Aquila Rocky Mountain Equity Fund

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Performance

Net Asset Value - 5/7/08
CLASS A	CLASS C
$28.25	$25.81

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Average Annual Total Returns as of 4/30/08

AQUILA ROCKY MOUNTAIN EQUITY FUND Inception Date: July 25, 1994 (A Shares); May 1996 (C Shares) * Not annualized
Share Class	YTD*	1 month*	3 month*	1 year	3 year	5 year	10 year	Since Inception
Class A (POP)	(11.53%)	(1.96%)	(6.83%)	(15.46%)	3.74%	9.64%	4.57%	7.79%
Class A (NAV)	(7.60%)	2.41%	(2.70%)	(11.70%)	5.26%	10.59%	5.02%	8.18%
Class C (CDSC)	(8.75%)	1.35%	(3.85%)	(13.24%)	4.48%	9.78%	4.29%	6.43%
Class C (w/o CDSC)	(7.83%)	2.35%	(2.88%)	(12.37%)	4.48%	9.78%	4.29%	6.43%
Total Annual Operating Expenses : 1.52% (A Shares); 2.27% (C Shares) The Manager has contractually undertaken to waive fees and/or reimburse Fund expenses during the period January 1, 2008 through December 31, 2008 so that total Fund expenses will not exceed 1.50% for Class A Shares or 2.25% for Class C Shares.

*The performance data provided is based on past performance and does not indicate or guarantee future results. Current performance may be higher or lower. Data current to the most recent month end is available: 800-437-1020 or www.aquilafunds.com. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total return calculations include changes in share price and reinvestment of dividends and capital gain distributions in a hypothetical investment for the period shown. Different classes of shares are offered and their performance will vary because of differences in sales charges and fees. An explanationof the classes of shares and performance calculations can be found in the Fund prospectus.

**The Manager has contractually undertaken to waive fees and/or reimburse fund expenses during the period January 1, 2007 through December 31, 2007 so that total Fund expenses will not exceed 1.50% for Class A Shares or 2.25% for Class C Shares. Results would have been lower if the full fees or expenses were applied.

Before investing in the Fund carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. An investment in the Fund involves certain risks, including possible loss of the principal amount invested, market and financial risk, volatility and trading volume of small companies, interest and credit risks of convertible fixed income investments, economic and diversification risks of geographic concentration.