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

|                                                                                                       | Class AShares | Class CShares | Class IShares | Class YShares |
|------------------------------------------------------------------------------------------------------------|---------------|---------------|---------------|---------------|
| 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                                                                                             | 0.20%         | 0.44%         | 0.40%         | 0.20%         |
|                                                                                                       |          |          |          |          |
| Total Annual Fund Operating Expenses                                                                       | 0.75%         | 1.59%         | 0.95%         | 0.60%         |
|                                                                                                       |          |          |          |          |

| (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. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|           | 1 year | 3 years | 5 years | 10 years         |
|----------------|--------|---------|---------|------------------|
| Class A Shares | $474   | $630    | $800    | $1,293           |
| Class C Shares | $262   | $502    | $866    | $1,456           |
| Class I Shares | $97    | $303    | $525    | $1,166           |
| Class Y Shares | $61    | $192    | $335    | $  750 |

| Class C Shares | $162 | $502 | $866 | $1,456 |
|----------------|------|------|------|--------|

| ·   | 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. |
|--------------------|----------------------------------------------------------------------------------------------------------------------|

| ·   | Interest rate risk relates to fluctuations in market value arising from changes in prevailing interest rates. If interest rates rise, the value of debt securities, including Kentucky Obligations, will normally decline. If the value of Kentucky Obligations held by the Fund declines, the net asset value of your shares in the Fund will also decline. Kentucky Obligations with longer maturities generally have a more pronounced reaction to interest rate changes than shorter-term securities. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Credit risk relates to the ability of the particular issuers of the Kentucky Obligations the Fund owns to make periodic interest payments as scheduled and ultimately repay principal at maturity. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                               | Average Annual Total Returns forthe Periods Ended December 31, 2010 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|
|                                                                                                                                                               | 1 Year                                                              | 5 Years | 10 Years |
| Class Returns Before Taxes:                                                                                                                                        |                                                                |   |   |
| Class A                                                                                                                                                            | (2.69)%                                                             | 2.70% | 3.69% |
| Class C                                                                                                                                                            | (0.58)%                                                             | 2.66% | 3.23% |
| Class I (since inception of class on 8/6/01)                                                                                                                       | 1.13%                                                               | 3.39% | 3.85% |
| Class Y                                                                                                                                                            | 1.44%                                                               | 3.67% | 4.27% |
| Class Y Returns After Taxes:                                                                                                                                       |                                                                |   |   |
| On Distributions                                                                                                                                                   | 1.44%                                                               | 3.63% | 4.24% |
| On Distributions and Redemption                                                                                                                                    | 2.35%                                                               | 3.73% | 4.27% |
| Barclays Capital Quality Intermediate Municipal Bond Index (This index is unmanaged and does not reflect deductions for fund operating expenses or sales charges.) | 3.21%                                                               | 4.73% | 4.76% |