- Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* MBIA INC	2. Issuer Name and Ticker or Trading Symbol RIVUS BOND FUND [ BDF ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner _____ Officer (give title below) __ X __ Other (specify below) Parent of Inv. Adv. See Foot.1
(Last) (First) (Middle) 113 KING STREET	3. Date of Earliest Transaction (MM/DD/YYYY) 10/11/2011
(Street) ARMONK, NY 10504 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Shares of Beneficial Interest	10/11/2011		S		200	D	$17.82	180135	D
Shares of Beneficial Interest	10/11/2011		S		300	D	$17.83	179835	D
Shares of Beneficial Interest	10/11/2011		S		200	D	$17.835	179635	D
Shares of Beneficial Interest	10/11/2011		S		6000	D	$17.85	173635	D
Shares of Beneficial Interest	10/11/2011		S		464	D	$17.98	173171	D
Shares of Beneficial Interest	10/11/2011		S		168	D	$18.02	173003	D
Shares of Beneficial Interest	10/11/2011		S		200	D	$18.03	172803	D
Shares of Beneficial Interest	10/11/2011		S		100	D	$18.045	172703	D
Shares of Beneficial Interest	10/11/2011		S		100	D	$18.05	172603	D
Shares of Beneficial Interest	10/11/2011		S		100	D	$18.07	172503	D
Shares of Beneficial Interest	10/11/2011		S		468	D	$18.08	172035	D
Shares of Beneficial Interest	10/11/2011		S		100	D	$18.09	171935	D
Shares of Beneficial Interest	10/11/2011		S		100	D	$18.095	171835	D
Shares of Beneficial Interest	10/11/2011		S		3313	D	$18.10	168522	D
Shares of Beneficial Interest	10/11/2011		S		2733	D	$18.11	165789	D
Shares of Beneficial Interest	10/11/2011		S		863	D	$18.12	164926	D
Shares of Beneficial Interest	10/11/2011		S		10	D	$18.13	164916	D
Shares of Beneficial Interest	10/11/2011		S		500	D	$18.14	164416	D
Shares of Beneficial Interest	10/11/2011		S		2987	D	$18.15	161429	D
Shares of Beneficial Interest	10/11/2011		S		1094	D	$18.16	160335	D
Shares of Beneficial Interest	10/11/2011		S		200	D	$18.17	160135	D
Shares of Beneficial Interest	10/11/2011		S		200	D	$18.19	159935	D
Shares of Beneficial Interest	10/11/2011		S		300	D	$18.215	159635	D
Shares of Beneficial Interest	10/11/2011		S		100	D	$18.23	159535	D
Shares of Beneficial Interest	10/11/2011		S		300	D	$18.50	159235	D

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

Remarks:
1. This filing is made on behalf of MBIA Inc. ("MBIA"). Cutwater Investor Services Corp., the issuer's investment adviser, is an indirect wholly owned subsidiary of MBIA.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
MBIA INC 113 KING STREET ARMONK, NY 10504				Parent of Inv. Adv. See Foot.1

Signatures
/s/Gail D. Makode, AVP, CCO & Asst. Secy. of MBIA Inc.		10/12/2011
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.