| A.   | Waivers |
|----------------|---------|

| B.   | Form Processing |
|----------------|-----------------|

| C.   | Fund Board Reports       |
|----------------|--------------------------------------------------------|

| I. | STATEMENT OF BUSINESS ETHICS |
|----|------------------------------|

|   |   |
|--------|--------|

| II. | DEFINITIONS |
|-----|-------------|

| ·   | who makes, is involved in or has access to non-public information regarding the Purchase or Sale of Securities by an Aquila Fund or other Aquila client; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | whose functions relate to the making of any recommendations with respect to such Purchases or Sales; or |
|--------------------|---------------------------------------------------------------------------------------------------------|

| ·   |  who has access to non-public information regarding the portfolio holdings of an Aquila Fund or other Aquila client. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------|

|   | (a) | there is an outstanding order (this includes orders that are in the process of being executed) to Purchase or Sell that Security for an account or portfolio of any of the AquilaFunds or other Aquila client; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | there is an outstanding oral or written recommendation with respect to that Security that has not been acted upon or rejected; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | an Advisory Person intends to Purchase or Sell (i.e., has decided to but has not yet purchased or sold) that Security for an Aquila Fund or other Aquila client. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| III. | APPLICATION OF THE CODE |
|------|-------------------------|

| IV. | DELIVERY AND ACKNOWLEDGEMENT OF THE CODE AND AMENDMENTS TO THE CODE |
|-----|---------------------------------------------------------------------|

| V. | COMPLIANCE WITH LAWS AND REGULATIONS |
|----|--------------------------------------|

|                 A. | Compliance with the Federal Securities Laws |
|-----------------------------------------------------------------------------------------------|---------------------------------------------|

|                  B. | General Prohibitions Applicable to All Employees |
|----------------------------------------------------------------------------------------------------------|--------------------------------------------------|

| ·   | Employing any device, scheme, or artifice to defraud an Aquila Fund or other Aquila client; |
|--------------------|---------------------------------------------------------------------------------------------|

| ·   | Making to an Aquila Fund or other Aquila client any untrue statement of a material fact or omitting to state a material fact necessary in order to make the statements, in light of the circumstances under which they are made, not misleading; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit upon an Aquila Fund or other Aquila client; or |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Engaging in any manipulative practice. |
|--------------------|----------------------------------------|

|                  C. | Front-Running |
|-----------------------------------------------------------------------------------------------------|---------------|

|                   D. | Market Timing |
|-----------------------------------------------------------------------------------------------------------|---------------|

| VI. | INSIDER TRADING |
|-----|-----------------|

| VII. | CONFIDENTIALITY |
|------|-----------------|

| VIII. | RESTRICTIONS ON PERSONAL TRADING |
|-------|----------------------------------|

|                 A. | Pre-Approval of Personal Trades |
|-----------------------------------------------------------------------------------------------|---------------------------------|

| ·   | acquiring any Security in an Initial Public Offering or Limited Offering; or |
|--------------------|------------------------------------------------------------------------------|

| ·   | Purchasing or Selling any Reportable Security that the Employee knows is Held or is to be Acquired by an Aquila Fund or other Aquila client. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

|                 B. | Prohibited Personal Trading Practices |
|-----------------------------------------------------------------------------------------------|---------------------------------------|

|                                 1. | Short-Term Trading |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|

|                                 2. | Short Sales |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|

|                                 3. | Blackout Periods |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|

|                 C. | Exempt Transactions |
|-----------------------------------------------------------------------------------------------|---------------------|

| ·   | Purchases or Sales of Securities in an account over which the Employee does not have direct or indirect control or influence (e.g., a blind trust); |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Purchases of Reportable Securities pursuant to an automatic investment plan (i.e., a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including dividend reinvestment plans); however, any transaction that overrides the pre-set schedule or allocations of the automatic investment plan is not exempt; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Purchases or Sales made by payroll deduction through an employer-sponsored employee benefit plan; |
|--------------------|---------------------------------------------------------------------------------------------------|

| ·   | Purchases or Sales which are non-volitional (e.g., those over which the person has no control, such as securities received in connection with stock splits, spin-offs, other corporate actions, mergers, consolidations, reorganizations or exchange offers); or |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                  D. | Approvals of Transactions or Requests for Waivers of Restrictions by the CCO |
|-----------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------|

| IX. | REPORTING AND REVIEW OF PERSONAL SECURITIES HOLDINGS AND TRANSACTIONS |
|-----|-----------------------------------------------------------------------|

|                  A. | Initial and Annual Reports of Securities Holdings and Accounts (“Securities Holdings and Accounts Reports”) |
|----------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|

