----

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| Item 1. | Name of      Insured (the "Insured") Aquila Investment Management,      LLC                                                                                          | Bond      Number 87110110B |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|
|    |  Principal      Office:   380 Madison Avenue, Suite 2300, New York, NY      10017Mailing      Address:  380 Madison Avenue, Suite 2300, New York, NY      10017 |

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| Item      2. | Bond      Period: from 12:01 a.m. on                   July      31,      2010                  ,      to 12:01 a.m. on                   July      31,      2011             or      the earlier effective date of the termination of this Bond, standard time      at the Principal Office as to each of saiddates. |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Item      3. | Limit      of Liability--                                                                                                                                                               |                                |   |                    |       |   |                   |   |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|--------|-------------------------|------------|--------|------------------------|--------|
|         | Subject      to Sections 9, 10 and 12 hereof:                                                                                                                                           |                                |   |                    |       |   |                   |
|         |                                                                                                                                                                                    |                                |   |                    |       |   |                   |
|         |                                                                                                                                                                                    |                                |   | LIMIT      OF LIABILITY |       |   | DEDUCTIBLE      AMOUNT |   |
|         | Insuring      Agreement A-                                                                                                                                                    | FIDELITY                            |   | $                       | 10,000,000 |   |                   | $      | 50,000 |   |
|         | Insuring      Agreement B-                                                                                                                                                              | AUDIT      EXPENSE                  |   | $                       | 50,000     |   |                   | $      | 10,000 |   |
|         | Insuring      Agreement C-                                                                                                                                                              | ON      PREMISES                    |   | $                       | 10,000,000 |   |                   | $      | 50,000 |   |
|         | Insuring      Agreement D-                                                                                                                                                              | IN      TRANSIT                     |   | $                       | 10,000,000 |   |                   | $      | 50,000 |   |
|         | Insuring      Agreement E-                                                                                                                                                              | FORGERY      OR ALTERATION          |   | $                       | 10,000,000 |   |                   | $      | 50,000 |   |
|         | Insuring      Agreement F-                                                                                                                                                              | SECURITIES                          |   | $                       | 10,000,000 |   |                   | $      | 50,000 |   |
|         | Insuring      Agreement G-                                                                                                                                                              | COUNTERFEIT      CURRENCY           |   | $                       | 10,000,000 |   |                   | $      | 50,000 |   |
|         | Insuring      Agreement H-                                                                                                                                                              | UNCOLLECTIBLE      ITEMS OF DEPOSIT |   | $                       | 50,000     |   |                   | $      | 5,000 |   |
|         | Insuring      Agreement I-                                                                                                                                                              | PHONE/ELECTRONIC      TRANSACTIONS  |   | $                       | 10,000,000 |   |                   | $      | 50,000 |   |
|         |                                                                                                                                                                                    |                                |   |                    |       |   |                   |   |   |   |
|         | If      "Not Covered" is inserted opposite any Insuring Agreement above, such      Insuring Agreement and      any reference thereto shall be deemed to be deleted from this      Bond. |                                |

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| Item4. | Offices or Premises      Covered--All the Insured’s offices or other premises in existence at the      time this Bond becomes effective are covered under this Bond, except the      offices or other premises excluded by Rider.  Offices or other      premises acquired or established after the effective date of this Bond are      covered subject to the terms of General Agreement A.   |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Item 5. | The liability of ICI      Mutual Insurance Company, a Risk Retention Group (the “Underwriter”) is      subject to the terms of the following Riders attached      hereto:  Riders: 1-2-3-4-5-6-7-8 and of all Riders applicable to this Bond issued during the Bond      Period. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | By:    | /S/ Maggie      Sullivan             |   |
|--------|--------|--------------------------------------|--------|
|   |   | Authorized      Representative  |   |

----

| A.  | FIDELITY |
|----------|----------|

| B.  | AUDIT      EXPENSE |
|----------|--------------------|

| C.  | ON      PREMISES |
|----------|------------------|

| D.  | IN      TRANSIT |
|----------|-----------------|

| E. | FORGERY      OR ALTERATION |
|----|----------------------------|

----

| F. | SECURITIES |
|----|------------|

| G.  | COUNTERFEIT      CURRENCY |
|----------|---------------------------|

| H.  | UNCOLLECTIBLE      ITEMS OF DEPOSIT |
|----------|-------------------------------------|

|   | (1) | uncollectible      Items of Deposit of a Fund’s customer, shareholder or subscriber credited      by the Insured or its agent to such person’s Fund account,    or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | any      Item of Deposit processed through an automated clearing house which is      reversed by a Fund’s customer, shareholder or subscriber and is deemed      uncollectible by the Insured; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| I. | PHONE/ELECTRONIC      TRANSACTIONS |
|----|------------------------------------|

