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, 2015.

Dated this 24th day of November, 2014

The Aquila Group of Funds

/s/ Randall S. Fillmore

Randall S. Fillmore

Chief Compliance Officer

Trust	Total Assets 09/30/14		Minimum Bond Required
Aquila Funds Trust, consisting of:
Aquila Three Peaks High Income Fund	$	195,982,201
Aquila Three Peaks Opportunity Growth Fund		155,494,159
	$	351,476,360	$	750,000
Aquila Municipal Trust, consisting of:
Aquila Churchill Tax-Free Fund of Kentucky	$	233,540,671
Aquila Narragansett Tax-Free Income Fund		228,791,223
Aquila Tax-Free Fund of Colorado		284,580,232
Aquila Tax-Free Fund For Utah		362,251,107
Aquila Tax-Free Trust of Arizona		274,554,316
	$	1,383,717,549	$	1,250,000
Capital Cash Management Trust		1,001		50,000
Churchill Cash Reserves Trust		1,001		50,000
The Cascades Trust		527,814,383		900,000
Hawaiian Tax-Free Trust		781,179,006		1,000,000
	$	3,044,189,300	$	4,000,000