Dividend Cut-Off Dates
Dividends for all bond funds (tax-free municipal and corporate) in the Aquila Group of Funds are declared daily and paid monthly. For those shareholders who receive their monthly dividends by check from PNC, the funds' shareholder servicing agent, 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. The only exception to this is the December dividend which is declared on the 31st making tax reporting more efficient.

Listed below are the anticipated dividend cut-off dates for Aquila's bond fund's (tax-free municipal and corporate) Class A and C Shares and the number of dividend days in each month for 2010.

Dividend Cut-Off Date
January 27th
February 24th
March 25th
April 26th
May 26th
June 24th
July 26th
August 25th
September 23rd
October 21st
November 23rd
December 31st

# of Days Covered by Dividend
27
28
29
32
30
29
32
30
29
28
33
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 (again, with the exception of the December dividend).

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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