To download a one-page overview of Aquila Rocky Mountain Equity Fund, please click here.

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INVESTMENT OBJECTIVE	To seek to provide capital appreciation through investment in securities (primarily common stock or other equity securities) of companies having a significant business presence in the Rocky Mountain region of our country. The Rocky Mountain region consists of Arizona, Colorado, Idaho, Montana, New Mexico, Nevada, Utah and Wyoming.
PORTFOLIO ORIENTATION	The Fund has been designed to participate in the economic development occurring in the Rocky Mountain region of our country. Consequently, it will primarily focus upon equity investments of companies within this region which encompasses the states of Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming.
MANAGEMENT	AQUILA INVESTMENT MANAGEMENT LLC provides all Administrative and Investment Management services. The portfolio manager is locally-based within the Rocky Mountain region. This allows for continuous supervision of attractive investment alternatives within one of the fastest growing economic areas of our country. Aquila Investment Management LLC is a wholly-owned subsidiary of Aquila Management Corporation, formed in 1984 and Founder of the Fund and the 11 other funds in the Aquila Group. The Aquila Group of Funds has combined assets of approximately $5 billion.
INCEPTION DATE	July 25, 1994
NET ASSETS	$21.9 million (March 31, 2008)
LOW INITIAL INVESTMENT	You may open your account with any amount of $1,000 or more or by opening an Automatic Investment Program (minimum $50 per month). This periodic investment program cannot protect against loss in declining markets and will not insure a profit.
ADDITIONAL INVESTMENTS	Once your account is open, you may add to it at any time and in any amount. There is no minimum on additional investments.
AUTOMATIC INVESTMENTS	A specific amount ($50 minimum per investment) can be invested, automatically each month on the 1st and/or 16th. Your pre-designated checking account will be debited automatically. This periodic investment program cannot protect against loss in declining markets and will not insure a profit.
DIVERSIFICATION	It is anticipated that the Fund will diversify its investments broadly, primarily among a number and variety of equity securities focusing upon growth at a reasonable price.
LIQUIDITY	You have ready liquidity permitting you to sell any amount of your investment on any business day at the then current share Net Asset Value. Due to market fluctuations, such share value may, of course, be more or less than your share purchase price. There are no redemption charges or penalties when you sell regular Class A Shares held for more than 90 days. A 1% Contingent Deferred Sales Charge (CDSC) will apply to Class C Shares redeemed within the first 12 months of purchase.
DISTRIBUTIONS AND DIVIDENDS	Net capital gains distributions will be paid annually together with whatever net income amount, if any, is available for dividends. Since the Fund is designed for capital appreciation, its investments will be primarily in growth-oriented companies which reinvest their earnings in the development of their businesses. Therefore, the Fund does not anticipate receiving any significant amount of current income that might, in turn, be paid as dividends to shareholders. Further, such income as might be received by the Fund will first be applied to offset Fund operating expenses.
STATEMENTS	You will receive an initial confirmation, a quarterly account statement, an interim statement with each investment or redemption, an annual cumulative statement, a semi-annual report, and an audited annual report.
HOW TO INVEST	You may invest in Aquila Rocky Mountain Equity Fund through your local financial professional. Nearly 500 securities firms have sales agreements to sell shares of the Fund. If yours is not one of these firms, you may invest by using the Fund's application.
ALTERNATE PURCHASE PLANS AND SALES CHARGE BREAKPOINTS	The Fund offers both Front-Payment Class Shares (Class A Shares) or Level-Payment Class Shares (Class C Shares). There is a maximum sales charge of 4.25% on investments in the Class A Shares. 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. For additional details, click here.
12/31/07 PORTFOLIO (Note - Portfolio information is not released until 30 days after the period end.)	Click Here (In order to view the portfolio, you must have Adobe Acrobat Reader. To download this program, free of charge, please visit http://www.adobe.com/products/acrobat/readstep.html.)
REGIONAL AQUILA REPRESENTATIVES		Kimball L. Young, Senior Vice President 1-800-645-8824 kyoung@aquilafunds.com
		Al Stockman, Senior Vice President 1-800-872-2740 astockman@aquilafunds.com
OFFICERS	Diana P. Herrmann, Vice Chair and President Barbara S. Walchli, Senior Vice President and Portfolio Manager Marie E. Aro, Senior Vice President James M. McCullough, Senior Vice President Kimball L. Young, Senior Vice President Christine L. Neimeth, Vice President Alan R. Stockman, Vice President Joseph P. DiMaggio, Chief Financial Officer and Treasurer Edward M.W. Hines, Secretary
TOLL-FREE NUMBERS	General Information: 1-800-437-1020 Account Inquiries: 1-800-437-1000