----

|   | (1) | is      transmitted to the Insured or its agents by voice over the telephone or by      Electronic Transmission; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (2) | is      made by an individual purporting to be a Fund shareholder or subscriber or      an authorized agent of a Fund shareholder or subscriber;    and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | is      unauthorized or fraudulent and is made with the manifest intent to      deceive; |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (1) | the      failure to pay for shares attempted to be purchased;  or |
|--------|-----|-------------------------------------------------------------------|

|   | (2) | any      redemption of Investment Company shares which had been improperly credited      to a shareholder’s account where such shareholder (a) did not cause,      directly or indirectly, such shares to be credited to such account, and      (b) directly or indirectly received any proceeds or other benefit from      such redemption; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | any      redemption of shares issued by an Investment Company where the proceeds of      such redemption were requested to be paid or made payable to other than      (a) the Shareholder of Record, or (b) any other person or bank account      designated to receive redemption proceeds (i) in the initial account      application, or (ii) in writing (not to include Electronic Transmission)      accompanied by a signature guarantee;or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | any      redemption of shares issued by an Investment Company where the proceeds of      such redemption were requested to be sent to other than any address for      such account which was designated (a) in the initial account application,      or (b) in writing (not to include Electronic Transmission), where such      writing is received at least one (1) day prior to such redemption request,      or (c) by voice over the telephone or by Electronic Transmission at least      fifteen (15) days prior to such redemption;or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | the      intentional failure to adhere to one or more Phone/Electronic Transaction      Security Procedures; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (6) | a      Phone/Electronic Transaction request transmitted by electronic mail or      transmitted by any method not subject to the Phone/Electronic Transaction      Security Procedures; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7)   | the      failure or circumvention of any physical or electronic protection device,      including any firewall, that imposes restrictions on the flow of      electronic traffic in or out of any Computer  System. |
|--------|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| A. | ADDITIONAL      OFFICES OR EMPLOYEES--CONSOLIDATION OR  MERGER--NOTICE |
|----|------------------------------------------------------------------------|

|   | 1. | Except      as provided in paragraph 2 below, this Bond shall apply to any additional      office(s) established by the Insured during the Bond Period and to all      Employees during the Bond Period, without the need to give notice thereof      or pay additional premiums to the Underwriter for the Bond      Period. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 2. | If      during the Bond Period an Insured Investment Company shall merge or      consolidate with an institution in which such Insured is the surviving      entity, or purchase substantially all the assets or capital stock of      another institution, or acquire or create a separate investment portfolio,      and shall within sixty (60) days notify the Underwriter thereof, then this      Bond shall automatically apply to the Property and Employees resulting      from such merger, consolidation, acquisition or creation from the date      thereof; provided, that the Underwriter may make such coverage contingent      upon the payment of an additionalpremium. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B.  | WARRANTY |
|----------|----------|

| C.  | COURT      COSTS AND ATTORNEYS’ FEES |
|----------|--------------------------------------------|

|   | 1. | an      Employee admits to having committed or is adjudicated to have committed a      Dishonest or Fraudulent Act or Theft which caused the loss;    or |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | in      the absence of such an admission or adjudication, an arbitrator or      arbitrators acceptable to the Insured and the Underwriter concludes, after      a review of an agreed statement of facts, that an Employee has committed a      Dishonest or Fraudulent Act or Theft which caused the  loss. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| D. | INTERPRETATION |
|----|----------------|

----

| A. | “Alteration” means the      marking, changing or altering in a material way of the terms, meaning or      legal effect of a document with the intent to  deceive. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | “Application” means the      Insured’s application (and any attachments and materials submitted      in  connection therewith) furnished to the Underwriter for this      Bond. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| C. | “Computer System” means      (1) computers with related peripheral components, including storage      components, (2) systems and applications software, (3) terminal devices,      (4) related communications networks or customer communication systems, and      (5) related electronic funds transfer systems; by which data or monies are      electronically collected, transmitted, processed, stored or      retrieved. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| D. | “Counterfeit” means,      with respect to any item, one which is false but is intended to deceive      and to be taken for the original authenticitem. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| E. | “Deductible Amount”      means, with respect to any Insuring Agreement, the amount set forth under      the heading “Deductible Amount” in Item 3 of the Declarations or in any      Rider for such Insuring Agreement, applicable to each Single Loss covered      by such Insuring Agreement. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| F. | “Depository” means any      “securities depository” (other than any foreign securities depository) in      which an Investment Company may deposit its Securities in accordance with      Rule 17f-4 under the Investment Company Act of  1940. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| G. | “Dishonest or Fraudulent      Act” means any dishonest or fraudulent act, including “larceny and      embezzlement” as defined in Section 37 of the Investment Company Act of      1940, committed with the conscious manifest intent (1) to cause the      Insured to sustain a loss and (2) to obtain financial benefit for the      perpetrator or any other person (other than salaries, commissions, fees,      bonuses, awards, profit sharing, pensions or other employee benefits). A      Dishonest or Fraudulent Act does not mean or include a reckless act, a      negligent act, or a grossly negligentact. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| H. | “Electronic      Transmission” means any transmission effected by electronic means,      including but not limited to a transmission effected by telephone tones,      Telefacsimile, wireless device, or over the  Internet. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| I. | “Employee”      means: |
|----|------------------------------------|

