Aquila Opportunity Growth Fd USD Class Y (ATGYX) Exchange: NMFQS

The Fund invests, under normal circumstances, at least 70% of its net assets in equity securities believed to have the potential for capital appreciation.  In addition to common stocks, exchange traded funds that invest primarily in equity securities, warrants, convertible bonds and preferred stock are considered equity securities for purposes of the equity allocation. The Fund’s investment strategy focuses on factors specific to each investment, such as an improving balance sheet and an improving leverage ratio.  The Fund invests in equity securities without regard to whether they could be described as “growth” or “value.”  The Fund invests in a range of stock market capitalizations that could include small-cap, mid-cap, and large-cap. In the Sub-Adviser’s view, the companies that are performing well in the high yield market generally become companies that perform well in the equity market.  Firms favored in the Sub-Adviser’s research process are those viewed to be fiscally responsible and capable of maintaining debt payments, both of which are qualities that have the potential to deliver benefits to investors throughout the capital structure. Mid-cap firms have typically represented a majority of the firms identified in the Sub-Adviser’s research process.  Accordingly, although the Fund may invest in securities of companies of any market capitalization, the Fund typically invests a substantial portion of its assets in the securities of mid-cap firms. The Fund may invest up to 15% of its net assets in foreign securities. The Fund may also hold cash or other short-term investments.