloomberg US Corporate High Yield Total Return Index Value Unhedged.

ATPYX

Under normal circumstances, at least 80% of the fund's net assets will be invested in municipal obligations that pay interest exempt, in the opinion of bond counsel, from Arizona state and regular Federal income taxes, the income paid upon which will not be subject to the Federal alternative minimum tax on individuals. These obligations can be of any maturity, but the fund's weighted average maturity has traditionally been between 5 and 15 years.

AZTFX

Under normal circumstances, at least 80% of the fund's net assets will be invested in municipal obligations that pay interest exempt, in the opinion of bond counsel, from Colorado state and regular Federal income taxes, the income paid upon which will not be subject to the Federal alternative minimum tax on individuals. These obligations can be of any maturity, but the fund's weighted average maturity has traditionally been between 5 and 15 years. The fund is non-diversified.

COTFX

Under normal circumstances, at least 80% of the fund's assets will be invested in municipal obligations that pay interest exempt, in the opinion of bond counsel, from Hawaii State and regular Federal income taxes. The fund is non-diversified.

HULAX

The investment seeks to provide the investors as high a level of current income exempt from Oregon State and regular Federal income taxes as is consistent with preservation of capital.  Under normal circumstances, at least 80% of the fund&#39;s net assets will be invested in municipal obligations that pay interest exempt, in the opinion of bond counsel, from Oregon state and regular Federal income taxes, the income paid upon which will not be subject to the Federal alternative minimum tax on individuals. The fund is non-diversified.

ORTFX

Under normal circumstances, at least 80% of the fund's net assets will be invested in municipal obligations that pay interest exempt, in the opinion of bond counsel, from Utah state individual and regular Federal income taxes, the income paid upon which will not be subject to the Federal alternative minimum tax on individuals. These obligations can be of any maturity, but the fund's weighted average maturity has traditionally been between 5 and 15 years. It is non-diversified.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield	Risk / Return Rank
ATGAX	Aquila Opportunity Growth Fund	Mid Cap Blend Equities	Jul 22, 1994	1.50%	2.30%	8.29%	5.61%	70
ATPYX	Aquila High Income Fund	High Yield Bonds	Jun 1, 2006	0.98%	-1.01%	3.83%	5.23%	82
AZTFX	Aquila Tax Free Trust of Arizona Fund	Municipal Bonds	Mar 12, 1986	0.73%	-0.39%	1.40%	3.05%	51
COTFX	Aquila Tax-Free Fund of Colorado	Municipal Bonds	May 20, 1987	0.72%	-0.28%	1.07%	3.05%	46
HULAX	Hawaiian Tax Free Trust	Municipal Bonds	Feb 19, 1985	0.86%	-0.50%	0.88%	2.45%	43
ORTFX	Aquila Tax-Free Trust of Oregon	Municipal Bonds	Jun 15, 1986	0.70%	-0.38%	1.04%	2.78%	51
UTAHX	Aquila Tax-Free Fund For Utah	Municipal Bonds	Jul 23, 1992	0.87%	-0.04%	1.45%	3.29%	57

Aquila Mutual Funds List

Risk vs. Return Scatterplot