|   | (1) | each      officer, director, trustee, partner or employee of the Insured,      and |
|--------|-----|------------------------------------------------------------------------------------|

|   | (2) | each      officer, director, trustee, partner or employee of any predecessor of the      Insured whose principal assets are acquired by the Insured by      consolidation or merger with, or purchase of assets  or capital      stock of, such predecessor, and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | each      attorney performing legal services for the Insured and each employee of      such attorney or of the law firm of such attorney while performing      services for the Insured, and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (4) | each      student who is an authorized intern of the Insured, while in any of the      Insured’s offices,  and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | each      officer, director, trustee, partner or employee  of |
|--------|-----|---------------------------------------------------------------|

|  | (a) | an      investment adviser, |
|--|-----|-----------------------------|

|  | (b) | an      underwriter (distributor), |
|--|-----|------------------------------------|

|  | (c) | a      transfer agent or shareholder accounting recordkeeper,  or |
|--|-----|-------------------------------------------------------------------|

|  | (d) | an      administrator authorized by written agreement to keep financial and/or      other required records, |
|--|-----|-------------------------------------------------------------------------------------------------------------|

|   | (6) | each      individual assigned, by contract or by any agency furnishing temporary      personnel, in either case on a contingent or part-time basis, to perform      the usual duties of an employee in any office of the Insured,      and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | each      individual assigned to perform the usual duties of an employee or officer      of any entity authorized by written agreement with the Insured to perform      services as electronic data processor of checks or other accounting      records of the Insured, but excluding a processor which acts as transfer      agent or in any other agency capacity for the Insured in issuing checks,      drafts or securities, unless included under subsection (5) hereof,      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (8) | each      officer, partner or employee of |
|--------|-----|-------------------------------------------|

|   | (a) | any      Depository or Exchange, |
|--------|-----|----------------------------------|

|   | (b) | any      nominee in whose name is registered any Security included in the systems      for the central handling of securities established and maintained by any      Depository, and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any      recognized service company which provides clerks or other personnel to any      Depository or Exchange on a contractbasis, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (9) | in      the case of an Insured which is an “employee benefit plan” (as defined in      Section 3 of the Employee Retirement Income Security Act of 1974      (“ERISA”)) for officers, directors or employees of another Insured      (“In-House Plan”), any “fiduciary” or other “plan official” (within the      meaning of Section 412 of ERISA) of such In-House Plan, provided that such      fiduciary or other plan official is a director, partner, officer, trustee      or employee of an Insured (other than an In-House  Plan). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| J. | “Exchange” means any      national securities exchange registered under the Securities Exchange Act      of 1934. |
|----|-------------------------------------------------------------------------------------------------------------------------------|

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| K. | “Forgery” means the      physical signing on a document of the name of another person (whether real      or fictitious) with the intent to deceive.  A Forgery may be by      means of mechanically reproduced facsimile signatures as well as      handwritten signatures.  Forgery does not include the signing of      an individual’s own name, regardless of such individual’s authority,      capacity or purpose. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| L. | “Items of Deposit” means      one or more checks or drafts. |
|----|-------------------------------------------------------------------------|

| M. | “Investment Company” or      “Fund” means an      investment company registered under the Investment Company Act of      1940. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| N. | “Limit of Liability”      means, with respect to any Insuring Agreement, the limit of liability of      the Underwriter for any Single Loss covered by such Insuring Agreement as      set forth under the heading “Limit of Liability” in Item 3 of the      Declarations or in any Rider for such Insuring  Agreement. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| O. | “Mysterious      Disappearance” means any disappearance of Property which, after a      reasonable investigation has been conducted, cannot be      explained. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| P. | “Non-Fund” means any      corporation, business trust, partnership, trust or other entity which is      not an Investment Company. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------|

