Company Press Release

AQUILA GROUP OF FUNDS APPOINTS NORTHEAST REGION SALES MANAGER

Aims to expand distribution of its equity and high yield bond funds in region

New York, NY, 6-26-2012 – The Aquila Group of Funds has announced the appointment of Peter Warren as Regional Sales Manager covering the Northeast. In this newly created position, Mr. Warren will focus on raising assets in Aquila’s two nationally distributed mutual funds -- Aquila Three Peaks High Income Fund and Aquila Three Peaks Opportunity Growth Fund. He will specifically focus his efforts in the greater Boston and New York City metropolitan areas, a new territory for Aquila.

“We are excited to be expanding the distribution capabilities of the Aquila Group of Funds beyond our current seven state foot print,” said Diana Herrmann, President and CEO of Aquila Investment Management LLC. “Peter’s solid background and expertise as a mutual fund wholesaler will serve us well to implement this expansion and connect with investors in this new territory for Aquila,” she added.

Mr. Warren, who will be based in the greater Boston area, has nearly 20 years experience in both retail and institutional sales and marketing. Most recently, he was a regional sales director for HighMark Capital Management where he covered the South Atlantic region. Prior to that, he was employed by Ziegler Capital Management where he was senior vice president of institutional sales for the eastern region of the U.S. and also held a senior-level sales position with the North Track Funds. In addition, Warren is a former senior financial consultant for Bank of America, financial advisor for Prudential Securities, Inc. and New England regional annuities wholesaler for Transamerica. He is a graduate of Bryant University.

The Aquila Group of Funds occupies a niche market in the fund industry, offering a selection of seven single-state municipal bond funds, along with a high yield corporate bond fund, and an equity fund. Aquila's seven municipal bond funds serve investors in states with smaller populations, relatively high income tax rates and interesting long term economic growth potential - Arizona, Colorado, Hawaii, Kentucky, Oregon, Rhode Island, and Utah.

Before investing in any 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. Prospectuses are available from your financial advisor, or call 800-437-1020, or visit www.aquilafunds.com .