|   | (a) | title, type of Reportable Security and as applicable the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Reportable Security of which the Employee is a direct or indirect Beneficial Owner; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the name of any broker, dealer, mutual fund company or bank with which the Employee maintains an account used to hold or trade any Securities for the Employee’s direct or indirect benefit, the account number, the title of the account, the name of the account executive or representative (if any), and the names of any other persons who are Beneficial Owners of the account; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the date that the report is submitted by the Employee. |
|--------|-----|--------------------------------------------------------|

|                   B. | Quarterly Reports of Securities Transactions and Accounts (“Quarterly Transaction and Accounts Reports”) |
|-----------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|

|   | (a) | the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date (if applicable), and number of shares, and the principal amount of each Reportable Security involved; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the nature of the transaction (e.g., purchase, sale, or any other type of acquisition or disposition); |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (c) | the price at which the transaction was effected; |
|--------|-----|--------------------------------------------------|

|   | (d) | the name of the broker, dealer, mutual fund company or bank with or through which the transaction was effected; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (e) | the date that the report is submitted by the Employee. |
|--------|-----|--------------------------------------------------------|

|   | (a) | the name of the broker, dealer, mutual fund company or bank with whom the Employee established the account; |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (b) | the date the account was established, the title of the account, the name of the account executive or representative (if any), and the names of any other persons who are Beneficial Owners of the account; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the date that the report is submitted by the Employee. |
|--------|-----|--------------------------------------------------------|

| ·   | transactions reported in duplicate broker monthly account statements or trade confirmations received by the Aquila Entities, if all of the above required information is included and confirmations or account statements are received by the CCO within thirty (30) days of the close of the calendar quarter; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | purchases of Reportable Securities pursuant to an automatic investment plan (i.e., a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including dividend reinvestment plans).  Any transaction, however, that overrides the pre-set schedule or allocations of the automatic investment plan must be included in a Quarterly Transaction Report. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| X | GIFTS AND GRATUITIES |
|---|----------------------|

|   | (a) | any gift amounting in value to more than $100 per person per year; and |
|--------|-----|------------------------------------------------------------------------|

|   | (b) | any payment or reimbursement of travel expenses, including overnight lodging, in excess of $100 per person per year. |   |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|--------|

|   | (a) | an occasional meal, a ticket to a sporting event or the theater or comparable entertainment at which the provider of the entertainment is in attendance, which is not conditioned on directing business to the firm, that provided such meal or entertainment is neither so frequent nor so extensive as to raise any question of propriety and is not preconditioned on achieving a sales target or similar goal; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | an unconditional gift of a typical item of reminder advertising, such as a ball-point pen with the name of the advertiser inscribed, a calendar pad, or similar gifts amounting in aggregate value to not more than $100 per person per year, provided that each such item is of an insubstantial value (e.g., less than $40 each). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| XI. | ADVISING NON-AQUILA ENTITIES |
|-----|------------------------------|

| XII. | PERSONS SERVING AS DIRECTORS OR OFFICERS OF OTHER COMPANIES/OUTSIDE ACTIVITIES |
|------|--------------------------------------------------------------------------------|

| XIII. | RECORD KEEPING |
|-------|----------------|

|   | (a) | a copy of this Code of Ethics and any other Code of Ethics which is, or at any time within the past five (5) years has been in effect and all amendments to such Code(s); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a copy of each signed and dated Certification acknowledging receipt of the Code and any amendments or updates to the Code for each person who is currently, or within the past five (5) years was, an Employee; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | records of any violations of this Code and any actions taken as a result of such violations for a period of five (5) years after the end of the fiscal year in which such violation occurred; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | each report (e.g., initial or annual holdings reports; quarterly transaction reports), record or finding submitted or made under this Code, including any information provided in lieu of these reports (e.g., duplicate brokerage confirmations and/or account statements) for a period of five (5) years after the end of the fiscal year in which the report, record or finding was submitted or made; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | each Personal Trading Request Form (Appendix B) submitted by an Employee and a record of the decision regarding such request for a period of five (5) years after the end of the fiscal year in which the request or decision was made (and for shares of an Initial Public Offering or Limited Offering, the reasoning for the decision); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | each request for a waiver from any of the provisions of the Code of Ethics, including a description of the reason for the request and a brief summary of the reasons for granting or denying the waiver, for a period of five (5) years after the last date on which the waiver was applied; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | a list of all individuals who currently are or within the past five (5) years have been deemed Employees or Advisory Persons, as well as records of any decision by the CCO to exempt a person from the definition of Employee or Advisory Person and supporting documentation for and facts surrounding such a decision; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | a list of all persons who currently are or within the past five (5) years have been responsible for reviewing reports submitted pursuant to the Code; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a copy of each report submitted to an Aquila Fund’s board of directors/trustees pursuant to Rule 17j-1(c)(2)(ii) for a period of five (5) after the end of the fiscal year in which the report is made. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| XIV. | REPORTING VIOLATIONS OF THIS CODE; PENALTIES |
|------|----------------------------------------------|

