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, 2020.

Dated this 28th day of October 2019.

The Aquila Group of Funds

/s/ Randall S. Fillmore

Randall S. Fillmore

Chief Compliance Officer

			Minimum
	Total Assets		Bond
Trust	09/30/18		Required
Aquila Funds Trust:
Aquila Three Peaks High Income Fund	$	187,013,445.02
Aquila Three Peaks Opportunity Growth Fund		449,968,315.79
	$	636,981,760.81	$	900,000
Aquila Municipal Trust:
Aquila Churchill Tax-Free Fund of Kentucky		197,481,534.36
Aquila Narragansett Tax-Free Income Fund		225,146,292.05
Aquila Tax-Free Fund of Colorado		271,389,112.31
Aquila Tax-Free Fund For Utah		385,567,051.36
Aquila Tax-Free Trust of Arizona		254,958,947.58
		1,334,542,937.66		1,250,000
Hawaiian Tax-Free Trust		666,830,596.84		900,000
The Cascades Trust:
Aquila Tax-Free Trust of Oregon		588,015,419.04		900,000
Capital Cash Management Trust		1,001.00		50,000
Churchill Cash Reserves Trust		1,002.00		50,000
	$	3,226,372,717.35	$	4,050,000