Aquila Three Peaks High Income Fund

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Performance

Net Asset Value - 5/12/08
CLASS A	CLASS C
$9.69	$9.69

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Average Annual Total Returns as of 4/30/08

AQUILA THREE PEAKS HIGH INCOME FUND Inception Date: June 1, 2006 * Not annualized
Share Class	YTD*	1 month*	3 month*	1 year	3 year	5 year	10 year	Since Inception
Class A (POP)	(3.22%)	(0.77%)	(1.97%)	(2.70%)	NA	NA	NA	2.43%
Class A (NAV)	0.81%	3.33%	2.09%	1.39%	NA	NA	NA	4.66%
Class C (CDSC)	(0.36%)	2.26%	0.98%	(0.32%)	NA	NA	NA	3.92%
Class C (w/o CDSC)	0.65%	3.26%	1.99%	0.68%	NA	NA	NA	3.92%
Total Annual Operating Expenses : 1.00% (A Shares); 1.80% (C Shares) The Manager has contractually undertaken to waive fees and/or reimburse Fund expenses from January 1, 2008 through December 31, 2008 so that total annualized Fund expenses will not exceed 1.00% for Class A Shares or 1.80% 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. Class A shares have a maximum sales charge of 4.00%; Class C shares have no initial sales charge but a 1% contingent deferred sales charge applies to Class C shares redeemed within 12 months of their purchase date. The load or non-recurring fees would have reduced the performance figures shown without those expenses.

**The Manager has contractually undertaken to waive fees and/or reimburse fund expenses during the period January 1, 2007 through December 31, 2007. Results would have been lower if the full fees or expenses were applied. Before investing in the Fund, carefully read about and consider the objectives, risks, charges, expenses, and other information found in the Fund Prospectus.