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Aquila Three Peaks High Income Fund

Aquila Three Peaks Opportunity Growth Fund*
  *On October 8, 2010, shareholders of Aquila Rocky Mountain Equity Fund voted to approve changes to the sub-adviser and investment strategy of the Fund.  The Annual and Semi-Annual reports pertains to the Fund investments, assets and liabilities as of the date of the report.

On October 15, 2010, the former Aquila Rocky Mountain Equity Fund began operations under the name Aquila Three Peaks Opportunity Growth Fund, with Three Peaks Capital Management, LLC as sub-adviser, and an investment strategy that differs meaningfully from the strategy pursued by the Fund as Aquila Rocky Mountain Equity Fund. Please click the Prospectus link above for information on Aquila Three Peaks Opportunity Growth Fund.

   
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