| Q. | “Phone/Electronic Transaction      Security Procedures” means security procedures for Phone/Electronic      Transactions as provided in writing to the    Underwriter. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| R. | “Phone/Electronic      Transaction” means any (1) redemption of shares issued by an      Investment Company, (2) election concerning dividend options available to      Fund shareholders, (3) exchange of shares in a registered account of one      Fund into shares in an identically registered account of another Fund in      the same complex pursuant to exchange privileges of the two Funds, or (4)      purchase of shares issued by an Investment Company, which redemption,      election, exchange or purchase is requested by voice over the telephone or      through an Electronic Transmission. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| S. | “Property” means the      following tangible items:  money, postage and revenue stamps,      precious metals, Securities, bills of exchange, acceptances, checks,      drafts, or other written orders or directions to pay sums certain in      money, certificates of deposit, due bills, money orders, letters of      credit, financial futures contracts, conditional sales contracts,      abstracts of title, insurance policies, deeds, mortgages, and assignments      of any of the foregoing, and other valuable papers, including books of      account and other records used by the Insured in the conduct of its      business, and all other instruments similar to or in the nature of the      foregoing (but excluding all data processing records), (1) in which the      Insured has a legally cognizable interest, (2) in which the Insured      acquired or should have acquired such an interest by reason of a      predecessor’s declared financial condition at the time of the Insured’s      consolidation or merger with, or purchase of the principal assets of, such      predecessor or (3) which are held by the Insured for any purpose or in any      capacity. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| T. | “Securities” means      original negotiable or non-negotiable agreements or instruments which      represent an equitable or legal interest, ownership or debt (including      stock certificates, bonds, promissory notes, and assignments thereof),      which are in the ordinary course of business and transferable by physical      delivery with appropriate endorsement or      assignment.  “Securities” does not include bills of exchange,      acceptances, certificates of deposit, checks, drafts, or other written      orders or directions to pay sums certain in money, due bills, money      orders, or letters of credit. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| U. | “Security Company” means      an entity which provides or purports to provide the transport of Property      by secure means, including, without limitation, by use of armored vehicles      or guards. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| V. | “Self Regulatory      Organization” means any association of investment advisers or      securities dealers registered under the federal securities laws, or any      Exchange. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| W. | “Shareholder of Record”      means the record owner of shares issued by an Investment Company or, in      the case of joint ownership of such shares, all record owners, as      designated (1) in the initial account application, or (2) in writing      accompanied by a signature guarantee, or (3) pursuant to procedures as set      forth in the Application. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| X. | “Single Loss”      means: |
|----|---------------------------------------|

|   | (1) | all      loss resulting from any one actual or attempted Theft committed by one      person, or |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (2) | all      loss caused by any one act (other than a Theft or a Dishonest or      Fraudulent Act) committed by one person,or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (3) | all      loss caused by Dishonest or Fraudulent Acts committed by one person,      or |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (4) | all      expenses incurred with respect to any one audit or examination,      or |
|--------|-----|----------------------------------------------------------------------------------|

|   | (5) | all      loss caused by any one occurrence or event other than those specified in      subsections (1) through (4) above. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

| Y. | “Telefacsimile” means a      system of transmitting and reproducing fixed graphic material (as, for      example, printing) by means of signals transmitted over telephone lines or      over the Internet. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Z. | “Theft” means robbery,      burglary or hold-up, occurring with or without violence or the threat      of  violence. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------|

| A. | Loss      resulting from (1) riot or civil commotion outside the United States of      America and Canada, or (2) war, revolution, insurrection, action by armed      forces, or usurped power, wherever occurring; except if such loss occurs      while the Property is in transit, is otherwise covered under Insuring      Agreement D, and when such transit was initiated, the Insured or any      person initiating such transit on the Insured’s behalf had no knowledge of      such riot, civil commotion, war, revolution, insurrection, action by armed      forces, or usurped power. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | Loss      in time of peace or war resulting from nuclear fission or fusion or      radioactivity, or biological or chemical agents or hazards, or fire,      smoke, or explosion, or the effects of any of the    foregoing. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| C. | Loss      resulting from any Dishonest or Fraudulent Act committed by any person      while acting in the capacity of a member of the Board of Directors or any      equivalent body of the Insured or of any other  entity. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| D. | Loss      resulting from any nonpayment or other default of any loan or similar      transaction made by the Insured or any of its partners, directors,      officers or employees, whether or not authorized and whether procured in      good faith or through a Dishonest or Fraudulent Act, unless such loss is      otherwise covered under Insuring Agreement A, E or  F. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| E. | Loss      resulting from any violation by the Insured or by any Employee of any law,      or any rule or regulation pursuant thereto or adopted by a Self Regulatory      Organization, regulating the issuance, purchase or sale of securities,      securities transactions upon security exchanges or over the counter      markets, Investment Companies, or investment advisers, unless such loss,      in the absence of such law, rule or regulation, would be covered under      Insuring Agreement A, E or F. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| F. | Loss      resulting from Property that is the object of Theft, Dishonest or      Fraudulent Act, or Mysterious Disappearance while in the custody of any      Security Company, unless such loss is covered under this Bond and is in      excess of the amount recovered or received by the Insured under (1) the      Insured’s contract with such Security Company, and (2) insurance or      indemnity of any kind carried by such Security Company for the benefit of,      or otherwise available to, users of its service, in which case this Bond      shall cover only such excess, subject to the applicable Limit of Liability      and Deductible Amount. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| G. | Potential      income, including but not limited to interest and dividends, not realized      by the Insured because of a loss covered under this Bond, except when      covered under Insuring Agreement H. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| H. | Loss      in the form of (1) damages of any type for which the Insured is legally      liable, except direct compensatory damages, or (2) taxes, fines, or      penalties, including without limitation two-thirds of treble damage awards      pursuant to judgments under any statute or  regulation. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| I. | Loss      resulting from the surrender of Property away from an office of the      Insured as a result of a threat |
|----|--------------------------------------------------------------------------------------------------------------------|

