BARBARA S. WALCHLI, CFA is the Portfolio Manager of Aquila Rocky Mountain Equity Fund. Ms. Walchli has nearly three decades of analytical investment experience, including twelve years developing short and long-term equity strategy. Her previous experience includes serving as co-manager of Banc One Investment Advisors' Large Company Growth Fund and Income Equity Fund ($1.7 billion in combined assets).

She was also previously a senior vice president and director of equity research for First Interstate Capital Management. There, she was responsible for writing economic and equity strategies for the group, which managed $27.5 billion in assets.

Ms. Walchli is a Chartered Financial Analyst. She is a member of the CFA Institute. She is a prior president and director of the Phoenix Society of Financial Analysts. Ms. Walchli received her M.B.A. in Finance from Arizona State University and her A.B. in Economics and American Studies from Smith College.

Ms. Walchli's base in the Rocky Mountain state of Arizona enables her to maintain a careful watch over the Fund's portfolio investments. She frequently travels throughout the region to check on current and prospective investments. Ms. Walchli has been an Arizona resident for over three decades.