|   | Tickers: | Class A – CHTFX | Class C – CHKCX |
|--------|----------|-----------------------|-----------------------|
|   |     | Class I – CHKIX | Class Y – CHKYX |

|                                                                                                       | Class AShares  | Class CShares | Class IShares | Class YShares |
|------------------------------------------------------------------------------------------------------------|---------------------|---------------|---------------|---------------|
| Shareholder Fees (fees paid directly from your investment)                                            |                |          |          |          |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)                       | 4.00%               | None          | None          | None          |
|                                                                                                       |                |          |          |          |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of redemption value or purchase price) | None(1)             | 1.00%         | None          | None          |
|                                                                                                       |                |          |          |          |
| Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of your investment)        |                |          |          |          |
|                                                                                                       |                |          |          |          |
| Management Fee                                                                                             | 0.40%               | 0.40%         | 0.40%         | 0.40%         |
|                                                                                                       |                |          |          |          |
| Distribution (12b-1) Fee                                                                                   | 0.15%               | 0.75%         | 0.15%         | None          |
|                                                                                                       |                |          |          |          |
| Other Expenses                                                                                             | 0.22%               | 0.47%         | 0.39%         | 0.22%         |
|                                                                                                       |                |          |          |          |
| Total Annual Fund Operating Expenses                                                                       | 0.77%               | 1.62%         | 0.94%         | 0.62%         |
|                                                                                                       |                |          |          |          |

| (1) | Purchases of $1 million or more have no sales charge but a contingent deferred sales charge of up to 1% for redemptions within two years of purchase. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

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|           | 1 Year | 3 Years | 5 Years | 10 Years |
|----------------|--------|---------|---------|----------|
| Class A Shares | $475   | $636    | $811    | $1,316   |
| Class C Shares | $265   | $511    | $881    | $1,485   |
| Class I Shares | $96    | $300    | $520    | $1,155   |
| Class Y Shares | $63    | $199    | $346    | $774     |

| Class C Shares | $165 | $511 | $881 | $1,485 |
|----------------|------|------|------|--------|

| * | be rated within the four highest credit ratings assigned by nationally recognized statistical rating organizations or, |
|---|------------------------------------------------------------------------------------------------------------------------|

| * | if unrated, be determined to be of comparable quality by the Fund’s Manager, Aquila Investment Management LLC. |
|---|----------------------------------------------------------------------------------------------------------------------|

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|                                                                                                                                                                                                                        | Average Annual Total Returns forthe Periods Ended December 31, 2012 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|
|                                                                                                                                                                                                                        | 1 Year                                                              | 5 Years | 10 Years |
| Class Returns Before Taxes:                                                                                                                                                                                                 |                                                                |   |   |
| Class A                                                                                                                                                                                                                     | 1.32%                                                               | 4.42% | 3.99% |
| Class C                                                                                                                                                                                                                     | 3.71%                                                               | 4.38% | 3.52% |
| Class I                                                                                                                                                                                                                     | 5.47%                                                               | 5.12% | 4.26% |
| Class Y                                                                                                                                                                                                                     | 5.78%                                                          | 5.43%  | 4.56%  |
| Class Y Returns After Taxes:                                                                                                                                                                                                |                                                                |   |   |
| On Distributions                                                                                                                                                                                                            | 5.78%                                                               | 5.42% | 4.54% |
| On Distributions and Redemption                                                                                                                                                                                             | 5.00%                                                          | 5.22%  | 4.47%  |
| Barclays Capital Quality Intermediate Municipal Bond Index (This index of municipal bonds of issuers throughout the U.S. is unmanaged and does not reflect deductions for fund operating expenses, taxes or sales charges.) | 3.84%                                                               | 5.47% | 4.53% |