|   | (1) | to      do bodily harm to any person, except where the Property is in transit in      the custody of any person acting as messenger as a result of a threat to      do bodily harm to such person, if the Insured had no knowledge of such      threat at the time such transit was initiated,  or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | to      do damage to the premises or Property of the Insured, |
|--------|-----|---------------------------------------------------------------|

| J. | All      costs, fees and other expenses incurred by the Insured in establishing the      existence of or amount of loss covered under this Bond, except to the      extent certain audit expenses are covered under Insuring Agreement      B. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| K. | Loss      resulting from payments made to or withdrawals from any account, involving      funds erroneously credited to such account, unless such loss is otherwise      covered under Insuring Agreement A. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| L. | Loss      resulting from uncollectible Items of Deposit which are drawn upon a      financial institution outside the United States of America, its      territories and possessions, orCanada. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| M. | Loss      resulting from the Dishonest or Fraudulent Acts, Theft, or other acts or      omissions of an Employee primarily engaged in the sale of shares issued by      an Investment Company to persons other than (1) a person registered as a      broker under the Securities Exchange Act of 1934 or (2) an “accredited      investor” as defined in Rule 501(a) of Regulation D under the Securities      Act of 1933, which is not anindividual. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| N. | Loss      resulting from the use of credit, debit, charge, access, convenience,      identification, cash management or other cards, whether such cards were      issued or purport to have been issued by the Insured or by anyone else,      unless such loss is otherwise covered under Insuring Agreement      A. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| O. | Loss      resulting from any purchase, redemption or exchange of securities issued      by an Investment Company or other Insured, or any other instruction,      request, acknowledgement, notice or transaction involving securities      issued by an Investment Company or other Insured or the dividends in      respect thereof, when any of the foregoing is requested, authorized or      directed or purported to be requested, authorized or directed by voice      over the telephone or by Electronic Transmission, unless such loss is      otherwise covered under Insuring Agreement A or Insuring Agreement      I. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| P. | Loss      resulting from any Dishonest or Fraudulent Act or Theft committed by an      Employee as defined in Section 1.I(2), unless such loss (1) could not have      been reasonably discovered by the due diligence of the Insured at or prior      to the time of acquisition by the Insured of the assets acquired from a      predecessor, and (2) arose out of a lawsuit or valid claim brought against      the Insured by a person unaffiliated with the Insured or with any person      affiliated with the Insured. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Q. | Loss      resulting from the unauthorized entry of data into, or the deletion or      destruction of data in, or the change of data elements or programs within,      any Computer System, unless such loss is otherwise covered under Insuring      Agreement A. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Assignment      of any rights or claims under this Bond shall not bind the Underwriter      without the Underwriter’s writtenconsent. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | This      Bond is for the use and benefit only of the Insured and the Underwriter      shall not be liable hereunder to anyone other than the      Insured.  As soon as practicable and not more than sixty (60)      days after discovery, the Insured shall give the Underwriter written      notice thereof and, as soon as practicable and within one year after such      discovery, shall also furnish to the Underwriter affirmative proof of loss      with full particulars.  The Underwriter may extend the sixty day      notice period or the one year proof of loss period if the Insured requests      an extension and shows good causetherefor. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Insured shall not bring legal proceedings against the Underwriter to      recover any loss hereunder prior to sixty (60) days after filing such      proof of loss or subsequent to twenty-four (24) months after the discovery      of such loss or, in the case of a legal proceeding to recover hereunder on      account of any judgment against the Insured in or settlement of any suit      mentioned in General Agreement C or to recover court costs or attorneys’      fees paid in any such suit, twenty-four (24) months after the date of the      final judgment in or settlement of such suit.  If any limitation      in this Bond is prohibited by any applicable law, such limitation shall be      deemed to be amended to be equal to the minimum period of limitation      permitted by such law. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Notice      hereunder shall be given to Manager, Professional Liability Claims, ICI      Mutual Insurance Company, 1401 H St. NW, Washington, DC    20005. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | becomes      aware of facts, or |
|--------|-----|---------------------------------|

