SUPPLEMENTAL AGREEMENT TO
                         ANTI-MONEY LAUNDERING AMENDMENT


WHEREAS, PFPC Inc. ("PFPC") and Aquila Rocky Mountain Equity Fund (the "Fund")
have entered into an Anti-Money Laundering Amendment (the "Amendment") dated
October 23, 2002, which amends the Transfer Agency Agreement between PFPC and
the Fund; and

WHEREAS, PFPC and the Fund wish to clarify the scope of the Amendment by
entering into this Supplemental Agreement;

NOW THEREFORE, PFPC and the Fund agree as follows:

          The Amendment does not apply to Section 326 (i.e., Customer
          Identification Procedures ("CIP")) of the PATRIOT Act (or other
          sections other than Section 352) or regulations promulgated
          thereunder. If the parties agree in the future that PFPC will provide
          services to help the Fund satisfy its obligations under regulations
          promulgated under Section 326, fees for such services ("CIP Fees")
          shall not exceed, on a per covered account or shareholder or volume
          basis or any other basis upon which PFPC charges CIP Fees, the median
          fees charged by PFPC among all of PFPC's full-service transfer agency
          clients paying CIP Fees. The parties recognize that PFPC intends to
          have a standard fee schedule for CIP Fees charged to its full-service
          transfer agency clients, and that the language in the immediately
          preceding sentence is necessary in lieu of language operating similar
          to a "Most Favored Nation" clause because, notwithstanding this
          intention, PFPC may be prohibited from charging certain clients for
          CIP services.

This Supplemental Agreement contains the entire understanding between the
parties with respect to the issues contemplated hereby. Except as expressly set
forth herein, the Amendment shall remain unaffected hereby.

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Agreement
to be executed by their duly authorized officers, as of the day and year first
above written.

AQUILA ROCKY MOUNTAIN EQUITY FUND



By: ____________________________________
Name:
Title:

PFPC INC.



By: ____________________________________
Name:
Title: