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 eight million dollar insured bond covering the Aquila Group of Funds has been paid through the period ending October 31, 2013.

Dated this 11th day of July, 2013

The Aquila Group of Funds
	/s/  Randall S. Fillmore
	Randall S. Fillmore
	Chief Compliance Officer

                                                                                                    06/30/13                               

Trust	Total  Assets 06/30/13		Minimum Bond Required
Aquila Funds Trust	$	299,866,576	$	750,000
Aquila Municipal Trust		289,879,061		750,000
Aquila Narragansett Tax-Free Income Fund		244,124,623		600,000
Aquila Three Peaks Opportunity Growth Fund		51,841,563		400,000
Capital Cash Management Trust		1,001		50,000
The Cascades Trust		531,733,363		900,000
Churchill Cash Reserves Trust		1,001		50,000
Churchill Tax-Free Trust		259,029,146		750,000
Hawaiian Tax-Free Trust		863,188,157		1,000,000
Tax-Free Fund For Utah		409,587,390		750,000
Tax-Free Fund of Colorado		310,154,113		750,000
	$	3,259,405,994	$	6,750,000