| ·   | Verbal/written warning; |
|--------------------|-------------------------|

| ·   | Suspension of privileges; |
|--------------------|---------------------------|

| ·   | Forfeiture of profit or disallowance of loss; |
|--------------------|-----------------------------------------------|

| ·   | Forfeiture of discretionary salary increase/bonus; |
|--------------------|----------------------------------------------------|

| ·   | Suspension of employment, with or without pay; and |
|--------------------|----------------------------------------------------|

| ·   | Termination of employment. |
|--------------------|----------------------------|

| XV. | MISCELLANEOUS |
|-----|---------------|

|                 A. | Waivers |
|-----------------------------------------------------------------------------------------------|---------|

|                 B. | Form Processing |
|----------------------------------------------------------------------------------------------------|-----------------|

|                 C. | Fund Board Reports |
|----------------------------------------------------------------------------------------------------|--------------------|

|                 D. | Code Amendments |
|-----------------------------------------------------------------------------------------------|-----------------|

----

  
| 1 | An individual who Beneficially Owns a significant portion (i.e., more than 25%) of an Aquila Fund’s shares would be a Control Person of that Fund.  In addition, an owner of  an Aquila Fund’s shares who is a Controlling shareholder of  the Fund or has or shares investment control over the Fund’s portfolio would be a “beneficial owner” of  that  Fund’s portfolio securities.  Without the above exclusion, in such cases the Fund’s own portfolio transactions, accounts and holdings technically could be subject to the account, transaction or holdings reporting, pre-clearance and other requirements in this Code.  This result would serve no protective purpose for the Fund and its shareholders, but could prevent the Fund from engaging in beneficial transactions on a timely basis and would otherwise have inappropriate and burdensome effects. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

  
| 2 | See footnote 1 above. |
|---|-----------------------|

  
| 3 | See footnote 1 above. |
|---|-----------------------|

----

| ·   | I have received the Code of Ethics of Aquila Management Corporation, Aquila Investment Management LLC, and Aquila Distributors, Inc., last revised on August 24, 2010 (the “Code”) |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | I have read the Code in its entirety. |
|--------------------|---------------------------------------|

| ·   | I understand the Code and its requirements. |
|--------------------|---------------------------------------------|

| ·   | I will comply fully with all of its provisions as they apply to me. |
|--------------------|---------------------------------------------------------------------|

|   | □  Initial Report.  This report is current as of _____________ |
|--------|------------------------------------------------------------------------------------------|

|   | □  Annual Report for _____________________ |
|--------|------------------------------------------------------------|

|   |                                         Year Covered by Report |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Title of the Security | Type of Security (stock, bond, etc.) | Ticker Symbol or CUSIP No. (if applicable) | Number of Shares/Units | Principal Amount |
|-----------------------|--------------------------------------|-------------------------------------------------|------------------------|------------------|
|                  |                                 |                                            |                   |             |
|                  |                                 |                                            |                   |             |
|                  |                                 |                                            |                   |             |
|                  |                                 |                                            |                   |             |
|                  |                                 |                                            |                   |             |
|                  |                                 |                                            |                   |             |
|                  |                                 |                                            |                   |             |
|                  |                                 |                                            |                   |             |

| 1.   | Name of Broker/Dealer/Mutual Fund/Bank:                                                   _____________________________ |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Name of Broker/Dealer/Mutual Fund/Bank: | _____________________________ |
|----|-----------------------------------------|-------------------------------|

| 3. | Name of Broker/Dealer/Mutual Fund/Bank: | _____________________________ |
|----|-----------------------------------------|-------------------------------|

|   |                 _____________________________ |
|--------|--------------------------------------------------------------------------------------------------------------------------|

| Trans. Date | Title of Security | Ticker or CUSIP(if applicable) | Interest Rate & Maturity Date(if applicable) | Number of Shares | Principal Amount | Nature of Trans. | Price  | Financial Institution |
|-------------|-------------------|--------------------------------|--------------------------------------------------|------------------|------------------|------------------|--------|-----------------------|
|        |              |                           |                                             |             |             |             |   |                  |
|        |              |                           |                                             |             |             |             |   |                  |
|        |              |                           |                                             |             |             |             |   |                  |
|        |              |                           |                                             |             |             |             |   |                  |
|        |              |                           |                                             |             |             |             |   |                  |
|        |              |                           |                                             |             |             |             |   |                  |
|        |              |                           |                                             |             |             |             |   |                  |

| 2. | Name of Broker/Dealer/Mutual Fund/Bank: | _____________________________ |
|----|-----------------------------------------|-------------------------------|

| 3. | Name of Broker/Dealer/Mutual Fund/Bank: | _____________________________ |
|----|-----------------------------------------|-------------------------------|

|   |                 _____________________________ |
|--------|--------------------------------------------------------------------------------------------------------------------------|