|   | (2) | receives      notice of an actual or potential claim by a third party which alleges that      the Insured is liable undercircumstances, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | the      value of any Property replaced by the Insured prior to the payment of a      claim therefor shall be the actual market value of such Property at the      time of replacement, but not in excess of the market value of such      Property on the first business day before the discovery of the loss of      such Property; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | the      value of Securities which must be produced to exercise subscription,      conversion, redemption or deposit privileges shall be the market value of      such privileges immediately preceding the expiration thereof if the loss      of such Securities is not discovered until after such expiration, but if      there is no quoted or other ascertainable market price for such Property      or privileges referred to in clauses (1) and (2), their value shall be      fixed by agreement between the parties or by arbitration before an      arbitrator or arbitrators acceptable to the parties;  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | the      value of books of accounts or other records used by the Insured in the      conduct of its business shall be limited to the actual cost of blank      books, blank pages or other materials if the books or records are      reproduced plus the cost of labor for the transcription or copying of data      furnished by the Insured forreproduction. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      maximum liability of the Underwriter hereunder for lost Securities shall      be the payment for, or replacement of, such Securities having an aggregate      value not to exceed the applicable Limit of Liability.  If the      Underwriter shall make payment to the Insured for any loss of Securities,      the Insured shall assign to the Underwriter all of the Insured’s right,      title and interest in and to such Securities.  In lieu of such      payment, the Underwriter may, at its option, replace such lost Securities,      and in such case the Insured shall cooperate to effect such      replacement.  To effect the replacement of lost Securities, the      Underwriter may issue or arrange for the issuance of a lost instrument      bond.  If the value of such Securities does not exceed the      applicable Deductible Amount (at the time of the discovery of the loss),      the Insured will pay the usual premium charged for the lost instrument      bond and will indemnify the issuer of such bond against all loss and      expense that it may sustain because of the issuance of such      bond. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | If      the value of such Securities exceeds the applicable Deductible Amount (at      the time of discovery of the loss), the Insured will pay a proportion of      the usual premium charged for the lost instrument bond, equal to the      percentage that the applicable Deductible Amount bears to the value of      such Securities upon discovery of the loss, and will indemnify the issuer      of such bond against all loss and expense that is not recovered from the      Underwriter under the terms and conditions of this Bond, subject to the      applicable Limit of Liability. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | The      Underwriter shall not be liable under any Insuring Agreement unless the      amount of the loss covered thereunder, after deducting the net amount of      all reimbursement and/or recovery received by the Insured with respect to      such loss (other than from any other bond, suretyship or insurance policy      or as an advance by the Underwriter hereunder) shall exceed the applicable      Deductible Amount; in such case the Underwriter shall be liable only for      such excess, subject to the applicable Limit of Liability and the other      terms of this Bond. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | No      Deductible Amount shall apply to any loss covered under Insuring Agreement      A sustained by any Investment Company named as an  Insured. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Underwriter may terminate this Bond as to any Insured or all Insureds only      by written notice to such Insured or Insureds and, if this Bond is      terminated as to any Investment Company, to each such Investment Company      terminated thereby and to the Securities and Exchange Commission,      Washington, D.C., in all cases not less than sixty (60) days prior to the      effective date of termination specified in such  notice. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Insured may terminate this Bond only by written notice to the Underwriter      not less than sixty (60) days prior to the effective date of the      termination specified in such notice.  Notwithstanding the      foregoing, when the Insured terminates this Bond as to any Investment      Company, the effective date of termination shall be not less than sixty      (60) days from the date the Underwriter provides written notice of the      termination to each such Investment Company terminated thereby and to the      Securities and Exchange Commission, Washington,  D.C. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | This      Bond will terminate as to any Insured that is a Non-Fund immediately and      without notice upon (1) the takeover of such Insured’s business by any      State or Federal official or agency, or by any receiver or liquidator, or      (2) the filing of a petition under any State or Federal statute relative      to bankruptcy or reorganization of the Insured, or assignment for the      benefit of creditors of theInsured. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Premiums      are earned until the effective date of termination.  The      Underwriter shall refund the unearned premium computed at short rates in      accordance with the Underwriter’s standard short rate cancellation tables      if this Bond is terminated by the Insured or pro rata if this Bond is      terminated by the Underwriter. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Upon      the detection by any Insured that an Employee has committed any Dishonest      or Fraudulent Act(s) or Theft, the Insured shall immediately remove such      Employee from a position that may enable such Employee to cause the      Insured to suffer a loss by any subsequent Dishonest or Fraudulent Act(s)      or Theft.  The Insured, within two (2) business days of such      detection, shall notify the Underwriter with full and complete particulars      of the detected Dishonest or Fraudulent Act(s) or  Theft. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | For      purposes of this section, detection occurs when any partner, officer, or      supervisory employee of any Insured, who is not in collusion with such      Employee, becomes aware that the Employee has committed any Dishonest or      Fraudulent Act(s) or Theft. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | This      Bond shall terminate as to any Employee by written notice from the      Underwriter to each Insured and, if such Employee is an Employee of an      Insured Investment Company, to the Securities and Exchange Commission, in      all cases not less than sixty (60) days prior to the effective date of      termination specified in suchnotice. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | At      any time prior to the effective date of termination of this Bond as to any      Insured, such Insured may, by written notice to the Underwriter, elect to      purchase the right under this Bond to an additional period of twelve (12)      months within which to discover loss sustained by such Insured prior to      the effective date of such termination and shall pay an additional premium      therefor as the Underwriter mayrequire. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Such      additional discovery period shall terminate immediately and without notice      upon the takeover of such Insured’s business by any State or Federal      official or agency, or by any receiver or liquidator.  Promptly      after such termination the Underwriter shall refund to the Insured any      unearned premium. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      right to purchase such additional discovery period may not be exercised by      any State or Federal official or agency, or by any receiver or liquidator,      acting or appointed to take over the Insured’s  business. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Underwriter shall not be liable for loss in connection with the central      handling of securities within the systems established and maintained by      any Depository (“Systems”), unless the amount of such loss exceeds the      amount recoverable or recovered under any bond or policy or participants’      fund insuring the Depository against such loss (the “Depository’s      Recovery”); in such case the Underwriter shall be liable hereunder only      for the Insured’s share of such excess loss, subject to the applicable      Limit of Liability, the Deductible Amount and the other terms of this      Bond. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | This      Bond does not afford coverage in favor of any Depository or Exchange or      any nominee in whose name is registered any security included within the      Systems. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A. | the      total liability of the Underwriter hereunder for each Single Loss shall      not exceed the Limit of Liability which would be applicable if there were      only one named Insured, regardless of the number of Insured entities which      sustain loss as a result of such SingleLoss, |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | B. | the      Insured first named in Item 1 of the Declarations shall be deemed      authorized to make, adjust, and settle, and receive and enforce payment      of, all claims hereunder as the agent of each other Insured for such      purposes and for the giving or receiving of any notice required or      permitted to be given hereunder; provided, that the Underwriter shall      promptly furnish each named Insured Investment Company with (1) a copy of      this Bond and any amendments thereto, (2) a copy of each formal filing of      a claim hereunder by any other Insured, and (3) notification of the terms      of the settlement of each such claim prior to the execution of such      settlement, |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | C. | the      Underwriter shall not be responsible or have any liability for the proper      application by the Insured first named in Item 1 of the Declarations of      any payment made hereunder to the first named  Insured, |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | D. | for      the purposes of Sections 4 and 13, knowledge possessed or discovery made      by any partner, officer or supervisory Employee of any Insured shall      constitute knowledge or discovery by every named  Insured, |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | E. | if      the first named Insured ceases for any reason to be covered under this      Bond, then the Insured next named shall thereafter be considered as the      first named Insured for the purposes of this Bond,  and |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | F. | each      named Insured shall constitute “the Insured” for all purposes of this      Bond. |
|--------|----|--------------------------------------------------------------------------------------------------------|

