Dividend Cut-Off Dates
Dividends for all bond funds in the Aquila Group of Funds are declared daily and paid monthly. For those shareholders who receive their monthly dividends by check from PFPC, rather than having their dividends reinvested in additional shares or having them sent electronically to their bank account, every attempt is made to get those checks to the shareholders around the first of each month. This is accomplished by having dividend checks processed and mailed prior to the start of each succeeding month.

Listed below are the anticipated dividend cut-off dates for Aquila's bond fund's Class A and C Shares and the number of dividend days in each month for 2008.

Dividend Cut-Off Date
January 24th
February 25th
March 25th
April 23rd
May 22nd
June 23rd
July 24th
August 25th
September 24th
October 23rd
November 24th
December 31st

# of Days Covered by Dividend
29
32
29
29
29
32
31
32
30
29
32
37

You should be aware that it generally takes one or two days to process the checks and statements after the cut-off date and get them in the mail. After that, they are in the hands of the U.S. Postal Service. However, in nearly all cases, you should receive your check and statement about the first of the month.

Management is very conscious of the fact that many shareholders rely upon this monthly income for their living expenses. Therefore, we attempt to have the number of days covering the dividend fluctuate only slightly from month to month so that we might provide you with as consistent a level of income as possible.

We hope this dividend payment schedule will be beneficial to you in your financial planning.


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