The Board of Trustees has approved a proposal to broaden the strategy, amend the Advisory and Administration Agreement and engage the services of a sub-adviser to the Fund, which will be provided to shareholders for their approval. For more information about these proposals, please carefully read the supplement to the prospectus, dated June 15, 2010 and the proxy and accompanying letter dated August 6, 2010.

All mutual funds are required to provide their proxy voting results annually. Each filing covers the 12-month period ended June 30th, and must be filed by August 31st. Please click here to download the proxy voting results for the securities held in Aquila Rocky Mountain Equity Fund.

Please click here to download Aquila Rocky Mountain Equity Fund's Proxy Voting Policy.

(In order to view these document, you must have Adobe Acrobat Reader. To download this program, free of charge, please visit http://www.adobe.com/products/acrobat/readstep.html.)