|   | A. | the      names of the transferors and transferees (or the names of the beneficial      owners if the voting securities are registered in another name),      and |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | B. | the      total number of voting securities owned by the transferors and the      transferees (or the beneficial owners), both immediately before and after      the transfer, and |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | C. | the      total number of outstanding votingsecurities. |
|--------|----|--------------------------------------------------------|

----

|                                   |                                            |                           |
|----------------------------------------|-------------------------------------------------|--------------------------------|
| INSURED                 |                                            | BOND NUMBER                    |
|                                   |                                            |                           |
| Aquila Investment Management,      LLC |                                            | 87110110B                      |
| EFFECTIVE      DATE               | BOND    PERIOD                             | AUTHORIZED      REPRESENTATIVE |
|                                   |                                            |                           |
| July 31,      2010                | July 31, 2010 to July 31,      2011   | /S/ Maggie      Sullivan       |

| RN1.0-00  (1/02) |
|------------------|

----

|                                   |                                            |                           |
|----------------------------------------|-------------------------------------------------|--------------------------------|
| INSURED                 |                                            | BOND NUMBER                    |
|                                   |                                            |                           |
| Aquila Investment Management,      LLC |                                            | 87110110B                      |
| EFFECTIVE      DATE               | BOND    PERIOD                             | AUTHORIZED      REPRESENTATIVE |
|                                   |                                            |                           |
| July 31,      2010                | July 31, 2010 to July 31,      2011   | /S/ Maggie      Sullivan       |

| RN3.0-01      (1/02) |
|----------------------|

----

|                                   |                                            |                           |
|----------------------------------------|-------------------------------------------------|--------------------------------|
| INSURED                 |                                            | BOND NUMBER                    |
|                                   |                                            |                           |
| Aquila Investment Management,      LLC |                                            | 87110110B                      |
| EFFECTIVE      DATE               | BOND    PERIOD                             | AUTHORIZED      REPRESENTATIVE |
|                                   |                                            |                           |
| July 31,      2010                | July 31, 2010 to July 31,      2011   | /S/ Maggie      Sullivan       |

