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| Item 1. | Name of Insured (the "Insured") Bond NumberAquila Investment Management, LLC Principal Office:   380 Madison Avenue, Suite 2300, New York, NY 10017Mailing Address:  380 Madison Avenue, Suite 2300, New York, NY 10017 | Bond Number87110111B1 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|

| Item 2. | Bond Period: from 12:01 a.m. on July 31, 2011, to 12:01 a.m. on July 31, 2012 or the earlier effective date of the termination of this Bond, standard time at the Principal Office as to each of said dates. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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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 |   |

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

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

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

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

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

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| 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; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 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. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 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 additional premium. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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| 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 authentic item. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 negligent act. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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|   | (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 contract basis, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

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

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

| 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. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 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. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 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, |
|--------|-----|----------------------------------------------------------|

|   | unless such loss is otherwise covered under Insuring Agreement A. |
|--------|-------------------------------------------------------------------|

| 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, or Canada. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 an individual. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 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 written consent. |
|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 cause therefor. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (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 under circumstances, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (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 for reproduction. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 the Insured. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 such notice. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 may require. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 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 Single Loss, |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 voting securities. |
|--------|----|----------------------------------------------------|

----

|                              |                           |                      |
|-----------------------------------|--------------------------------|---------------------------|
| INSURED                           |                           | BOND NUMBER               |
|                              |                           |                      |
| Aquila Investment Management, LLC | 87110111B                      |
| EFFECTIVE DATE                    | BOND PERIOD                    | AUTHORIZED REPRESENTATIVE |
|                              |                           |                      |
| July 31, 2011                     | July 31, 2011 to July 31, 2012 | /s/ Maggie Sullivan       |

----

|                              |                           |                      |
|-----------------------------------|--------------------------------|---------------------------|
| INSURED                           |                           | BOND NUMBER               |
|                              |                           |                      |
| Aquila Investment Management, LLC | 87110111B                      |
| EFFECTIVE DATE                    | BOND PERIOD                    | AUTHORIZED REPRESENTATIVE |
|                              |                           |                      |
| July 31, 2011                     | July 31, 2011 to July 31, 2012 | /s/ Maggie Sullivan       |

----

|                              |                           |                      |
|-----------------------------------|--------------------------------|---------------------------|
| INSURED                           |                           | BOND NUMBER               |
|                              |                           |                      |
| Aquila Investment Management, LLC | 87110111B                      |
| EFFECTIVE DATE                    | BOND PERIOD                    | AUTHORIZED REPRESENTATIVE |
|                              |                           |                      |
| July 31, 2011                     | July 31, 2011 to July 31, 2012 | /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. |
|--------|-----|--------------------------------------------------------------------------------------------------|

----

|                              |                           |                      |
|-----------------------------------|--------------------------------|---------------------------|
| INSURED                           |                           | BOND NUMBER               |
|                              |                           |                      |
| Aquila Investment Management, LLC | 87110111B                      |
| EFFECTIVE DATE                    | BOND PERIOD                    | AUTHORIZED REPRESENTATIVE |
|                              |                           |                      |
| July 31, 2011                     | July 31, 2011 to July 31, 2012 | /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. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                              |                           |                      |
|-----------------------------------|--------------------------------|---------------------------|
| INSURED                           |                           | BOND NUMBER               |
|                              |                           |                      |
| Aquila Investment Management, LLC | 87110111B                      |
| EFFECTIVE DATE                    | BOND PERIOD                    | AUTHORIZED REPRESENTATIVE |
|                              |                           |                      |
| July 31, 2011                     | July 31, 2011 to July 31, 2012 | /s/ Maggie Sullivan       |

----

|                              |                           |                      |
|-----------------------------------|--------------------------------|---------------------------|
| INSURED                           |                           | BOND NUMBER               |
|                              |                           |                      |
| Aquila Investment Management, LLC | 87110111B                      |
| EFFECTIVE DATE                    | BOND PERIOD                    | AUTHORIZED REPRESENTATIVE |
|                              |                           |                      |
| July 31, 2011                     | July 31, 2011 to July 31, 2012 | /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 | 87110111B                      |
| EFFECTIVE DATE                    | BOND PERIOD                    | AUTHORIZED REPRESENTATIVE |
|                              |                           |                      |
| July 31, 2011                     | July 31, 2011 to July 31, 2012 | /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 or extranet), |
|--------|-------------------------------------------------------------------------------------------------------------------------|

----

|                              |                           |                      |
|-----------------------------------|--------------------------------|---------------------------|
| INSURED                           |                           | BOND NUMBER               |
|                              |                           |                      |
| Aquila Investment Management, LLC | 87110111B                      |
| EFFECTIVE DATE                    | BOND PERIOD                    | AUTHORIZED REPRESENTATIVE |
|                              |                           |                      |
| July 31, 2011                     | July 31, 2011 to July 31, 2012 | /s/ Maggie Sullivan       |