Aquila Three Peaks 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.

Aquila Investment Management, LLC, a wholly owned subsidiary of Aquila Management Corporation, is the Fund Manager and oversees all operations of the Fund. The Aquila Group of Funds includes eleven other mutual funds with combined assets of approximately $5 billion. Fund shares are distributed by Aquila Distributors, Inc.

Three Peaks Capital Management, LLC, established in July, 2003, is a 100% employee-owned registered investment advisor, and serves as Sub-Adviser to the Fund.

The Fund is qualified for sale in all 50 U.S. States, as well as Puerto Rico, for all classes of shares.

The Fund is not a financial institution deposit or other obligation, is not backed by any financial institution guarantee, is not backed by FDIC or other deposit insurance, and is subject to investment risks, including possible loss of the principal amount invested. 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.