Aquila Three Peaks High Income Fund

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Prospectus/Reports Forms

Highlights

FAQ

Portfolio Manager

Investment Strategy

Performance

Board of Trustees

Tax Information

Dividend Cut-Off Dates

Highlights

Aquila Three Peaks High Income Fund, one of the Aquila Group of Funds, is a diversified, open-end mutual fund designed for investors seeking high current income.

	Class A	Class C
Ticker	ATPAX	ATPCX
Cusip Number	03841H109	03841H208

To download a one-page overview of Aquila Three Peaks High Income Fund, please click here

(In order to view this overview, you must have Adobe Acrobat Reader. To download this program, free of charge, please visit http://www.adobe.com/products/acrobat/readstep.html.)

INVESTMENT OBJECTIVE	The Fund's objective is to obtain high current income. Capital appreciation is a secondary objective when consistent with its primary objective.
PORTFOLIO ORIENTATION	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.
PORTFOLIO MANAGEMENT	THREE PEAKS CAPITAL MANAGEMENT, LLC is the Fund's Investment Sub-Adviser, providing the Fund with experienced professional management. Three Peaks supervises the investment program of the Fund and the composition of its portfolio, subject to control by the Board of Trustees.
INCEPTION DATE	June 1, 2006
NET ASSETS	$35.0 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.
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	Dividends are declared daily and paid monthly. Unless you specifically request otherwise, your dividends and distributions will be reinvested automatically for you in full and fractional shares of the Fund at the then current Net Asset Value per share, without any sales charge. You can, of course, if you wish, have any or all of the dividends or distributions paid to you by check each month, or electronically transferred to your personal bank account. Alternatively, you may direct all of your distributions to another one of your existing accounts in the Aquila Group of Funds.
STATEMENTS	You will receive an initial confirmation, a monthly 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 Three Peaks High Income 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 4.00% 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	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.)
OFFICERS	Diana P. Herrmann, President Charles E. Childs, III, Executive Vice President Jerry G. McGrew, Senior Vice President Marie E. Aro, Senior Vice President Robert W. Anderson, Chief Compliance Officer Joseph P. DiMaggio, Chief Financial Officer and Treasurer
TOLL-FREE NUMBERS	General Information: 1-800-437-1020 Account Inquiries: 1-800-437-1000

Before investing in the Fund, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. 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.