ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 9
 
     
INSURED   BOND NUMBER
     
Aquila Investment Management, LLC      87110112B
EFFECTIVE DATE   BOND PERIOD AUTHORIZED REPRESENTATIVE
     
  July 31, 2012 to July 31, 2013  /S/ Maggie Sullivan
 

In consideration of the premium charged for this Bond, it is hereby understood and agreed that the name of the Insured identified in Item 1 of the Declarations, Name of Insured, as
 
FUND  
EFFECTIVE DATE
     
Narragansett Insured Tax- Free Income Fund   October 25, 2012
     
is changed to:    
     
Aquila Narragansett Tax- Free Income Fund
   
     
     
Tax- Free Trust of Arizona    April 12, 2013
     
is changed to:
   
     
Aquila Municipal Trust, a series fund consisting of:
   
     
o Tax-Free Trust of Arizona
   
     
     
Aquila Three Peaks High Income Fund   April 12, 2013
     
is changed to:
   
     
Aquila Funds Trust, a series fund consisting of:
   
     
o Aquila Three Peaks High Income Fund
   
     
as of the effective date indicated.
   
 
Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

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