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 premium for the six million dollar insured bond covering the Aquila Group of Funds has been paid through the period ending October 31, 2018.

Dated this 7th day of November, 2017.

The Aquila Group of Funds

/s/ Randall S. Fillmore

Randall S. Fillmore

Chief Compliance Officer

			Minimum
	Total Assets		Bond
Trust	09/30/16		Required
Aquila Funds Trust, consisting of:
Aquila Three Peaks High Income Fund	$	231,377,329.54
Aquila Three Peaks Opportunity Growth Fund		624,858,696.87
	$	856,236,026.41	$	1,000,000
Aquila Municipal Trust, consisting of:
Aquila Churchill Tax-Free Fund of Kentucky	$	244,234,508.21
Aquila Narragansett Tax-Free Income Fund		246,936,434.67
Aquila Tax-Free Fund of Colorado		321,174,841.51
Aquila Tax-Free Fund For Utah		410,491,744.40
Aquila Tax-Free Trust of Arizona		288,880,784.27
	$	1,511,718,313.06	$	1,500,000
Capital Cash Management Trust		1,001		50,000
Churchill Cash Reserves Trust		1,002		50,000
The Cascades Trust		649,278,704.56		900,000
Hawaiian Tax-Free Trust		746,814,403.21		900,000
	$	3,764,049,450.24	$	4,400,000