|   | (1) | letter      requesting redemption of $50,000 or less payable by check to the      shareholder of record and addressed to the address of record;      or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | letter      requesting redemption of $50,000 or less by wire transfer to the record      shareholder's bank account of record;or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | written      request to a trustee or custodian for a Designated Retirement Account      ("DRA") which holds shares of an Insured Fund, where such request (a)      purports to be from or at the instruction of the Owner of such DRA, and      (b) directs such trustee or custodian to transfer $50,000 or less from      such DRA to a trustee or custodian for another DRA established for the      benefit of such Owner; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | "Designated      Retirement Account" means any retirement plan or account described or      qualified under the Internal Revenue Code of 1986, as amended, or a      subaccount thereof. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | "Owner"      means the individual for whose benefit the DRA, or a subaccount thereof,      is established. |
|--------|-----|------------------------------------------------------------------------------------------------------------|

| RN27.0-02      (10/08) |
|------------------------|

----

|                                   |                                            |                           |
|----------------------------------------|-------------------------------------------------|--------------------------------|
| INSURED                 |                                            | BOND NUMBER                    |
|                                   |                                            |                           |
| Aquila Investment Management,      LLC |                                            | 87110110B                      |
| EFFECTIVE      DATE               | BOND    PERIOD                             | AUTHORIZED      REPRESENTATIVE |
|                                   |                                            |                           |
| July 31,      2010                | July 31, 2010 to July 31,      2011   | /S/ Maggie      Sullivan       |

|   | (1) | such      Third Party Check is used to open or increase an account which is      registered in the name of one or more of the payees on such Third Party      Check, and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | reasonable      efforts are made by the Insured, or by the entity receiving Third Party      Checks on behalf of the Insured, to verify all endorsements on all Third      Party Checks made payable in amounts greater than $100,000 (provided,      however, that the isolated failure to make such efforts in a particular      instance will not preclude coverage, subject to the exclusions herein and      in the Bond), |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | any      payee on such Third Party Check reasonably appears to be a corporation or      other entity; or |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (2) | such      Third Party Check is made payable in an amount greater than $100,000 and      does not include the purported endorsements of all payees on such Third      Party Check. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| RN30.0-01      (1/02) |
|-----------------------|

----

|                                   |                                            |                           |
|----------------------------------------|-------------------------------------------------|--------------------------------|
| INSURED                 |                                            | BOND NUMBER                    |
|                                   |                                            |                           |
| Aquila Investment Management,      LLC |                                            | 87110110B                      |
| EFFECTIVE      DATE               | BOND    PERIOD                             | AUTHORIZED      REPRESENTATIVE |
|                                   |                                            |                           |
| July 31,      2010                | July 31, 2010 to July 31,      2011   | /S/ Maggie      Sullivan       |

| RN33.0-00      (10/08) |
|------------------------|

----

|                                   |                                            |                           |
|----------------------------------------|-------------------------------------------------|--------------------------------|
| INSURED                 |                                            | BOND NUMBER                    |
|                                   |                                            |                           |
| Aquila Investment Management,      LLC |                                            | 87110110B                      |
| EFFECTIVE      DATE               | BOND    PERIOD                             | AUTHORIZED      REPRESENTATIVE |
|                                   |                                            |                           |
| July 31,      2010                | July 31, 2010 to July 31,      2011   | /S/ Maggie      Sullivan       |

|   | (1) | a      Phone/Electronic Redemption requested to be paid or made payable by check      to the Shareholder of Record at the address of record;  or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | a      Phone/Electronic Redemption requested to be paid or made payable by wire      transfer to the Shareholder of Record’s bank account of      record, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                   |                                            |                           |
|----------------------------------------|-------------------------------------------------|--------------------------------|
| INSURED                 |                                            | BOND NUMBER                    |
|                                   |                                            |                           |
| Aquila Investment Management,      LLC |                                            | 87110110B                      |
| EFFECTIVE      DATE               | BOND    PERIOD                             | AUTHORIZED      REPRESENTATIVE |
|                                   |                                            |                           |
| July 31,      2010                | July 31, 2010 to July 31,      2011   | /S/ Maggie      Sullivan       |

|   | · | by      Telefacsimile ; or |
|--------|--------|----------------------------|

|   | · | by      transmissions over the Internet (including any connected or associated      intranet or extranet) or utilizing modem or similar connections; or |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | by      wireless device transmissions over the Internet (including any connected      or associated intranet orextranet), |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------|

----

|                                   |                                            |                           |
|----------------------------------------|-------------------------------------------------|--------------------------------|
| INSURED                 |                                            | BOND NUMBER                    |
|                                   |                                            |                           |
| Aquila Investment Management,      LLC |                                            | 87110110B                      |
| EFFECTIVE      DATE               | BOND    PERIOD                             | AUTHORIZED      REPRESENTATIVE |
|                                   |                                            |                           |
| July 31,      2010                | July 31, 2010 to July 31,      2011   | /S/ Maggie      Sullivan       |