STATEMENT OF REGISTERED INVESTMENT COMPANIES

PURSUANT TO RULE 17g-1 UNDER THE 1940 ACT

Pursuant to Rule 17g-1 under the Investment Company Act of 1940, the undersigned registered investment management company hereby states, on behalf of each of the funds in the Aquila Group of Funds, as follows:

The extension premium for the six million dollar insured bond covering the Aquila Group of Funds has been paid through the period ending October 31, 2014.

Dated this 16th day of December, 2013

/s/  Randall S. Fillmore

Randall S. Fillmore

Chief Compliance Officer

Trust	Total Assets 09/30/13		Minimum Bond Required
Aquila Funds Trust, consisting of:
Aquila Three Peaks High Income Fund	$	304,341,410
Aquila Three Peaks Opportunity Growth Fund		71,208,217
	$	375,549,627	$	750,000
Aquila Municipal Trust, consisting of:
Aquila Churchill Tax-Free Fund of Kentucky	$	243,301,269
Aquila Narragansett Tax-Free Income Fund		228,931,549
Aquila Tax-Free Fund of Colorado		293,078,525
Aquila Tax-Free Fund For Utah		382,851,288
Aquila Tax-Free Trust of Arizona		270,087,563
	$	1,418,250,194	$	1,250,000
Capital Cash Management Trust		1,001		50,000
Churchill Cash Reserves Trust		1,001		50,000
The Cascades Trust		510,347,322		900,000
Hawaiian Tax-Free Trust		821,665,617		1,000,000
	$	3,125,814,762	$	4,000,000