Aquila Group of Funds

Performance data represents past performance, but does not guarantee future results. Investment return and principal value will fluctuate; shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the data presented. Class A shares of the bond funds have a maximum sales charge of 4.00%; Class A shares of the equity fund have a maximum sales charge of 4.25%; Class A returns at Maximum Offering Price (MOP) reflect deduction of the maximum sales charge; Class A returns at Net Asset Value (NAV) do not reflect deduction of the sales charge and would be lower if that charge were reflected. Class C shares have no initial sales charge, but a 1.00% contingent deferred sales charge applies to Class C shares redeemed within 12 months of their purchase date. Class C returns without CDSC do not reflect deduction of the 1% CDSC applicable in the first 12 months; if applied, the CDSC would reduce the performance quoted. Class I and Class Y shares have no initial or contingent deferred sales charge, and are available only through financial professionals.

Before investing in one of the Aquila Group of Funds, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. The prospectus is available on this site, from your financial advisor, and when you call 800-437-1020.

Risk Factors:
Municipal Bond Funds: Consideration should be given to the risks of investing. Investments in bonds involve certain risks including a decline in value due to rising interest rates, a real or perceived decline in credit quality of the issuer, borrower, counterparty, or collateral, adverse tax or legislative changes, court decisions, market or economic conditions. Fund performance could be more volatile than that of funds with greater geographic diversification. For certain investors, some dividends may be subject to federal and state taxes, including Alternative Minimum Tax (AMT). Please consult your professional tax advisor.
Corporate Bond Fund: 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.

Equity Fund: An investment involves certain risks including market risk, financial risk, interest rate risk, credit risk, and risks associated with investments in highly-leveraged companies, lower-quality debt securities, foreign markets and foreign currencies, and potential loss of value.

Aquila Tax-Free Fund of Colorado: The Manager has contractually undertaken to waive its fees so that management fees are equivalent to 0.48% of net assets of the Fund up to $400,000,000; 0.46% of 1% of net assets above $4,000,000,000 up to $1,000,000,000; and 0.44 of 1% of net assets above $1,000,000,000. This contractual undertaking is in effect until September 30, 2014. Prior to September 30, 2014, the Manager may not terminate the arrangement without the approval of the Board of Trustees.

Aquila Narragansett Tax-Free Income Fund: The Manager has contractually undertaken to waive fees and or reimburse Fund expenses so that total Fund expenses will not exceed 0.83% for Class A Shares, 1.68% for Class C Shares, 0.99% for Class I Shares or 0.68% for Class Y Shares. These expense limitations are in effect until September 30, 2014. Prior to September 30, 2014, the Manager may not terminate the arrangement without the approval of the Board of Trustees.

Aquila Tax-Free Fund For Utah: Management has contractually undertaken to waive fees and/or reimburse Fund expenses through September 30, 2014. Management has also undertaken to voluntarily waive additional fees and/or expenses. Returns would be less if full management fees and expenses were applied.

Aquila Three Peaks Opportunity Growth Fund: The Manager and Sub-Adviser have contractually undertaken to waive fees and /or reimburse fund expenses so that total Fund expenses will not exceed 1.55% for Class A shares, 2.25% for Class C Shares, 1.18% for Class I Shares and 1.25% for Class Y Shares. These expense limitations are in effect until September 30, 2014. Prior to September 30, 2014, the arrangement may not be terminated without the approval of the Board of Trustees.