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 (left), TPCM Founder, President and CIO, has been the Co-Portfolio Manager of Aquila Three Peaks Opportunity Growth Fund since October 15, 2010.  He has been involved in the investment management industry since 1988, and manages the TPCM portfolios with the support and resources of a team of experienced high-yield and equity specialists.  He has been the Portfolio Manager of Aquila Three Peaks High Income Fund since the June, 2006 inception date, and was previously Executive Vice President and Portfolio Manager of the Janus High Yield Fund from June, 1996 until July, 2003.  Mr. Rufenacht holds a BA in Business from the University of Northern Colorado.

BRENT OLSON has been Co-Portfolio Manager of Aquila Three Peaks Opportunity Growth Fund since October 15, 2010, and of Aquila Three Peaks High Income Fund since January, 2009. His investment management experience includes 8 years as an equity fund Assistant Portfolio Manager with Invesco Funds Group, and research analyst with Janus Capital Group, where he worked closely with Mr. Rufenacht on the high-yield investment team. While with Janus, he was also an equity analyst covering small-cap companies for a number of the Janus products. Mr. Olson holds an MBA with an emphasis in finance from the University of Colorado, Leeds School of Business and a BA from the University of Virginia.