SANDY RUFENACHT (left) and BRENT OLSON(right) are the Co-Portfolio Managers of Aquila Three Peaks High Income Fund.

SANDY RUFENACHT, a 20-year industry veteran, is Founder, Chief Executive Officer and Chief Investment Officer of Three Peaks Capital Management, LLC, Sub-Adviser to the Fund. Previously, Mr. Rufenacht was Executive Vice President and Portfolio Manager of Janus High-Yield Fund from January, 1996 until June, 2003. With the support and resources of a dedicated team of experienced high yield specialists, Three Peaks Capital Management, LLC also manages assets for institutions and high net worth individuals.

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.