LACY B. HERRMANNREMEMBERING LACY B. HERRMANN
1929 - 2012 We proudly honor the life and memory of our Founder. We thank him for his contributions in overseeing the creation and growth of the Aquila Group of Funds. We are grateful for and wish to recognize his vision, fortitude, extraordinary leadership,counsel, commitment to excellence and his untiring dedication to shareholders and local communities throughout Hawaii. Aquila Distributors, Inc., 380 Madison Avenue, Suite 2300 New York, NY 10017 o 212-697-6666 o www.aquilafunds.com Before investing in one of the Aquila Group of Funds, carefully read about and consider the investment objective, risks, charges, expenses, and other information found in the Fund prospectus. The prospectus is available from your financial professional, and when you call 800-437-1020 or visit www.aquilafunds.com.
Our deepest condolences to the family and friends of the deceased