Shareholder Meeting Results (unaudited)
The Annual Meeting of Shareholders of Aquila Cascadia Equity Fund (the
"Fund") was held on May 8, 2000. The holders of shares representing 51% of
the total net asset value of the shares entitled to vote were present in
person or by proxy. At the meeting, the following matters were voted upon
and approved by the shareholders (the resulting votes for each matter are
presented below).
1. To elect Trustees.
Number of Votes:
Trustee For Withheld
Lacy B. Herrmann 9,077,359.44 7,516.02
Vernon R. Alden 9,077,359.44 7,516.02
David B. Frohnmayer 9,077,359.44 7,516.02
James A. Gardner 9,077,359.44 7,516.02
Diana P. Herrmann 9,077,359.44 7,516.02
Sterling K. Jenson 9,077,359.44 7,516.02
Raymond H. Lung 9,077,359.44 7,516.02
John W. Mitchell 9,077,359.44 7,516.02
Richard C. Ross 9,077,359.44 7,516.02
Ralph R. Shaw 9,077,359.44 7,516.02
